Thanks to cutting-edge technology, CFOs can remove risk from big financial decisions.
Robotic process automation (RPA), machine learning (ML), and artificial intelligence (AI) significantly improve the quality and speed of reporting and controls by automating financial and accounting processes.
Why Automate?
Automation saves time and money, increases efficiencies, ensures accuracy, and empowers organizations to do more with less.
Automation enables CFOs to shift from manual, mind-numbing processes to strategic, data-driven decision-making. It’s also a great way for organizations to start a digital transformation journey.
What Is Robotic Process Automation?
RPA is a software development kit that allows non-engineers to quickly create software robots (commonly called “bots”) to automate rule-driven business processes and replace human efforts to complete tasks. It works well in “if true, do this; if false, do that” scenarios.
While RPA can’t learn, it’s a beneficial tool for automating mundane, transactional tasks. CFOs should consider it when devising an automation strategy.
What Is Machine Learning?
ML is a type of AI that uses data and algorithms to imitate how people learn. Unlike RPA, it enables systems to learn from data without being explicitly programmed.
ML processes data and learns from it without human intervention, becoming more accurate as it learns.
For example, Amazon offers ‘suggested products’ because an ML algorithm learned from your past views or purchases and predicted what else you might like.
ML is useful in accounting because it locates and groups documents using image recognition for automated categorization. It can determine what looks like a document—including timesheets, expense reports, and invoices—and can process electronic documents. An ML tool can receive an invoice, match it to a purchase order, determine the GL code, and place the invoice in a set of payments to release when approved.
What Is Artificial Intelligence?
AI is a set of advanced analysis and logic-based techniques (including ML) to interpret events, support and automate decisions, and take action.
AI expands what automated systems can do, enabling them to imitate human thought and handle higher degrees of complexity.
AI can be trained like a person. The more examples you give it, the smarter it gets—and it learns from its mistakes.
AI’s value is its ability to enhance human work and free time for people to focus on strategic, higher-value initiatives.
Putting the Pieces Together
Several financial management systems on the market include some automation and AI. QuickBooks is an option, but only some versions have AI embedded.
Sage Intacct is a cloud-native financial management platform with embedded AI. It streamlines and automates processes to help organizations improve data accuracy, reliability, and timeliness.
Take a Closer Look
Download our free eBook, RPA, Machine Learning, and AI: What Every CFO Needs to Know, to learn more about these game-changing tools and Sage Intacct.
