“The last 10 years have been about building a world that is mobile-first however in the next 10 years, we will shift to a world that is AI-first.” quoted by CEO of Google.BRIEF ABOUT AI:The capabilities of AI become well-known after AlphaGo Zero, an AI based computer program became mastered in Chinese famous board Game Go in 3 days after defeating other computer models which already beat best players of the world.With the advent of Artificial Intelligence, a machine is made to learn and self-evolve from its current environment and adjust to become future ready.
AI has seen tremendous acceptance & growth  because of exponential rise in the digital data and limitation in the computing power of existing systems.
At present, AI is bringing a considerable change in different industries including and not limited to Healthcare Services, Education Sector, Financial Services, Manufacturing and more.Currently in Financial services, we are sitting on huge amount of data and a lot of time, people are clueless to understand the value of the insights that can be churned out and help one getting that competitive edge over others.
One such in process example is the Financial Assessment Automation that happens during the underwriting process of loans where accurate analysis is of more importance and helps reduce TAT and reduce NPAs for the banks because of accurate analysis of credit worthiness of borrower.
PROBLEMS IN FINANCE AND ACCOUNTING:Dealing with huge amount transactions due to millions of data pointsLots of time spend in manual & repetitive workAccuracy in keeping records of each and every transactionLots of mundane transactional activitiesLack of quick actionable insightsBENEFITS OF AI IN FINANCE AND ACCOUNTING:AI in Finance in banking services can help professionals by giving them more time to focus on their primary work and counseling their clients rather than spending time on transactional activitiesIncrease in productivity and high quality of results with high transparencyReduce work load of finance team professionalsMore accurate financial statement analysisCan efficiently complete tasks like extraction of data and structuring of the informationAI in accounting saves time with the reduction of manual workAutomate procedures of accountingFUNCTIONS OF AI IN FINANCE AND ACCOUNTING:Can replicate human tasks:AI can do the human tasks which take a lot of time like data entry & data reconciliation and also reduce errors.
With AI in Finance, a professional can easily analyse different relationships and find out suspicious transactions and report it in a visual manner.Invoices Processing work:Downloading invoices after going through emails and then manual extraction of data takes lot of time.
“The last 10 years have been about building a world that is mobile-first however in the next 10 years, we will shift to a world that is AI-first.” quoted by CEO of Google.BRIEF ABOUT AI:The capabilities of AI become well-known after AlphaGo Zero, an AI based computer program became mastered in Chinese famous board Game Go in 3 days after defeating other computer models which already beat best players of the world.With the advent of Artificial Intelligence, a machine is made to learn and self-evolve from its current environment and adjust to become future ready.
AI has seen tremendous acceptance & growth  because of exponential rise in the digital data and limitation in the computing power of existing systems.
At present, AI is bringing a considerable change in different industries including and not limited to Healthcare Services, Education Sector, Financial Services, Manufacturing and more.Currently in Financial services, we are sitting on huge amount of data and a lot of time, people are clueless to understand the value of the insights that can be churned out and help one getting that competitive edge over others.
One such in process example is the Financial Assessment Automation that happens during the underwriting process of loans where accurate analysis is of more importance and helps reduce TAT and reduce NPAs for the banks because of accurate analysis of credit worthiness of borrower.
PROBLEMS IN FINANCE AND ACCOUNTING:Dealing with huge amount transactions due to millions of data pointsLots of time spend in manual & repetitive workAccuracy in keeping records of each and every transactionLots of mundane transactional activitiesLack of quick actionable insightsBENEFITS OF AI IN FINANCE AND ACCOUNTING:AI in Finance in banking services can help professionals by giving them more time to focus on their primary work and counseling their clients rather than spending time on transactional activitiesIncrease in productivity and high quality of results with high transparencyReduce work load of finance team professionalsMore accurate financial statement analysisCan efficiently complete tasks like extraction of data and structuring of the informationAI in accounting saves time with the reduction of manual workAutomate procedures of accountingFUNCTIONS OF AI IN FINANCE AND ACCOUNTING:Can replicate human tasks:AI can do the human tasks which take a lot of time like data entry & data reconciliation and also reduce errors.
With AI in Finance, a professional can easily analyse different relationships and find out suspicious transactions and report it in a visual manner.Invoices Processing work:Downloading invoices after going through emails and then manual extraction of data takes lot of time.