Many large enterprises started their finance transformation journey several years ago, implementing a multi-year plan to elevate their finance function from automated to autonomous. Rather than relying on low-cost outsourced resources, CFOs have turned to cutting-edge technologies like blockchain, robotic process automation (RPA), and artificial intelligence (AI) to automate every possible task in their day-to-day operations. This automation trend is observed across organizations worldwide. Mid-level companies also have realized the need for automation and are following the same path.
Technologies That Are Driving This Automation
The automation efforts in finance transformation are primarily driven by three key technologies: Robotic Process Automation (RPA), blockchain, and Artificial Intelligence (AI).
RPA stands out as a highly effective technology for automating rule-based tasks. Leading companies in this space, such as Intelgic, UIpath, and Automation Anywhere, have developed RPA tools that enable the creation of bots capable of handling various repetitive tasks. These bots can streamline processes and reduce manual effort, allowing finance professionals to focus on more strategic activities.
AI is contributing to many finance processes including analytics and document processing and handling. AI-powered systems have the ability to analyze vast amounts of financial data, identify patterns, and generate valuable insights. This empowers CFOs and finance professionals to make informed decisions based on accurate predictions and forecasts.
Intelligent Document Processing (IDP) has changed the way the finance team used to process invoices, receipts and other financial documents. AI is capturing data from unstructured documents to automate manual document handling processes. By automating the document handling processes, IDP frees up valuable time for finance professionals, enabling them to focus on higher-value tasks. With the elimination of manual data entry, the finance team can devote their energy to more strategic activities, such as financial analysis, forecasting, and decision-making.
Blockchain plays a significant role in security. Blockchain offers secure and transparent transactional capabilities, making it a valuable tool for financial operations. By leveraging blockchain, organizations can ensure the integrity of financial data, streamline auditing processes, and achieve real-time visibility into transactions.
In the next few years, organizations of all sizes including startups will automate every possible task and process and build an autonomous finance function ecosystem within their organization where all kinds of daily activities will be done by robots and AI, and finance professionals will be engaged in in-depth data analysis, strategic planning, and critical decision-making.
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