Artificial intelligence (AI) drives measurable improvements in finance operations, and it’s rapidly becoming a vital tool for modern finance teams. Our new guide, “CFO, Meet AI: A Primer on AI in Finance,” helps financial leaders understand how to talk about AI within the finance org, and ways to think about implementing AI effectively.
The scope of AI in finance
Generative tools like ChatGPT have captured public attention, but AI offers many practical applications for finance departments. Our primer details four key AI technologies changing financial operations:
- Optical Character Recognition (OCR): Automates invoice processing by extracting and structuring data from documents. Finance teams using OCR report cutting their document processing time in half and significantly reducing data entry errors.
- Machine Learning: Powers smart coding and automates routine financial tasks. The technology learns from your team’s historical data to suggest account codes, populate forms, and flag unusual transactions automatically.
- Natural Language Processing: Drives intelligent chatbots and data analysis interfaces. Teams use this technology to pull financial data quickly, answer vendor questions, and generate custom reports without complex database queries.
- Generative AI: Strengthens fraud detection and audit controls. This technology spots unusual patterns in financial data and alerts teams before issues become problems.
Getting started with AI in finance
Want to see how AI can improve your finance operations? Download the “CFO, Meet AI: A Primer on AI in Finance” for a clear look at putting AI to work in your organization.
