According to Gartner’s research, human error in finance functions leads to approximately 25,000 hours of avoidable rework, costing around $878,000 per year. This conflicts with the drive for organizational efficiency and business automation that most modern businesses prioritize. If improving employee productivity and performance are the primary objective for an organizations’ digital business strategy, then addressing this is critical.
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Manual processes within finance teams introduce critical errors that directly impact business performance. Gathering and processing information manually from different sources is not only inefficient but also prone to creating errors with far-reaching consequences. To address this, many companies are embracing AI- and machine learning-based business automation to expedite workflows and catch costly mistakes. Business automation streamlines previously manual processes, enabling finance teams to close their books faster and allocate more time to strategic tasks. At Intellitec Solutions, we have found that most client organizations are actively exploring or piloting AI and machine learning initiatives.
By ingesting substantial volumes of data from financial applications across the organization, machine learning algorithms gain insights into data placement and appropriate numerical values for specific fields. For instance, if a duplicate entry is made in an expense report, an algorithm can flag the manager, preventing potential audit delays. The system can also automate reminders for managers, saving them from sending repeated emails for decision-making or approval processes.
Numerous financial processes can be automated, with algorithms importing information from one software application to populate form fields in others. Business automation also ensures that the data is correct, meaning external auditors do not need to spend as much time on site. Some solutions even generate reports and distribute them to stakeholders. Automation not only ensures data accuracy but also creates an audit trail to substantiate it. By eliminating repetitive tasks, businesses can focus on developing growth-driving strategies.
