Learn the benefits of AI-infused technology for the office of finance
Artificial intelligence means different things to different roles in an organization, but defined broadly, AI is when a machine exhibits behavior that perceives its surroundings and uses the information to achieve its goals. Using machine learning, AI is constantly in a state of evolution and change; anything a computer cannot do may not be out of reach for long. CFOs who want to reduce costs, discover fresh insights, and identify new opportunities for growth need to seriously consider adopting AI. “More than a quarter of organizations surveyed expect to deploy some form of artificial intelligence or machine learning in their finance department by 2020,” said Christopher lervolino, senior director analyst at Gartner.
Here are four areas to consider before implementing AI for organizational transformation.
1. Think outside the monolith
Most organizations operate monolithic best-of-breed point solution systems to run their operations. It’s time to think beyond this, and use modern technology enhanced with Al that blurs the lines and makes use of tightly integrated data. This brings three advantages to your financial organization: Easier execution, faster time to market, and greater user adoption with a superior user experience. From a general ledger that can act as a data warehouse, incorporating both financial and non-financial data, to embedded analytics delivered by role, Al-embedded apps help set the standard for modern financial management technology.
2. Look to the cloud
Because many organizations don’t have the expertise or data centers to support Al internally, Al works especially well in the cloud. Today, 49% of companies that have incorporated AI have done so in the cloud, according to Deloitte research. Other Deloitte studies indicate that 70% of companies adding Al technology will obtain Al capabilities through cloud-based enterprise software, while another 65% will create Al applications using cloud-based development services. Deloitte presents these statistics as strong indicators that “the cloud will drive more full-scale Al implementations, better return on investment (ROI) from Al, and higher Al spending.”
While some organizations may still hesitate to adopt cloud technology, the interdependence between AI and the cloud is accelerating as adoption of both increases. Gartner predicts that through 2023, AI will be one of the top workloads that drive IT infrastructure decisions.
3. Create an AI experience for one and all
More and more organizations are adopting AI because it opens the door to high-quality, adaptable learning models, and it allows them to manage volumes of data in a more cost-effective way than through more standard channels or investments in massive infrastructure changes.
AI is a liberating concept that democratizes AI for one and all—not just the technically gifted. Being able to leverage voice assistants and self-service modelers makes it possible for all employees to build new skills that automate processes without requiring programming abilities. These same assistants allow users to get the answers they need—from anywhere in AI-enabled applications.
4. Make consumer-grade interfaces the rule rather than the exception
Even the most technophobic among us are closely familiar with smartphone apps, and the expectation is that today’s Al-enabled enterprise solutions and platforms should be just as easy to use. User interfaces in the workplace are starting to mirror consumer-grade applications, which helps increase productivity and enhance how core users perform their tasks. When future employees know they’ll have a user experience at work that is easy and intuitive to use, it helps attract and retain top talent. Making the AI shift means taking a nimbler approach to IT infrastructure and adopting a more flexible application stack. It’s all about making Al accessible to everyone, so it can be used to put information into the hands of the people who need it, when and where they need it. Giant strides can be made to accomplish this by incorporating conversational user interfaces with chat, voice, and image recognition. Combining all of this naturally leads to improvements in your organization’s overall performance.
Find out more about adopting AI for a competitive advantage.