Advice and Information for Finance Professionals
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Finance Topics & Trends,
Financial Marketing
March 6, 2019
Here's Your Chance to Learn About AI in Finance
Finance teams are stuck in a transaction processing rut. Accountants across the globe are spending 50% or more of their time on mundane tasks like manual data entry and invoice approvals. Though this work is critical and must be completed, companies can use the labor of their highly-trained finance talent in a much more efficient way—spending less time on transaction processing and more on strategic, decision-support activities.
Advanced technologies like artificial intelligence and machine learning appear to be the solution finance executives have been looking for. A recent study from Oracle and the Association of International Certified Professional Accountants—the global member organization formed by members of the Chartered Institute of Management Accountants (CIMA) and the American Institute of CPAs (AICPA)—explores the relationship between finance and advanced technologies. The study found organizations reporting positive revenue growth over the past 12 months are more likely to be deploying artificial intelligence. Yet AI is still in early adoption, with a general lack of understanding of how exactly it can improve financial processes.
How Organizations Are Deploying AI
Although the majority of finance teams have yet to realize the potential of these advanced technologies, CFOs still understand it’s imperative to change—or they will be left behind in the digital transformation game.
As the adoption of ERP systems with AI capabilities increases, we are seeing more and more organizations utilize AI technology to optimize their back-office processes. A couple of ways AI is already transforming finance include:
- Smarter Automation: With AI embedded in ERP, back-end tasks can be automated in an even more efficient way. Take expense reports, for example—a cumbersome process for both the employee and employer. With smarter automation, not only can the entry of expense data and classification be automated, but approvals can be as well.
- Smarter Operation: Smart ERP also enables quicker operational agility and better organizational insights by optimizing a wide range of finance processes—like invoicing, procurement, planning & budgeting, and tasks associated with the financial close.
With a cloud-first mindset, finance execs will have the right strategy to get ahead in the digital transformation game.
Explore ERP Cloud at the Modern Business Experience Focus Group Luncheon
At Modern Business Experience 2019 in Las Vegas, we’re inviting finance executives to an exclusive focus group luncheon with Oracle’s ERP EPM Cloud team. If you’re considering modernizing your finance function, this is a can’t-miss event. Meet with experts and peers to discuss finance in the cloud, have all your burning questions answered, and discuss how advanced technologies like AI can help build a new, more agile finance operating model.
- What: Oracle ERP EPM Cloud Focus Group Luncheon
- When: March 19, 2019: 11:30 AM – 12:45 PM (Check-in starts at 11:15 AM)
- Where: Mandalay Bay Resort and Casino: Mariner B
Register now for the Oracle ERP EPM Cloud Focus Group Luncheon at Modern Business Experience.
