Artificial intelligence (AI) is radically transforming everything as it is emerging as one of the most advanced technologies in the world today. AI has created a significant impact in the Accounts and Finance industry. Accounting automation helps accounting professionals to perform their tasks effectively and on time. It enables automation that eliminates tedious tasks and lets employees focus on higher-level analysis. AI also helps organizations increase human productivity and reduce costs.
· Detect Frauds — Machine Learning Algorithms can detect transactional frauds based on the data fed to them about the previous scams. They can check per the accounting rules and laws. AI and ML can detect and analyze the million data points that might not get noticed by humans. ML technology is used to identify suspicious customer behavior and alert organizations in real-time.
· Data Automation — AI can help accounting and finance companies to automate manual and repetitive tasks completely. Documents such as invoices, expense reports, purchase orders etc. can be automated using Natural Language Processing (NPL) which can generate reports in real-time. This helps the organizations to reduce costs, reduce error rates and improve their customer experience.
· Algorithmic Trading — Machine Learning can be very effective in the case of algorithmic trading. ML can analyze multiple data points simultaneously which improves the accuracy of trading and reduces the chances of errors. It can detect the change in stock prices in real-time and take decisions accordingly.
· Forecasting — AI may be used to make investment forecasts. Many prominent firms are using AI nowadays to produce robotic investment advisers. Improved forecasts assist in the planning of strategic activities. Having greater and more in-depth insights combined with Machine Learning algorithms offers the possibility of more accurate and precise forecasts.
· Financial Consulting — A budget management application powered by machine learning can provide users with highly specific and targeted financial guidance. Using these apps, customers may track their daily expenditure which can assist them in analysing their spending patterns and identifying places where they can save money.
· Decision Making — Using Machine Learning algorithms, banking and financial institutions can examine both structured and unstructured data. Client requests, social media interactions, and various internal business processes can be analysed to identify trends for risk analysis and to help consumers in making informed decisions.
· Auditing — AI can audit 100 percent of a company’s documentation, whereas humans can only evaluate a certain percentage. It increases the accuracy and efficiency of audits and helps in reducing the cost of the organizations.
· Chatbots powered by AI — Chatbots help in providing quick and effective responses of user queries about account balance, financial statements, account status, etc. Using AI to monitor unpaid bills and automate follow-up collection processes ensures that accounts are balanced and immediately closed.
USEFUL LINKS :-
- CellStrat Hub
- CellStrat Hub AI Project Packs
- CellStrat Hub AI Apps and API Marketplace
- CellStrat YouTube Channel
- CellStrat product demo : Vision Apps and NLP Apps
- CellStrat AI Lab community (Disrupt4.0)
- CellStrat research : https://bit.ly/CS-research and https://cellstrat.medium.com/
