Defining artificial intelligence
AI is the development of software to perform tasks requiring human intelligence –e.g., speech recognition, translation, decision-making, and visual perception. The rise of AI has contributed to negative headlines surrounding the displacement of workers across industries – the automation of manual and repetitive tasks has left many without a job. Below, we'll explore the benefits and challenges of AI and automation in finance, what CFOs of the future need to focus on in an increasingly digitalized world, and how AI and automation will create and add value to your finance team and business.
Finance automation: The benefits
There's a reason that finance departments are moving towards implementing AI and automation; in fact, there are many reasons. Finance teams can benefit from automation implementation in several ways, such as elevating data protection and security, streamlining time-consuming manual tasks, generating electronic audit trails, and creating added value.