How does a finance team build a strategy around AI?  

3 November 2019:

As Artificial Intelligence (AI) gains momentum and becomes more sophisticated, it will change the financial world and how finance teams work.

AI is a broad term, so understanding how it slots into financial technology and the role of automation is important when planning an AI strategy that is fit for the future.

Through machine learning and neural networks, AI has the ability to recognise patterns in complex data sets far quicker and with far greater accuracy than a human can manage. When this capability is harnessed with other complementary technologies, AI has the potential to transform business processes, introducing huge efficiencies.

AI is much further off than people think in terms of full-blown adoption. The transition will be gradual, as AI is only part of the story. That means strategically planning your adoption of AI as the technology matures.

Today, AI isn’t even top of finance’s new technology wish list. According to a survey cited in Gartner’s Magic Quadrant for Cloud Financial Planning and Analysis Solutions, forty-six percent of respondents said predictive analytics is where they intended to invest the most money before 2021. The second ranked technology was robotic process automation (43%), followed by artificial intelligence/machine learning (35%).

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Source: Financial Director

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