Improve Finance & Accounting Decision-Making with Real-time Data Availability
by Navin Gupta, on Oct 20, 2023 5:20:32 PM
Key takeaways from the blog
- AI/ML-powered Automation platforms atop a digital-first approach release decision-ready data and cashflows in time.
- The AI/ML-powered Automation platforms hedge off the risk associated with solutions that work on OpenSource GenAI.
- 360-degree holistic visualization and mobility solutions augment the Automation platforms, helping CFOs make faster and more informed decisions.
Today, CFOs have to take quick decisions even while being on the move. They are the strategists as well as the visionaries in an organization. They are the decision-makers at the helm of a CXO meeting. This acumen makes them the best fit for the CEO role, as is seen in recent organization overhauls. Real-time data availability and the eye for detail are the two strengths that make CFOs formidable, yet the best choice for the next rung of the ladder. Digital-first approach in Finance & Accounting is the CFO’s best asset, which enables faster closures and accounting for accruals on the revenue and expense side, at an accelerated pace. It helps to make sense of the EBITDA, profit/loss, and revenue in a timely manner and free up cashflows.
Finance & Accounting – Innovation and Hedging-off Risk with Digital-first Approach and Real-time Data
A digital-first approach and AI/ML is a mind-boggling combination with tremendous potential where data is concerned. However, innovating for the sake of it is a waste of effort, and so is lifting use cases As-Is from peers and industry experts. An enterprise-level committee or an Automation CoE should identify their own use cases for automation. Partnering with System Integration Consultants accelerates this process of analyzing As-Is process architecture for identifying use cases for automation, innovation, and charting out the automation roadmap.
A modular yet unified Finance & Accounting automation platform helps to re-engineer legacy platforms in a step-wise manner. It offers tremendous composability and flexibility in integrating modern technology with business processes. Automation and AI/ML enable enterprises to innovate, according to their business requirements and innovation appetite. Automation platforms with inherent AI/ML, NLP, and GenAI capabilities are secure and hedge off the risks associated with using OpenSource GenAI capability for automating core business processes involving confidential data in Finance & Accounting. The confidential data remains safe, both at rest and in transit.
AI/ML-powered Automation platforms have in-built capability to verify, validate, and reconcile at each stage. As a result, the time taken for traditional accounting closures reduces drastically with these modern platforms, which propagate end-to-end automation. Such platforms bring out revolutionary value from real-time data and process architectures while balancing the risks with rewards. The primary reward of AI/ML-powered Automation platforms is real-time data availability for quick decision-making while hedging off the risk associated with OpenSource GenAI.
Data Democratization, Financial Reporting, and Visualization
– Real-time Data Visibility
AI/ML-powered Automation platforms have in-built reporting and visualization features. They can also be integrated with reporting tools and solutions of choice. Accounting closures at an accelerated pace coupled with real-time 360-degree holistic visualization and mobility solutions enable CFOs to securely retrieve the relevant data at the touch of a button even during a business trip. This data democratization, real-time data visibility, and reporting capability for the CFO and their authorized personnel makes the CFO back-office adept at steering the discussions at the CXO team meets.
Advantages of real-time data availability in Finance & Accounting
- Make quick decisions: CFOs are able to quote real-time figures at meetings and envisage different scenarios related to market decisions during maritime as well as state of emergency.
- Stay ahead: AI/ML-powered automation platforms release value from the process architectures. They help the CFOs and their enterprises to stay ahead through informed decision-making in a busy market.
- Higher risk tolerance: The real-time data visibility and transparency helps to build a risk tolerance and a better risk appetite. It helps CFOs to confidently steer their enterprises through market turbulences and geopolitical fall-offs.
- Tailwinds in new markets: Integrated Finance & Accounting platforms powered by AI/ML, NLP, and GenAI enable CFOs to research their vendor/customer data and their ecosystems. They help identify data-points, which are helpful while entering new markets; E.g. Vendor supply chains in Africa and Middle-East while entering Schengen markets.
- Unlock value with data: CFOs are able to free up cashflows in a timely manner that can be leveraged for confidently stepping into new markets.
- Arresting revenue leak: Real-time data at the finger tips enables CFOs to identify revenue leak sources and take corrective and preventive actions in a timely manner.
Digital-first approach helps with CFO back-office process acceleration. Unified Finance & Accounting automation platforms enable faster closures. As a result, it releases data for real-time decision-making. It enables 360-degree holistic data visualization. Coupled with mobility solutions, CFOs and their authorized personnel are able to improve Finance & Accounting decision-making capability by manifolds.