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4 Ways Artificial Intelligence (AI) Is Transforming Business Finance

4 Ways Artificial Intelligence (AI) Is Transforming Business Finance

By    |   Wednesday, 22 August 2018 08:32 AM

Artificial intelligence (AI) technology in finance, without doubt, has assisted to reduce human inevitable errors, operational costs, saves time, increase efficiency, grow revenue and enhance business decision making.

Machine learning is redefining processes in business finance and challenging some of the decade-old business financial models. Hence here are 4 ways artificial intelligence (AI) is transforming business finance;

  1. Automating Business Financial Processes

The automation of digital and physical tasks especially financial activities using robotic process automation technologies has assisted many businesses to reduce human errors and maximize productivity.

There are automated accounting software that allows you to easily manage the money flowing in and out of your business. Manage your customers and invoices, while keeping expenses in check. Record, monitor and reconcile your bank accounts and transactions, and collaborate with your accountant in real-time.

‘The key to the digital transformation of accounting and financing is pairing people and machines together allowing each one to contribute in areas they are best skilled at. Machines can efficiently and accurately analyze a tremendous amount of data; they can spot patterns in the data and learn how to treat various kinds of data.

With machines taking care of the mind-numbing and monotonous tasks, human accounting and financial professionals will be free to take on tasks they are better suited for’, said Bernard Marr, Business Analyst

  1. Better Trading through Algorithms

Fintech companies use AI to offer investment insights especially on wealth and portfolio management to assist interested individuals make the right decision. The business world is increasingly unpredictable and full of risks.  A wrong deal or decision can ruin your business.

In blockchain tech for instance, technologically advanced currencies on the market have enhanced trading says Steve McCullah, Head of PR at Apollo Currency.  This gives investors the opportunity to explore different currencies and monitor the dynamics of the cryptocurrency markets.

Machine learning systems can identify and quantify smart investment opportunities with no human intervention. AI has assisted investors to automate their daily trading tasks and focus on others business tasks to achieve maximum efficiency and productivity.

  1. Maximizing Business Resources

The human, financial and material resources are critical to business performance. Hence, business resources must be adequately monitored and managed. Quite often, it’s somewhat difficult to monitor all the business resources without cases of shortage, theft and wastage.  This is why a lot of companies are using artificial intelligence (AI) to keep track of their resources

Today, sophisticated devices are used to track companies’ assets and monitor production and curtail wastages. Artificial Intelligence (AI) is also reshaping the way that companies manage their workforce and make HR plans in order to improve results and monitor employees more efficiently.

  1. Detecting Fraud and Securing Financial Transaction

Studies show that AI offer new ways of fighting threats and tracing crimes such as insider trading and hacking. On top of cyber-security, it is used to find anomaly transactions, track individual trading patterns, and follow patterns in the wider market.

AI software can detect criminal transactions in a fraction of the time it might take a human, and without the risk of human error, which can save millions in potential fines and human capital. For instance, PayPal’s security system is now able to spot possible fraud without making mistakes.

Finance is one of the bedrocks of every business. There are many financial processes that, if left for humans only to undertake, will take a whole lot of time and money. Thanks to the advent of digital technology, AI has greatly assisted the business world to achieve greater result in an efficient manner.

Richard Agu is a researcher, entrepreneur and freelancer, passionate about entrepreneurship and self-development. Currently, Richard writes for Entrepreneur.com, Goodmenproject.com, among others. Follow him on Linkedin.com by clicking here now.

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Thanks to the advent of digital technology, AI has greatly assisted the business world to achieve greater result in an efficient manner.
artificial, intelligence, ai, business, finance
Wednesday, 22 August 2018 08:32 AM
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