How Can Business and Finance Teams Use AI?
Buzzwords like big data, artificial intelligence (AI), and automation aren’t just catchy terms, but can be huge differentiators for businesses. They help organisations make smarter decisions, find new opportunities, and keep customers happy. So, what exactly is AI?
AI is the branch of computer science that emphasizes the development of intelligent machines that can think and work like humans. AI is already changing the way companies do business — find out how.
Three ways AI supports business needs
1. Automating business processes
Robotic process automation uses “robots” that act like humans to input and consume information from multiple IT systems. E.g., replace lost bank cards, reach into multiple systems to update records, and handle customer communications.
2. Providing insight through data analysis
Algorithms/machine learning applications can detect patterns in vast volumes of data and interpret their meaning. Versions of machine learning can recognize images and speech. E.g., identify credit fraud in real time and detect insurance claims fraud; automate personalized targeting of digital ads.
3. Engaging customers & employees
Technologies can engage employees and customers using natural language processing chatbots, intelligent agents, and machine learning. E.g., intelligent agents can offer 24/7 customer service from addressing password requests to answering questions in the customer’s natural language.
Opportunities for AI within the finance function
AI can be used across industries to challenge the status quo and create breakthroughs, including in finance and accounting. Check out use cases of how AI is improving processes and saving time for finance teams.
Accounting
Automating journal entries
Completing account reconciliations
Calculating and applying allocations
Accounts Payable
Processing expense approvals
Performing audits
Matching invoices
Accounts Receivable
Creating and authenticating invoices
Analyzing and processing disputes
Generating reports
FP&A
Gathering and cleaning data
Checking forecast and budget inputs
Creating management reports
Payroll
Catching time sheet errors
Calculating deductions
Checking data across multiple timekeeping systems
written by Alteryx
