• CFOs are poised to transform finance organizations through AI and RPA.
• Two-thirds of respondents in a recent Accenture survey said transforming finance operations through digitally-based systems is a priority.
• AI and RPA can automate more than 80 percent of most finance functions, freeing finance professionals to concentrate on higher-value activities.
Robotic Process Automation (RPA), Artificial Intelligence (AI) and analytics are now widely available, and many companies are seeing spectacular results when they apply these capabilities to finance.
A global truck manufacturer, for example, used advanced analytics to identify $3 billion in revenue gains through analysis of market data. And a global logistics supply chain company deployed AI tools and RPA to increase finance process standardization from 1% to 80%, and reduce invoice processing time from 15 days to 1.
By adopting AI and RPA-based systems, finance leaders go beyond improvements in cost, productivity and compliance and control. They’re freeing finance professionals from mundane, repetitive tasks that historically consumed 50 percent to 75 percent of staff time, enabling them to focus more on long-term planning and strategic ways to add value.
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