“Companies who adopt AI early will have an unfair advantage over the competition. Catching up later will become increasingly difficult as the business learnings (of using the technology) are applied and company thinking evolves.”
-Oliver Christie, Artificial Intelligence Consultant & Speaker
What does A.I. stand for? The easy answer is artificial intelligence, of course. But there’s nothing artificial about intelligence that could help your office of finance be more proactive, make better predictions, and take on a leadership role in your organization. Researchers estimate that AI could automate repetitive tasks that eat up a third of finance managers’ time, freeing them to work on more strategic operations.
Machine learning and AI are coming to finance — in fact, they’re already here. The ability to use these tools effectively can:
To create this guide, we pulled in expert advice on finance, AI, and the combination of the two. Read on to find out how AI and machine learning will change finance in the days to come — and how you can get started right now.
of business leaders say AI will give them a business advantage in the future
How much Netflix estimates they saved with their machine learning algorithm in 2017
of executives believe AI boosts productivity
Artificial Intelligence in Finance: The Current State of the Art
AI has already made inroads into many industries. But the office of finance is already proving to be an early adopter and ripe for disruption. The ability to analyze data, calculate risks and quickly inform decision-making is crucial to finance’s role in the organization. Finance runs on data. Historically, finance leaders have had to pour through data in time-consuming ways. There’s immense value to be had in automating planning, budgeting, forecasting and reporting.
Automation is only the first step in bringing AI to finance, however. Having artificial intelligence analyze data is the next step. Modern software solutions can already keep track of a vast amount of data and present insights. It’s not just financial data, either – everything from social media monitoring to customer feedback can play a role in guiding decision-making.
Here are just a few ways that AI has already begun to fuel the next evolution of finance.
An automated invoice process can consolidate multiple orders, handle different invoice systems and formats, and even fill in missing information.