How AI Technology is Helping Today’s CFO08/19/2019
AI technology is taking the “work” out of busy work thanks to its ability to make many job functions easier. It has truly revolutionized the world of corporate finance. AI can run through massive amounts of data and find relevant patterns and trends that may have otherwise been missed.
Here are a few ways that AI technology is helping CFOs:
Human eyes can’t compare to AI in speed, detail and accuracy. AI can spot correlations between things that may otherwise seem unrelated and can also help to spot emerging trends. Not only that, but AI can give you the exact steps needed so that you can react to those trends appropriately.
Saving the Company Money
With company finances, any uncertainty in appraisals can cost the business millions of dollars. Using AI can help to remove those uncertain variables and give a more accurate reading. It can also remove the human bias and errors.
When applied to corporate finance business planning, AI can help to determine short term and long term goals for the company as well as help attain them. With the system always learning and evaluating the business, it can find the best ways to optimize profit margins.
Stopping Internal Fraud
With company embezzlement usually being an inside job, it can often go undetected. They can also make fraud as unnoticeable as possible because the perpetrator knows how to hide their tracks.
Thanks to AI, expense data reports are very accurate. With a careful eye, a CFO can analyze the data and detect suspicious activity.
AI technology has also advanced far enough that it can help to predict common behavioral patterns of employees. This allows a CFO to foresee possible fraud risks and put a stop to them before they happen.
As science and AI increase in their capabilities, they become more integrated into our financial companies. They not only help CFO’s to maximize profit margins but also help to stop fraud and protect the company as well. CFO’s should continue to observe AI advancements so that they can be adopted into their companies as soon as possible.
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