AI transforms finance operations, streamlines processes, data management to bring accuracy and efficiency.

Gartner's latest jaw-dropping stats reveal a whopping 35% boost in business operational processes and a 25% uptick in revenue growth with AI solutions in finance.

So, IT decision-makers, are you ready to give your finance ops the AI advantage?

Navigating the World of Finance Operations with AI:

Businesses are involved in financial analysis, reporting, and company policy drafting. With endless spreadsheets, they face the daunting task of formatting data and analyzing the economic ecosystem.

The quest doesn’t end there! Drafting and revising the texts of company policies is a task that demands speed, precision, and compliance with the ever-changing laws. Summarizing the legal and tax documents is akin to decoding ancient runes.

With the power of AI, businesses can tame large datasets, ensure compliance, and navigate complex tasks with precision. AI solutions help finance teams fill the efficiency gap, ensuring swift decision-making.

We used AI to streamline finance ops with the help of our Finance Controller, Ambarish Vaidya. He has 18+ years of experience in implementing financial strategies. He says,

Before discussing the use cases we implemented in our internal finance functions, let's explore some advanced AI solutions to boost your finance operations.

Optimizing Business ROI: Integrating AI Solutions into Finance Function

The graph below offers insights on AI solutions for businesses to achieve better ROI. Each solution is rated based on ease of integration.

Real-Time Accounting and Financial Reporting: With AI, businesses can craft reports in seconds and glimpse into their fiscal health whenever they want.

Predictive Analytics for Credit Scoring: With the power to see beyond traditional metrics, this digital AI solution opens doors to lending, making the financial ecosystem a fairer playground for all.

Predictive Maintenance in Financial IT Systems: AI solutions offer vigilance, foreseeing and forestalling downtime and cyber threats, ensuring the uninterrupted flow of digital commerce.

Algorithmic Trading: AI-driven trading is where decisions are made quickly, and fortunes are sought with precision. AI navigates the seas of data to find opportunities.

Insurance Underwriting and Claims Processing: AI emerges as the champion of risk and reward, wielding its analytical might to defeat fraud and price policies with unparalleled accuracy. Claims and underwriting are transformed with artificial intelligence.

Financial Sentiment Analysis: With Natural Language Processing, AI divines the mood of markets from the internet, guiding investors through uncertainty to informed decision-making.

Portfolio Management Optimization: Imagine AI as the master builder of investment portfolios, crafting bespoke realms of opportunity that align with the dreams of each investor. With AI, portfolio management becomes a task of algorithms, offering maximized returns.

Our Use Cases of Simple AI Solutions in Internal Business Operations

Our Intelligent Application:

According to the Gitnux Market Data Report, 41% of financial services executives believe AI chatbots will most impact their industry by 2025.

We incorporated the Apeksha chatbot based on the data from our wiki pages. It helps answer queries from internal employees for all functions, including finance, and offers guidance to some extent, with a 52% resolution rate.

Here’s how AI solutions can save time and improve efficiency by automating routine tasks.

Other use cases of AI implementation in daily finance ops tasks:

• Data Analysis: Get insightful data analysis, save 2 hours, and boost efficiency by 90%.
• Data Formatting/Cleaning: Clean and format data efficiently; save 1 hour, 90% efficiency improvement.
• Vendor/Customer Ledger Reconciliation: Merge and reconcile ledger dumps to streamline processes; boost efficiency by 90%.
• Negotiation Ideas: Generate negotiation strategies; save 2 hours, 80% more efficient.
• Drafting Policies: Create clear company policies, save 5 hours, and ensure 90% efficiency.
• Tax Law Interpretation: Simplify tax law sections for submissions; this saves 2 hours and heightens efficiency by 95%.
• Legal Submission: Evaluate the strengths of legal submissions and prepare for queries; this saves 2 hours and increases efficiency by 80%.
• Relevant Case Laws: Obtain landmark case judgment summaries from ChatGPT; improve efficiency by 95%.
• Hiring Accounting Staff: Refine job descriptions and candidate screening; save 3 hours, enhance efficiency by 90%.
• Sending Notice to Abscond Employee: Draft demands for company property return; save 4 hours, 80% more efficient.
• Excel - API Integration: Integrate AI tools for analytics in Excel; save 1 hour, 30% more efficient.
• Writing Basic Emails: Use ChatGPT to draft clear and concise emails quickly; enhance productivity by 40%.

Other Handy AI Hacks for Businesses

1. Use AI to enhance written communication, break down language barriers, and polish your messages to perfection.
2. Use Bard for crafting compelling narratives or ChatGPT for deep-diving into data analysis.
3. Mold your AI tools into personal finance assistants that understand your unique style and requirements.
4. Make your finance operations run up to 90% smoother, transforming the mundane into the extraordinary.

Conclusion:

As we gaze into 2024 and beyond, the future of finance with AI solutions looks promising. With every leap in technology, we're not just adopting new tools; we're embarking on a quest to redefine the very essence of financial management. So, buckle up! The journey into the AI-enhanced future is filled with wonders and promises of a more insightful and efficient financial world.