AI is significantly transforming the finance function in corporations by enhancing accuracy, efficiency, and strategic decision-making. In financial forecasting and planning, AI can analyze vast volumes of data to predict trends and outcomes, enabling companies to make more informed investment, budgeting, and resource allocation decisions.
Automation through AI reduces the time and errors associated with manual tasks like accounts payable, expense management, and reconciliations, allowing finance teams to focus on strategic initiatives. AI-powered analytics provide deeper insights into financial performance, helping organizations proactively identify risks and opportunities.
Additionally, AI-driven fraud detection systems monitor transactions in real-time, flagging unusual patterns that may indicate fraud and thereby safeguarding corporate assets. AI is also revolutionizing compliance by ensuring that companies adhere to regulatory requirements through automated checks and audits. By optimizing these functions, AI enables finance teams to contribute more strategically, driving growth and innovation within organizations.
Watch a short video highlighting how finance professionals leverage AI to boost efficiency, enhance risk management, and foster growth and innovation.
To streamline and automate financial processes, such as the accounts payable three-way match, finance professionals leverage AI to scan purchase orders, invoices, and shipping documents, automatically matching them to ensure accuracy and prevent fraud in invoice payments.
Let's have some fun using AI to scan documents.
1: Click on this link: Google Document AI
2: Scroll down to the "Try Document AI in your environment" section (see below picture area highlighted in red).
3: Click on the "Invoice" sample document.
4: Click the "I'm not a robot" checkbox.
5: After a few seconds, navigate through the 'FIELDS', 'KEY VALUE PAIRS', and 'OCR' tabs to see how AI has scanned the paper invoice and digitally extracted key data points like 'Invoice Number', 'Total Price', and 'Ship to Address.'"
To perform the three-way match, AI scans purchase orders, shipping documents, and invoices, automatically extracting and comparing the necessary data to determine if the invoice should be paid. This process is fully automated, and when the data aligns, payment can be approved without manual intervention.
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