Why Implement AI in Your Finance and Accounting Department
Artificial Intelligence (AI) is something everyone usually associates with Information Technology (IT). Although AI plays an essential role in IT departments in most organizations, it’s starting to expand outside of those parameters, especially in finance & accounting departments. AI in the finance and accounting market is expected to grow 30% by 2027. Using AI in finance and accounting departments can alleviate a heavy workload of time-consuming tasks and free up more time to focus on building new, higher-value processes. So, it’s no surprise that forward-thinking finance and accounting organizations are looking for talent with experience in AI. In fact, 57% of CFOs reported they are now searching for AI and Machine Learning skills in new hires to help them avoid grave errors and ensure their organization is compliant and running efficiently.
Let’s take a closer look at the benefits, how to foster AI development, and how to find the human capital needed to succeed.
Benefits of AI in Finance & Accounting
AI in your finance & accounting department can aid in invaluable processes for your team. Across many finance & accounting sectors, some compelling reasons for AI systems include seamless customer interactions, decreasing the amount of busy work, reducing mistakes, and saving money. For example, AI will allow you to extract data from receipt images and classify it automatically based on the spend category. From there, it populates reports so they can be analyzed in one place. This allows your team to focus more on building a long-term finance & accounting strategy and spend significantly less time completing redundant tasks.
Regarding saving money, AI systems are making waves with how much money they can save organizations. Insider Intelligence estimated that AI has the potential to save $447 billion for North American banks by 2023.
How to Foster AI Development
Your team has now decided to implement AI technologies into your finance & accounting department. Now what? Implementing AI means keeping a few things in mind when adding automated solutions.
The first step is to find programs that already have AI capabilities. Using programs built with AI capabilities allows you to gain more experience utilizing AI technologies and apply these technologies to processes in your organization.
Secondly, test different AI programs. Experimenting with pilots of multiple AI technologies allows you to review these programs without committing to one software. This approach enables you to see which systems would work best for your organization’s finance & accounting needs and select a program that is the most successful in addressing those needs.
Third, select a leader to drive the implementation of AI technologies. Finding the right person to lead the initiative is a huge undertaking. Ensuring the right program is chosen to address your business needs and find people experienced in AI is crucial to the success of these programs. They are responsible for identifying the most tedious and time-consuming tasks and choosing what specific processes will be automated. Therefore, they need to understand the pulse of the organization. Choose someone with a background in analytics and data and a strategic mindset, allowing them to understand the intricacies of introducing new technology and developing a cohesive strategy that works.
Finding AI talent in Finance & Accounting
A crucial aspect of implementing AI effectively into your finance & accounting department is finding the experts who know how to integrate AI into your everyday systems and constantly monitor programs to ensure everything is running according to plan. You can’t successfully implement AI without the right team – and that’s where Addison Group steps in.
We have over 20 years of experience, a nationwide reach with deep knowledge of local markets, a network of millions of highly qualified professionals, and industry-specific expertise. We pride ourselves on finding in-demand talent that fits your organization’s unique culture and is essential for growth and competitiveness.
Addison Group was recently ranked by SIA as one of the top 10 finance and accounting staffing firms in the U.S. We use our people-first approach and expertise in finance and accounting talent to give your organization an edge when it comes to finding the necessary talent you need to take your team to the next level.
Let us help you find the finance & accounting talent so you can implement AI to grow your business.