When cognitive technology is crunching the numbers and controlling the data tsunami, CFOs are free to focus on innovation, finding new revenue opportunities, and generating critical insights to guide the business.
Applied to the right processes, cognitive automation can increase productivity and reduce costs. Here are 8 things AI and cognitive automation can do for the CFO:
- Help finance make more precise predictions
Intelligent machines that collate accurate and timely data enable finance professionals to produce reliable revenue forecasts.
- Make sense of big data
The technology’s ability to order and analyze even the biggest tidal wave of data, provides CFOs with meaningful insight and answers to take to the boardroom.
- Identify underground trends
AI is the key to gaining rich insights from sources such as social media, emails, and call centre transcripts, to help the business truly understand its customers.
- Identify and manage risk
Cognitive technology can tackle massive data pools to spot risks, even when the threat is confusing or unclear.
- Compile sophisticated real-time reports
By constantly scanning and analyzing internal and external data, automated technology can flag fluctuations across industries and economies, alerting finance personnel to respond if required.
- Take the headache out of invoicing
Cognitive automation can track down relevant and missing information to match incoming payments with invoices.
- Improve compliance
Automatic compliance checks eliminate human error.
- Handle daily accounting
Finance teams can leave routine repetitive jobs such as daily transactions, budgeting, and reconciliations to AI, so they can focus on higher-value tasks.
All these abilities play directly to CFOs’ top priorities for the finance function, as revealed in that EY report* showing the importance finance leaders attach to improving real-time data sets and analytics to generate insights that enable the business to respond to changing consumer needs.
For more information on this topic, download the free whitepaper - AI for CFOs: An intelligent path to innovation and opportunities.