The finance function has been undergoing something of a revolution in recent years. The advent of intelligent automation has meant that many of the traditional tasks associated with finance are now being carried out by machines.
This is having a transformative effect on the finance function, and is freeing up finance professionals to focus on more strategic tasks. Here we explore how intelligent automation is changing the finance function, and what the future holds for finance professionals.
One of the most significant changes that intelligent automation is bringing to the finance function is in the area of compliance. Automated compliance tools are able to carry out many of the tasks associated with compliance, such as monitoring transactions and identifying suspicious activity.
This is saving finance professionals a considerable amount of time, and is also reducing the risk of compliance breaches. In the future, it is likely that compliance will become even more automated, with machine learning being used to carry out tasks such as identifying new compliance risks.
Another area where intelligent automation is having an impact is in financial reporting. Automated tools are now able to generate accurate financial reports much faster than was previously possible. This is saving finance professionals a considerable amount of time, and is also ensuring that reports are more accurate.
In the future, it is likely that even more financial reporting will be automated. This will free up finance professionals to focus on other tasks, such as providing analysis and insights on the data contained in the reports.
Intelligent automation is also having an impact on the way that payments are processed. Automated tools are now able to carry out many of the tasks associated with payments, such as checking invoices and making payments. This is making the payment process much faster and more efficient.
In the future, it is likely that even more payments will be processed automatically. This will free up finance professionals to focus on other tasks, such as managing the cash flow of the business.
Overall, it is clear that intelligent automation is having a transformative effect on the finance function. Automated tools are carrying out many of the traditional tasks associated with finance, freeing up finance professionals to focus on more strategic tasks. This is benefiting both finance professionals and businesses as a whole.
Other related questions:
What is automation in finance?
Automation in finance is the use of technology to streamline financial processes and transactions. This can include automating financial reporting, budgeting and forecasting, or automating payments and collections. Automation can help improve efficiency and accuracy, and can free up time for finance staff to focus on strategic tasks.
How do you automate a finance function?
There is no one-size-fits-all answer to this question, as the automation of a finance function will vary depending on the specific needs of the organization. However, some tips on automating a finance function may include streamlining financial processes, automating financial reporting, and implementing financial management software.
What is intelligent automation?
Intelligent automation is the use of technology, such as artificial intelligence (AI), to automate tasks that previously required human intervention. This can include tasks such as customer service, data entry, and even decision-making.