Key takeaways from the blog
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.
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.
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.
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.