It seems like I can’t look at any news site lately without seeing at least one article on artificial intelligence. AI is one of the hottest topics this year, and that’s true in finance as well as everywhere else. Many finance leaders have already embraced AI and have a very positive view of this new technology.
A recent survey of finance leaders by accounting software firm Consero Global found that only 3% of leaders describe themselves as “skeptical” about the payoffs of adopting AI. In fact, respondents revealed that 75% of their AI investments are already paying off. This is particularly true for those teams that have integrated AI into decision-making and financial planning and analysis (FP&A).
AI can work alongside business process automation (BPA) software to powerfully transform the finance function. AI-driven BPA tools incorporate machine learning to handle complex tasks. Companies can also use BPA software to streamline and simplify their financial processes and improve data quality, which is an essential step for implementing predictive AI for FP&A.
Machine Learning in BPA
Machine learning is a type of artificial intelligence that examines data and looks for patterns to improve the way the software performs tasks. Most of us interact with some form of machine learning every day. It’s the type of AI used in programs like YouTube, which learns your preferences and suggests related videos.
In finance departments, BPA software uses machine learning technology to “learn” your company’s way of managing finances. Instead of simply doing a task, the software analyzes the data, learns from patterns, and makes predictions. The longer you use this type of software, the more the software learns about your financial processes and the more efficient it becomes at analysis, pattern recognition, and more. For example, once NextProcess’s Accounts Payable (AP) automation software is fully implemented, it can auto-process up to 90% of invoices according to your company’s customized policies.
Machine learning is also a key aspect of predictive AI, which looks at data to identify patterns and project possible outcomes. Predictive AI is used in a wide range of industries. For example, it can be used to analyze customer patterns and predict future buying behavior. In finance, you can use predictive AI models to support forecasting.
Transforming Complex Tasks
AI is transforming the finance function, including how BPA software works. Even with AI, though, automation doesn’t replace human employees. It does, however, enhance their productivity and shift the focus of their jobs. Instead of handling routine data entry, for example, employees will be reconciling exceptions, managing software input and output, and performing data analytics.
AI-powered BPA can handle complex tasks like anomaly detection, predictive forecasting, and intelligent data classification. CFOs can also leverage AI to identify process bottlenecks and proactively manage financial risks. In many cases, early adopters are gaining a competitive edge through faster insights and reduced manual intervention. That said, the companies that will see a good return on investment for AI implementation are those that have laid a foundation of strong financial governance, reliable data, clearly defined processes, and smooth software integration.
If you want to improve company finances and integrate new technology, NextProcess can help. We offer a true end-to-end solution by integrating CapEx/Budgeting, Procurement, and Accounts Payable software modules that work together seamlessly to provide real financial management solutions. Contact us today, and we’ll set up a free, interactive demo tailored to your needs so you can see how our software works in real-time, ask questions, and see if our solutions fit your needs.
