How Automation Is Changing the Function of Finance
Advanced Artificial Intelligence (AI) innovations are changing the financial services industry. In particular, the financial sector has acknowledged AI’s economic benefits over the past few years. These include extracting new insights from existing data. For example, to automate credit decisions and enhance financial risk management, automating business processes that previously needed manual human interaction and improving customer engagement through smart chatbots. AI is genuinely transforming the sector, with AI programs achieving companywide sales growth of 19%.
In recent history, the role of finance has been constantly growing. We initially focused heavily on collective arbitration and shared service models, but soon realized that process standardization and centralization were essential to improve modern organizations’ productivity and effectiveness.
Automation: The primary tool freeing enabled for the function of finance
There is no question about the need to simplify the funding processes further. Today, most finance staff are busy managing the financial company and caring for organizational activities. It leaves them with insufficient time and money to concentrate on value-adding tasks such as offering analytical insights. Automation serves as a key enabler to free up certain resources that are desperately needed. Now finance professionals can not only provide real-time insights into the company’s current position, but they can also look into the future with sophisticated predictive analytics and proactively guide the business.
For many technology providers, automation has become a key competency and goal. The belief that computers and machines can do things quicker, more accurately and more efficiently than humans have always inspired these providers. Emerging technology such as chatbots, machine learning, and robotic process automation has brought automation to a whole new level. Making things possible was never easier.
Recent reports show that world-class companies, who are pioneers in productivity and performance, are re-allocating free-up capital to value-added activities, putting them in the driver’s seat.
Written by: Jimmi Chandra