Artificial intelligence is moving into finance departments. Fast. Here are the three reasons you should act now.

These are exciting times if you are a CFO. Technological advances are providing you with new opportunities to modernize your finance department and its processes for the benefit of the entire company. In this article we uncover the main reasons you should prepare to surf the AI wave.

The Next Big Thing is happening right now

It’s no wonder that artificial intelligence is the Big Thing in corporate finance these days. Many advanced companies have already adapted AI technology in order to streamline accounting processes and turn piles of dead data into virtuel goldmines of information, and many more will make the decision to join soon.

No. 1:

A unique opportunity to make the financial department much more efficient

Speed is a defining factor in modern business, and the processes in finance departments should reflect that. An AI-powered accounting solution will get through the piles fast, so that you can produce what’s of real value to you and your company: the reports and the predictive analytics needed to navigate the present and envision the future. The speed and accuracy is especially valuable in the days after each financial period when executives need reports asap.

 

Another thing: The more postings your department executes, the more likely you are to harvest marginal improvements that really sum up to something substantial. If AI-powered invoice handling cuts 90 % of processing time, then how many man-hours will you save each month?

No. 2:

Become an even more valuable strategic business partner

Leadership is about creating a future that is better than the past. As a CFO you should deliver valuable data that not only describes what happened but also points into the future. In essence, predictive analytics is an essential capacity of tomorrow’s financial departments and AI is what you need to build that capacity.

 

With an AI-powered accounting solution you can turn your department into a data powerhouse, a valuable generator of insights about the business. The richer and the more well-structured this information is, the better input you have for modelling and forecasting and the more you, as a CFO, can contribute to the strategic decision-making in your management team.

No. 3:

You don’t want your competitors to outsmart you

Keeping a competitive edge in the market is not just about product features, pricing and marketing. It is also about operational efficiency, your capacity to make well-timed and data-based decisions, and, not least, your ability to attract and retain the best talent.

 

The technological state of your company is a determining factor for the new generations of job-seekers. These young professionals are looking for meaningful, varied and challenging tasks, not mind-numbing routines. Plus, they thrive on being part of a company on the technological forefront that is determined to be part of the future.

Easier than you think

While the concept of AI may sound futuristic and complex to some, the technology is actually much simpler to implement, apply and maintain than traditional IT systems. This can be contributed to the self-learning faculty which means that the system designs its algorithms by itself, based on your existing practices. You don’t have to feed the system with rules or to maintain it – just let it “look over your shoulder” and then get to work under your supervision.

 

At Kaunt, we help companies take the first steps into an AI-powered future. Kaunt is already handling thousands of invoices for our customers every day and we invite more companies to join in.

Easier than you think

While the concept of AI may sound futuristic and complex to some, the technology is actually much simpler to implement, apply and maintain than traditional IT systems. This can be contributed to the self-learning faculty which means that the system designs its algorithms by itself, based on your existing practices. You don’t have to feed the system with rules or to maintain it – just let it “look over your shoulder” and then get to work under your supervision.

At Kaunt, we help companies take the first steps into an AI-powered future. Kaunt is already handling thousands of invoices for our customers every day and we invite more companies to join in.

Are you curious about how AI can help your company?

My name is Frank Aaquist – I am CEO at Kaunt.

Send me your contact details by filling out the form below or by email to faq@kaunt.com and I will call you to discuss how Kaunt can help your business. Without obligation!