How AI and automation are revolutionising the finance function

The finance function is constantly evolving. New technologies are emerging all the time, and it can be difficult to keep up. But one trend that is sure to have a major impact on the finance function in the years to come is the rise of artificial intelligence (AI) and
automation.

Here are some of the specific ways that AI and automation are being used in finance today:

• Automating financial reporting: AI-powered software can automatically generate financial reports, freeing up finance professionals to focus on analysing the data and making decisions.
• Reconciling accounts: AI can be used to identify and reconcile errors in financial accounts, which can help to improve accuracy and efficiency.
• Identifying fraud: AI can be used to identify patterns of fraudulent activity, which can help to protect the company from financial loss.
• Managing risk: AI can be used to assess and manage financial risks, such as credit risk and market risk.
• Providing insights: AI can be used to analyse large amounts of data to identify trends and patterns that would be difficult to spot manually. This can help CFOs to make better decisions about the company’s finances.

Of course, AI and automation are not without their challenges. One challenge is that these technologies can be expensive to implement. Another challenge is that AI can be complex to use and manage. However, the potential benefits of AI and automation are significant, and CFOs who are willing to embrace these technologies will be well-positioned for success in the years to come.

Here are some tips for CFOs and finance teams who are considering implementing AI and automation in their finance function:

• Start small. Don’t try to automate everything all at once. Start with a few key tasks that are ripe for automation, and then gradually expand your efforts.
• Get buy-in from your team. Make sure that your finance team is on board with the changes that AI and automation will bring.
• Invest in training. Your team will need to be trained on how to use AI and automation tools.
• Set clear expectations. Make sure that everyone understands what AI and automation can and cannot do.
• Monitor and evaluate your results. As you implement AI and automation, it’s important to monitor your results and make adjustments as needed.

AI and automation are powerful tools that can revolutionise the finance function. By carefully planning and implementing these technologies, CFOs can improve efficiency, reduce costs, and make better decisions.

If you have any questions, reach out to us at enterprise@academyxi.com where we can deliver training in Applied AI fundamentals to bolster your knowledge and understanding.