Finance is an area in full expansion due to the recovery, albeit slow, but gradual of economic growth. Thus, IT management puts itself at the service of finance through artificial intelligence. This technology has had a serious impact on finance professions in more ways than one. Let’s find out the link they have.
Artificial intelligence (AI): presentation and area of application
Technological innovations in management information technology have made it possible to bring up to date a new technology that is highly appreciated in the field of finance. Artificial intelligence is a branch of management computing that allows a machine, in certain circumstances, to automatically reproduce certain aspects of human intelligence. The goal is to perform certain tasks automatically and therefore faster, therefore AI makes the work of finance players less complex and more reliable.
Its field of application is therefore quite wide, the best-known areas are accounting, customer service, and human resources. Banks are liking this technology more and more given the number of transactions they make per day. They have computerized all their services, so this technology is an advantage for them.
Artificial intelligence: a new way of doing finance
Although not all finance professions are impacted in the same way by IT, the fact remains that artificial intelligence strongly impacts them. Indeed, the current economic situation is marked by strong competition in the banking sector, pillar of the finance professions
The innovation brought by artificial intelligence in many areas of finance is such that it allows today to set up a new management process. Payroll and invoices are a major challenge for accountants, especially when it is a large company, with artificial intelligence this task becomes much less complex.
Artificial intelligence makes it possible to implement new procedures in customer relations, the processing of transactions, in fact, the handling is far faster and more careful than before.
Artificial intelligence: impact on finance professions
Artificial intelligence will, therefore, have a great impact on finance professions on several levels, at the method level, it will transform the customer experience. In terms of customer relations, it will:
- Guide the client to find the information they need
- Satisfy all these needs in real-time
- Inform the customer of each interesting new offer …
As for accounting, it will:
- Establish payroll faster
- Book invoices faster
- Identify and account for ventilators more quickly, etc.
In terms of management, it will be able, thanks to the data already collected, to:
- Make a provisional plan
- Manage inventory
- Establish the various balance sheets, etc.
As far as productivity is concerned, it will increase capacities thanks to the saving of time, which financially will be very profitable, around 30% on average.
Artificial intelligence gives a huge advantage to finance professions, they are more reliable, faster, less expensive, and therefore more profitable, however it poses a huge threat to certain jobs in this sector.
Digitalization, Automation and Artificial Intelligence
Artificial Intelligence is a technology that must be integrated into your digitalization process in order to optimize the time spent on tasks with high added value. With artificial intelligence, task automation will allow your employees, for example, to focus on important tasks and avoid time-consuming tasks like manual entry and verification.
To illustrate this point, we can mention the Particeep Plug solution, which digitizes the subscription process for banking and insurance products by offering it online. Thus, during a new subscription, the commercial offer can be made directly on the internet.
Also, it would be interesting to give examples of accounting management. With fintechs like iPaidThat, it is now possible to automatically collect your invoices, compare them with your bank and send you a notification in case of forgetting to follow your cash flow in real-time. The goal is to automate accounting tasks and avoid a considerable loss of time in finding and processing invoices.