More than ever, artificial intelligence (AI) is becoming a key technology behind advances in business operations.
While there are questions about how AI will impact the job market, certain areas within finance have already started to benefit from its capabilities. Areas such as audit and compliance – which require professionals to sift through large quantities of data – can especially benefit from AI’s big-data processing abilities.
AI can help filter through large amounts of data collected during audits and simplify this process for staff members by creating “cognitive tools” that are able to sift through it for red flags or issues requiring additional attention.
This is a great example of AI “augmenting” finance professionals by helping them complete tasks more efficiently and accurately, rather than simply replacing their jobs.
AI’s potential to identify anomalies that human employees might miss also helps reduce the time needed for audits.
In fact, some organisations have started to use automated document-comparison software in an effort to help save tons of hours per audit, equating to millions of dollars in annual savings.
This allows staff members to spend less time on data entry and focus instead on higher priority procedures.
Another key benefit of AI within finance departments is its ability to conduct deeper analysis into collected data – something that may not be possible with only outdated programming methods. For example, AI can help flag potential issues based on deviations from industry standards.
AI’s use within finance, accounting, and audit departments is still in its early stages; however, as the technology advances and becomes more widely used, it will become important for those working within the field to keep up with its advancements.
These professionals would need to alter their skill sets if they wish to remain relevant.
For professionals who are already using AI technologies, it’s important to adapt quickly and adopt new uses for the technology as they arise.
This will ensure that their careers remain sustainable in an age of automation where human employees – even those within finance departments – may need to evolve alongside AI tools.