Last week I introduced how some finance organisations are embracing the profound change in technology today and becoming SMARTER, FASTER and RICHER. Today I would like to drill down a little more on what it means to be a SMARTER finance organisation.
SMARTER finance organisations are embracing change and staying ahead of their peers. If you look at finance today, there are so many highly repetitive , time consuming , low value tasks that could be automated by using machine learning and advanced analytics. A perfect example would be that of Variance Analysis. Using Natural Language generation to generate the narrative for finance. It removes human bias but as a finance professional you can still go and edit it based on your judgement. This can dramatically improve a process you do many times during a monthly, quarterly or annual finance cycle.
McKinsey says Machine Learning is based on algorithms that learn from data without rules based programming. They will learn from your judgement and start recommending insights in to your data and business before you ask the questions. If your phone knows your context and behaviour, then so should your Analytics platform. Self-determining Analytical platform will understand your behaviour and that of your peers. It will recommend based on your context, function and performance. Instead of looking for static reports monthly reports, you can be shown smart KPI’s based on just a few clues of your business objectives.
You will be presented with only relevant insights based on content such as location, fiscal calendar, day of quarter helping you make more relevant smarter decisions more efficiently.
Some questions only ever come up once, so you don’t want to waste time building dashboards or reports to answer them. Using Natural Language Processing you can ask your analytics system a question, just like you ask Alexa or Siri a question, and it will build you a dynamic visualisation with all the corresponding patterns, drivers and KPIs to answer your decision. In the future, there will be far fewer dashboards and far more users engaging with their voice.
Extreme Finance are exploring self-driving analytics, exploring machine learning, and looking for ways to promote collective intelligence in their organisations. They’re using solutions to proactively inform stakeholders of anomalies or exceptions. Not waiting for them to ask
By leveraging machine learning technologies you can create a SMARTER finance organisation and
- Automate the mundane and evaluate more data.
- Build trustworthy predications by complementing human bias
- Finally – machine learning can help you create new opportunities you may otherwise have never seen.
Join me next week in my third edition of this Extreme Finance blog series to discover how Extreme Finance organisations work FASTER