Tony Stark (Ironman) is a brilliant innovator, who is able to visualize, design and make complicated machines quickly with the help of his assistant AI-robot ‘Jarvis’. I am always impressed watching an Avengers movie to see how Ironman keeps innovating and coming out with better versions of his flying suites, and in the background, it's the robot, that does the tasks like data gathering and number crunching. Ironman just focuses on using that information to innovate new machines.
For most of the jobs in today’s world, if we looked at AI and automation as an ‘asset to job’ rather than a ‘threat to job’, we can build a personal AI assistant to help us free our time to focus on bringing more innovation to our work.
A lot of companies today are turning to use RPA (robotic process automation) in their financial systems, and the driver to this trend is very simple, it's becoming humanly less and less possible to manage the growing volumes of transactions in a business.The biggest opportunity lies in using AI and automation in the financial management area.
Three areas within Financial Management marked for automation in the coming years:
- Automating Reconciliations & Journal Entry Functions
As part of the month-end closing, most important activity is of closing the ledger updates.This activity involves a series of steps you may be doing manually, which can be automated. Similarly, automating reconciliation expedites process times and increases accuracy. More efficient accounting-related processes lead to better reports.
- Automating the Closing Checklist
At the month-end period, accounts team is tasked to ensure all of the transactions for that month have been processed and are reported accurately. If the finance department had an internal workflow with parameters around the transactions, on completion of successful transaction an alert can be sent in real time to relevant person from checklist.
- Reporting Across the Enterprise
Automated reporting provides auditing benefits as well, automation can not only expedite the process but it also creates an electronic audit trail.
In conclusion, RPA can carry out prescribed functions and also adjust operational activities to scale up or down to meet demand. This approach to automating can further expedite back-office tasks in finance, procurement, supply chain, accounting, AR and ultimately financial close.
The main aim of AI is to constantly keep learning and adapting to changing (business) environment, and keep enhancing and improving processes.
The first step to automation, is to use cloud as an advantage. See how cloud based Financial Consolidation and Close Cloud can help you eliminate repetitive manual tasks, increase control and reduce risk.