Finance departments are important to organisations and should be seen as more than mere “cost centres”. Finance professionals can do more with less by leveraging on robotic process automation (RPA) software that is incorporated with artificial intelligence (A.I.), to consolidate work flows, enhance productivity, maximize efficiency and even contribute to the top line.
Despite the presence of automation tools for finance professionals, there is still a lot of manual work due to silo I.T. applications and disparate data sources. RPA can be used for completing work flows in areas such as accounts payable/ receivable functions, data consolidation and reporting. A.I. allows you to take a step further by detecting trends and abnormalities, and increase extent of automation through computer vision, natural language processing and machine learning.
RPA does data-entry; A.I. helps to recognize logos of payees, improves accuracy of data-extraction from docs
RPA updates amounts received from customers; A.I. predicts risk of non-payment based on history
RPA fills up digital applications for financing; A.I. suggests how to allocate financing for optimal results
RPA updates data into government portals; A.I. detects urgent emails from regulators to provide data
RPA tallies Cash Book balance with Bank balance; A.I. enhances accuracy of reconciliation
RPA fills in data based on inputs; A.I. (machine learning) predicts when revenue might increase/ dip
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Gleematic A.I. RPA is easier to use and set up, compared to other automation tools, so that even end-users can be empowered to tap on the power of A.I. robots. You can learn to create and edit scripts to direct the robots.