5 Artificial intelligence moves to new realms
While automation saves time on routine tasks, Artificial Intelligence (AI) provides a way to enhance the finance function on a smarter level. From a day-to-day perspective, AI-driven chatbots can be taught to provide intelligent responses to common questions from employees or customers. Meanwhile, AI systems can also be trained to help enforce business compliance, for example by spotting instances where employees are not complying with internal company policy, or with current external regulations. Looking to the future we can expect businesses to start using AI in a more advanced way, using it to monitor for new regulation which may impact the business, and proactively advise finance professionals accordingly.
The role of the finance function is changing, with CFOs playing an increasingly crucial role in deciding the future strategy of the company. Whilst this represents a new opportunity for the finance department, the fact of the matter is that new responsibilities such as data insight are extra work for the busy finance professional. It is therefore up to finance leaders to make the case to the business that their team needs to free up time spent handling traditional tasks. Whilst suppliers will always need paying, harnessing technology such as automation and AI can reduce the manual workload of these workflows, allowing the team to spend their time on more valuable, future-looking work.