Posted on 19th September 2024
How AI will transform your Finance Department
Finance Departments are a great example of the type of department that could be positively transformed by AI as this technology is perfectly suited to removing the complexity and administrative burdens of finance roles within the Government sector and NHS.
It can involve complex calculations, decades-long customer relationships and interactions with Boards and internal stakeholders. It’s a great deal of skilled work. But it also involves many tedious (yet important) administrative tasks, and plenty of work keeping data up to date and accurate.
As a result of this, Finance Directors are becoming increasingly hard to attract and retain. Higher performing candidates tend not to gravitate towards the aspects of the job involving repetitive administration and manual processes.
As budgets get cut and it becomes harder for the public sector to keep pace with the private sector for wages, it’s important that Councils and Trusts continuing to keep pace with the adapting world of work. AI is poised to address these challenges by automating routine tasks.
This innovative technology is poised to transform the way finance departments operate, freeing your team to focus on what matters most.
Here is how:
Faster Processes, Less Manual Work
AI is not here to replace your team – they are here to empower them. AI tools will be less strategic in nature initially, ultimately will be able to support with the simpler, admin heavy tasks that are a part of a finance departments day to day operations.
Take invoice processing as an example. This inputting process into the finance system is ripe for intelligent automation. Imagine intelligent document processing (IDP) is a technology that has been around for a number of years now. AI will take this one step further by enabling invoice entry to be automatically classified, validated, and routed, eliminating the manual data entry and categorisation. It will be able to better extract the information from financials documents like invoices for further processing and intelligently be able to place these within the ledger at the appropriate point.
This frees up the department from the administrative heavy tasks, allowing them to focus on higher-value, strategic activities.
Predictive Analysis, Enhanced Decision Making.
Although we have spoken about the manual processes as part of the suite, Ai will also be able to analyse vast amounts of data within your internal finance systems and external sources.
Whether that is a part of your internal finance reporting all the way to more intricate predictions on your cashflow forecasting, predictive analysis will turn the user into more effective decision maker operating with the best system insights.
These AI-powered tools will not only analyse data, but also prompt actions based on those insights to ensure that decision making is not only informed, but also timely.
Access To Information & Insights
Google is a cornerstone of the modern internet. The current market share for google is at 91.74% generating 84.31 billion visits in July 2024 alone. This equates to over 3.24 billion unique visitors for the month, just under half the world’s population. Similar to how google revolutionised the average internet user ability to access information, Ai will also not only source the information of the user, but it will also be able to interpret and predict what users are searching for, understanding and interpreting our semiotic verbal English and providing us access to information the user intended to uncover.
Virtual Assistance technology will go into another level and support the modern finance director as an assistant to provide the latest information within the organisation’s accounts and ledgers at moment's notice.
What will this do for you?
By taking care of the mundane tasks, AI will function as a co-pilot, freeing up the skills in your Finance team to do what they do best, providing information instantly and tackling complex financial challenges. Think of it as finally freeing your team from mountains of paperwork, allowing them to focus on the strategic and impactful aspects of finance management.
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