AI & the Finance Professional: Managing Business in Digital Revolution
What you’ll learn
- Learn when and how to start AI implementation.
- Understand the applications and benefits of Artificial Intelligence.
The advent of Artificial Intelligence
Artificial Intelligence is quickly becoming a part of everyone's lives, both in the consumer and business spaces. It is widely being used in the consumer space in the form of:- Digital Assistants such as Siri, Google Assistant and Alexa
- Streaming platforms such as Netflix and Spotify
- Navigating tool such as Google Maps
- Open-source tools have become commonly available
- Businesses have started realizing the cost benefits due to AI
- Fraud detection
- Collections
- Cash forecasting
- Qualitative asset and management
- Business finance
- Expense reporting
- Credit scoring and direct lending
Benefits from AI
There are various benefits to reap from Artificial Intelligence such as:
- Driving better cash related decisions since most of them are data-driven
- Providing greater insights to execute informed decisions
- Freeing significant time and providing cost savings
To start your journey to implement AI and reap the benefits, you need to identify the areas where it can bring the most impact.
How to get started with your AI journey
Identify the areas where the technology can bring a big difference before implementing it, and determine which problems are truly worth tackling.
Things to do before implementation:
- Input data for training algorithms and utilize appropriate models
- Process data through efficient analysis of historical data
- Make sure you get consistent outputs and refer to previous results
Learn that AI is not capable of the following things:
- Start showing results from the start of implementation: Since AI learns from data and evolves with time, it takes time to show results.
- Predict accurately with limited data: AI needs to be fed with quality data, to learn from it and refine forecasts.
- Works on one-size-fits-all algorithms: The frequency of data reporting, the types of processes and systems is important to be taken into account.
To begin with AI implementation, 4 questions need to be asked:
- If it’s worth it and brings long-term benefits, and if the output is useful to the business.
- If there is enough data to train it on.
- If it will evolve with changing business environments and adapt to the dynamics.
- If it will depend on a specific resource such as IT team or finance team or a vendor to update, maintain, and validate it.
There’s no time like the present
Get a Demo of Cash Forecasting Cloud for Your Business
The HighRadius™ Treasury Management Applications consist of AI-powered Cash Forecasting Cloud and Cash Management Cloud designed to support treasury teams from companies of all sizes and industries. Delivered as SaaS, our solutions seamlessly integrate with multiple systems including ERPs, TMS, accounting systems, and banks using sFTP or API. They help treasuries around the world achieve end-to-end automation in their forecasting and cash management processes to deliver accurate and insightful results with lesser manual effort.
