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3 min read

How Intelligent Automation Transforms Finance

Jul 30, 2019 8:00:00 AM

While many organizations are already successfully leveraging Intelligent Automation (IA), few know exactly what that means and how IA can extend to finance responsibilities like accounts reconciliation, accounts payable, accounts receivable and order to cash. 

Intelligent automation (IA)—the combination of artificial intelligence, machine learning, cognitive computing and robotic process automation—is transforming organizations around the world to achieve unprecedented levels of growth and productivity.

Intelligent automation can be used to collect, analyze and make better decisions in real time, and according to Deloitte, venture capital investment in both robotics and artificial intelligence has grown more than 70% in each of the last two years.  

Consider the possibilities: faster output for data entry tasks, more time for people to execute high-level work, all with greater accuracy through the elimination of human error.

Finance leaders have high expectations for intelligent automation

Efficiency is the differentiator for financial institutions today, which may explain why so many of these organizations are welcoming intelligent automation with open arms. A recent Accenture study found that 70% of financial services executives believe artificial intelligence will completely or significantly change their organization by 2020, and IA will likely affect most, if not all, parts of financial services organizations.

By eliminating inefficiencies and inaccuracies across simple financial data entry, employee attention can be reallocated to other higher value responsibilities. Instead of focusing on baseline calculations and correcting faulty data, your workforce can concentrate on analyzing data and making smarter financial projections. Moreover, making fewer errors also leads to huge cost savings, and that can make a substantial difference to your bottom line.  

Nonetheless, it’s not just the financial aspects of the organization that will undergo transformation. The same Accenture study indicated that 80% of financial executives believe intelligent automation will find its way into all facets of the businesses by 2021

The cost savings of IA in financial services

A study conducted by KPMG indicated that when factoring in intelligent software and high-end cognitive processes, intelligent automation can end up slicing the costs of certain financial processes by up to 75%, all while boosting speed and accuracy and upping the degree of control over the entire workflow process. 

And rules-based processes like accounts receivable and accounts payable can be codified, having artificial intelligence taking on most of the heavy lifting.

For example, invoice processing can be extremely laborious, and any sizable business is handling hundreds or thousands of invoices daily. But creating a workflow through an enterprise resource planning system allows making profound changes to efficiency, while eliminating human error.

Transforming finance with intelligent automation

Accounts payable: Intelligent automation can make significant changes to your accounts payable function, boosting processing times and enhancing data insights. You can streamline invoice approvals, exception handling, audits and general ledger coding with cognitive assistants that digest, analyze and act in real time, and at scale.

Accounts receivable: One of the biggest pain points in accounts receivable is late invoice payments. Every year, they can end up costing companies billions of dollars. Conquer accounts receivable challenges with digital assistants that intelligently interact with your customers in real-time, making money collection fast, easy and highly predictable for improved cash flow.

Order to cash: Order to cash is a defining part of an organizations success, but siloed, difficult-to-use business systems complicate processes and impede operations. Improve order, fulfillment and payment reconciliation efficiencies with intelligent digital assistants that leverage detected patterns and streamline processes, saving time and enhancing customer service.

Accounts Reconciliation: Completing detailed accounts reconciliations can be a major bottleneck in the financial close process. Ensure accuracy and compliance with digital assistants that intelligently automate and standardize the reconciliation process, reducing cost, human error and time to close.

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Level Insights
Written by Level Insights

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