The role of AI in Finance

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AI or Artificial Intelligence is a hot topic today because of the many disruptive changes it’s been predicted to bring. Naturally, this has led to excitement and fear among the masses. But, AI is a juggernaut and there’s not much we can do to stop it.

In fact, one area that’s already leveraging AI is finance. The sheer accuracy, speed, and efficiency of AI has persuaded organizations to adopt the technology for functions related to Accounting and Finance. But, it’s not just the AI that’s impressive. There are other factors at play here too. For instance, the growing volume of data and the lack of a skilled workforce to handle all that data is a growing challenge for most industries.

So, it shouldn’t come as a surprise that AI is becoming a core part of an organization’s functions, especially finance. In fact, here’s how AI is benefiting the finance side of things as of now.

Travel

Travel is categorized as one of the most significant expenses that any organization can incur. It is also the most complex, thanks to the thousand elements that contribute to the particular expense. For instance, organizations have to focus on aspects such as location, stay duration, and advances.

What’s even more terrifying is that travel is only going to get more complicated thanks to the increase in business travel and the number of travellers within the organization. So, how can AI help?

Well, let’s take the example of corporate charge cards first. These cards simplify the accounting process by allowing things such as the auto-filling of expense statements based on the data that each card generates. As a result, you end up with a quicker settlement process and improved predictability.

AI can do this and more. For instance, it can identify and organize measures, facts, and dimensions to determine the exact amount of travel provisioning a company needs to carry out.

Accounting

Efficiency is defined in an organization as the ability to meet multiple demands immediately and at the same time. However, an optimum level of efficiency is rarely achieved in an organization with regards to accounting.

This is especially true in the last months when the deadlines for publishing revenues approach closer. However, AI offers efficiency by offering a range of functions. For instance, artificially intelligent solutions can translate business processes into rules that machines can read in order to publish invoices.

These are just a handful of the benefits that AI can offer in the area of financing and accounting. Other AI features such as voice recognition and language processing are already helping people make better financial decisions or access financial information on the go.