Businesses wishing to optimize financial management should know the basics about three financial automation technologies. Learn more about them now.
Organizations are struggling to do more with less in a rapidly evolving landscape. And thanks to today’s cloud technology, they can automate many critical business functions.
Automation significantly reduces manual effort, enhances accuracy, and boosts productivity. And because automation reduces reliance on human labor, it decreases the costs associated with hiring and training staff.
Technology can’t replace people, but technology and automation can make people’s jobs easier, so they can focus their skills on strategy versus tedious tasks.
Automation and Accounting
Automation is fast becoming a game-changer for finance departments—an area experiencing a shortage of qualified accounting professionals.
Organizations wishing to optimize financial management should know the basics about the three main types of financial automation.
Here’s a 10,000-foot view of robotic process automation (RPA), machine learning (ML), and artificial intelligence (AI).
Robotic Process Automation
RPA involves building, deploying, and managing software robots called “bots” that mimic how humans interact with software and digital systems.
RPA is based on “if/then” rules—for example, “if true, do this; if false, do that.”
RPA can’t learn independently, but it’s still a great tool for automating mundane transactional tasks.
ML is a form of AI that uses data and algorithms to imitate how humans learn. Its image recognition can automatically identify, differentiate, and process documents like timesheets, expense reports, and invoices.
ML’s accuracy improves as it learns. For example, you see suggested products on Amazon because an ML algorithm learned what you like from your past views or purchases.
AI is advanced analysis and logic-based techniques that interpret events, support and automate decisions, and take actions.
AI thinks and learns from data patterns and its own mistakes, so it gets smarter over time.
AI automates highly complex actions, including matching transactions and detecting outlying data points. More CFOs are looking closely at AI’s power and potential when evaluating financial management solutions like Sage Intacct.
Financial Tasks You Can Automate
Organizations can automate time-consuming, error-prone accounting processes like complex journal entries, account reconciliations, accounts payable and receivable, financial analysis and planning, and payroll.
And with automation, CFOs and accounting and finance teams can focus on strategic, higher-value initiatives—while doing more with less.
Download our free tip sheet for a side-by-side comparison of RPA, ML, and AI to understand which financial automation your organization needs.