Artificial Intelligence in Finance: We Have Come a Long Way!

All this while, we have seen wide applications of technology in every industry that we can think of. One of the greatest innovations on the technological front is that of Artificial intelligence. AI has made it way easier to handle tasks and getting them accomplished. When AI continued to see immense implementation in every field, one sector that lagged a little was the finance sector. However, this is no longer what we get to see these days. As far as AI implementation in the financial sector is concerned, we have come a long way. One of the biggest challenges faced by finance professionals is forecasting. Inaccurate data is what posed a problem in most cases. Well, not anymore – thanks to advanced technology in the form of AI and ML. Finance professionals no longer indulge themselves in painstaking manual methodologies to get the best quality data. Addressing the main topic of interest – how has AI transformed the financial world for the better? Well, as evident as it can get – AI has improved forecasting in ways beyond imagination. All this has paved the way for enhanced decision-making. Today, as most of the sales forecasting is automated, the finance professionals can now focus on closing deals rather than number crunching. What cannot go unnoticed is the impact AI has left on the marketing aspects of the business. By virtue of AI, the marketing teams now focus on generating leads for the brand. Over the years, what posed to be a common observation is the fact that – vendors did build predictive business intelligence solutions to be able to make better decisions but this did align with the needs of the finance team. Today, the story is way different than what it used to be. With the invention of purpose-built technology for finance, things couldn’t have got any better. Yet another advantage of roping in AI for finance has resulted in the professionals improving their decision-making ability. This comes as no big a surprise as they are now left with more time as a result of automation. They can also partner with inter-department colleagues and ultimately improve the accuracy of forecasting. Technology has transformed the world of finance professionals to the extent that they can easily address the variances between predicted and actual numbers. Having said that, the risk involved in automation is reduced drastically. This is because of the obvious reason that manual methods to forecast are no longer given preference. With this, finance professionals can come up with accurate results. The fact that AI works all day, all night – 365 days a year is all the more a strong reason as to what makes this remarkable technology worth investing in. Gone are the days when the finance professionals had to miss out on important family functions, weekends, parties, etc. because of piles of work left unaddressed. Today, AI will deal with all this leaving the finance professionals with ample time to socialize. This is a game-changer altogether, isn’t it? Needless to say, the FP&A teams are entrusted with truckloads of work every day. The time required for accomplishing the tasks is always high. What AI can do here is – cut downtime by embracing transformative AI-powered technology to intelligently surface anomalies hidden in massive datasets at the point of use. Considering the immense potential that AI and ML hold in the field of finance, bringing in intelligent AI and ML solutions to reduce the cost of accuracy and multiplying the efficiency exponentially would be an ideal step to take. AI has changed the world of finance for the better and it is all set to get better each day