The concept of Artificial Intelligence has gone from being a sci-fi movie staple to something that is now impacting every area of day to day life.
With AI being such a big buzzword in the business world for quite some time now, it is definitely a good idea to be asking yourself how it can be used by your own finance teams to give your company the edge.
That is especially true if you have competitors and rivals who might be slower off the mark when it comes to implementing new ideas and technology.
Productivity maximization isn’t just about turning hot leads to prospects and converting them into clients. Neither is it exclusively to do with churning out more physical products or hitting higher service-related targets.
In fact, the correct application of new and innovative software is the area most likely to bring productivity benefits, and nowhere is this more true than in the finance sector.
Processing data, spotting trends, and attempting to build an accurate overview of many and various trading situations and scenarios plays an essential and substantial part in today’s business world.
So, looking at how major corporations utilize new systems, their techniques, and innovative ways of thinking can bring a multitude of benefits to businesses of all sizes.
2 Ways AI Can Help Finance Teams
1. Big Banks
As is often the case when it comes to using cutting edge tech as a trump card, the big banks are taking advantage of aspects of the current pandemic that are likely to have long-ranging consequences.
One of these is the way that the use of cash has plummeted in recent months. That has led to the cost of cash distribution rising and, as a result, some ATM companies have been taking stock of the way they operate from the ground up.
Banks are always looking for ways to optimize cash distribution networks, and this is now under even more pressure than it has been over the past few years. There are now increasing amounts of electronic payments for all sorts of transactions.
A perfect example of this is the way that cash management software for banks has taken huge leaps forward, with automated SaaS platforms offering up to the minute solutions for ATMs and CDUs.
One of the advantages that AI brings to most systems it is applied to is the availability of real-time data that accurately reflects a snapshot overview. That means that banks can manage their cash distribution network in a much more detailed way.
Of course, there are many voices in the banking sector, and others, that are raising the prospect of the entirely ‘cashless’ society. However, many consumers still find that a dollar bill is something that is much more tangible than an electronic payment system.
They much prefer physical ‘money,’ so it is likely to be some years yet before ATMs disappear from day to day life.
2. Your Solution
You might be thinking about how the successful efforts of a huge corporation to maximize their workflow can be applied to businesses of other sizes, such as your own?
When it comes to AI, the fact is that there are already solutions available that you might not even know are at your disposal.
Many of the most popular business software suites, from CRMs through to accountancy platforms and many more, have already tapped into quite sophisticated automated processing functionalities.
The move to utilizing ‘big data’ has had a trickle-down effect from the biggest multi-national corporations in the world over the past few years, so now even the smallest one-man-band knows the importance of collating, collecting, and maintaining accurate databases.
That is where AI and other approaches to automating various processes come into their own, no matter at what level your business is operating. The fact is that there is now so much digital information being generated by online marketing and purchases that it can be challenging to keep on top of this fast-moving area of commerce.
Making sure that you are familiar with all of the options and possibilities that your current business software offers is an excellent place to start looking for your AI solution. It might already be right there waiting for you to tap into the potential.
So, it is worth asking IT professionals, whether they are in-house or third-party application providers, to let you know if you already have automated functionalities in your existing software that you may be unaware of that you could be putting to good use right now.
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Author: Eain Johnson