Procure-to-pay (P2P), for example, uses natural language processing (NLP) and machine learning (ML) and has shown immediate returns, while order-to-cash and audit analytics show near-term benefits from AI. Furthermore, predictive analytics can augment basic business intelligence (BI) reporting for financial planning.
Four ways AI is empowering finance and accounting
Audit analytics, procure to pay, order to cash and financial planning are four finance and accounting (F&A) processes where the AI technology required to elevate the process already exists. There is also an active community of technology providers and customer references indicate strong progress. Forrester gives these four use cases strong scores for adoption, such as a manageable skills gap, stable data and clear-cut business outcomes.
Starting with audit analytics, auditors tend to spend too much time buried in compliance checklists and creating reports that few people read, with little time to seek anomalies in every transaction. Rather than manually sampling data points, Forrester says machine learning is being used for risk assessment of transactions.