Digital transformation of finance departments: creating value by automating processes?AI Automation RPA Chatbot Finances
November 28, 2019
Digitization promises many benefits and relies on new technologies to enable Intelligent Process Automation (Intelligent Process Automation).
- RPA (Robotic Process Automation) that automates business processes by setting rules. Thus, it can in particular fill a form, extract data, organize the flow of information, ...
- Artificial Intelligence technologies for data management (ability to process unstructured data, rendering capacity to make it understandable to a larger number, etc.).
- Cognitive automation solutions with Machine Learning that replicate the judgmental capacity of human brains and facilitate decision-making by setting up model-based algorithms using structured and unstructured data.
- Business Process Monitoring (BPM), for the optimization of operational processes. Process optimization will enable the finance function to free itself from repetitive manual operations and focus on its core business. In this way, it will be able to focus on more complex analyzes and better suggest and guide decision-making.
- Finally, Artificial Intelligence technologies bring a new and promising dimension: the Chatbot, a new friend of the finance functions and more particularly those related to the professions of FP & A (Financial Performance and Analysis). This personal assistant guides the financier in his questioning, which becomes more direct and more relevant by avoiding the sometimes tedious reading of the numerous reports produced in a traditional way.
Also, pairing process automation and new technologies can only result in access to augmented, reliable and easily shared data to reduce the risk inherent in any decision-making.