CFOs are disrupting the traditional finance back office with intelligent insights and touchless processes that eliminate time-consuming tasks.
Artificial intelligence (AI) is increasingly playing a key role in optimising and transforming finance operations. Capabilities – such as machine learning (ML), natural language processing, and predictive analytics – are being natively embedded into leading cloud ERP solutions. When applied to different finance areas, these technologies are effectively digitising, eliminating, automating and augmenting existing capabilities to help the finance function uncover new insights, transform decision making and drive improved business outcomes.
For example, NetSuite recently announced an extension of its native BI functionality by incorporating advanced ML and data science technologies. In practical terms, CFOs can use these tools to improve audit risk analysis, analyse past payment history with vendors and customers, and enhance cash flow predictions.
Beyond insight, AI and automation are also improving productivity. Once timely processes such as data gathering, reporting, reconciliation, and other complex activities including period end closes – they’re all becoming touchless. By automating repeatable, mundane tasks today’s CFOs are driving new levels of cost efficiency, productivity, accuracy and insight to focus on value-added activities that elevate the strategic relevance of their function.
The role of evolved CFO in AI and Automation
- Identifying opportunities where RPA/AI can add value
- Eliminating repetitive and routine tasks
- Using automation to improve accounting, reporting and budgeting and forecasting processes
- Working with strategic partners to support AI transformation
- Deploying flexible, integrated cloud-based ERP solutions
Annexa is a leading NetSuite partner with extensive experience designing and implementing comprehensive and customised business systems, including payroll solutions, financial management, warehouse management and ecommerce solutions.
