Throughout the years, finance and accounting have grown in leaps and bounds. From paper ledgers to manual bookkeeping to excel, we now see a surge in process automation through machine learning in finance.
Artificial intelligence software has brought on intelligent automation and smarter analytics. Under the AI umbrella, machine learning (ML) algorithms are a game-changer in how financial processes are being automated today.
ML algorithms perform tasks without being programmed. Instead, it learns by example and uses statistical models to create more data needed to improve current processes. It also learns from past experiences and uses smart analytics and prediction to streamline how tasks are completed.
A report from Deloitte shows that AI is disrupting the financial sector with “frontrunner financial services firms achieving companywide revenue growth of 19% as a result of their AI initiatives.”
No matter where you look today, the economic benefits of AI in the financial sector are taking center stage in transforming the finance sector.
Process Improvement in Finance through Machine Learning
Simplifies complex processes
Using data from a company’s accounting system, machine learning software makes use of this data to execute rigorous financial processes better. But for machine learning software to do this, it is essential to identify a suitable method that can be improved via machine learning.
The process should be repeated enough to have the right amount of existing data for the machine to learn. In theory, previous process performance can also be simulated using data from a company’s accounting system. A learning machine uses this “synthetic” data to learn how to execute the process in the future.
Speeds up an organization’s transformation efforts
Finance automation will also be necessary for future transformation in enterprises. If you’re an organization focused on supercharging how you can cater to the changing needs of your target audience, process automation and machine learning software will help you achieve that goal.
Drives efficiency in workforces
Tedious, time-consuming, and low-value tasks can be automated and replaced with more high-value deliverables, freeing up employees to focus on crucial tasks. In the long run, this results in a more significant competitive advantage for the entire organization as a whole.
How Machine Learning Software helps CFOs
Optimizing your financial processes to improve the customer experience not only enables you to stand out in the heart of your customers, it is also a reliable indicator for better profitability and sales growth.
Performance Canvas Financials offers a complete cloud-based financial planning and analysis solution that automates your entire FP&A process. With its speedy 5-minute installation, easy deployment, and quick setup features, it gives companies a convenient financial solution minus all the clunkiness of a robust software so you can implement solutions faster.
A better and more streamlined financial process for your organization means a faster return of investment that you should not ignore.
Performance Canvas Financials: Smarter Automation for Finance
Many CFOs today are starting to invest in automation technologies to transform their organizations. If you’re an organization thinking about the best way to standardize processes and centralize the evolution of financial data, automation, and machine learning software will be crucial to increasing efficiency and modernizing your processes to become more future-ready.
If you’re looking for a financial planning and budgeting software that offers P& L Balance sheet Automation and Cash flow reporting, look no further than Performance Canvas.
It offers the latest best practices in Financial Planning & Analysis and makes use of prepackaged modules and finance logic, which includes cash flow, CAPEX, and consolidation.
These best practices include driver-based budgeting, seamless financial reporting, live financial forecasting, assumptions testing, allocations, activity-based costing, multiple entities, and currency support, and so much more.