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AI’s rise and how it can accelerate your financial management

Tuesday, November 13, 2018 By Sara-Clare Pehrson

Many organizations are integrating AI-based applications with their ERP systems to improve cash flow, reduce risk or achieve other organizational goals.

ERP systems were first created for the manufacturing industry, where raw materials and parts were key resources. Today, ERP is essential to any enterprise operation, and as industries increasingly go digital, ERP systems are getting a boost from emerging technologies such as Artificial Intelligence (AI).

AI is transforming how we interact and has the potential to change society around us. From highly sophisticated robots and self-driving cars, to a wide range of ‘under the bonnet’ techniques that use AI. The AI market is likely to grow from $3 billion in 2016 to $90 billion by 2025.

How AI can accelerate your financial management

Financial management is one of the biggest areas where AI is impacting ERP. Manually processing payments to suppliers and other stakeholders can be time-consuming and costly. AI can therefore help automate such processes, while also improving quality and accuracy significantly by ruling out the potential for human error. By using AI, you can increase efficiency and productivity and reallocate your workforce to higher value roles within financial management.

Democratising AI

Microsoft is according to their chief scientist Rico Malvar, “democratizing” AI, by putting applications such as speech recognition, chat bots and machine learning, in the hands of developers who do not need deep knowledge of AI to implement these technologies.

“In contrast to self-driving cars, where decisions are made by the machine, AI in ERP is about augmenting the human decision” continues Rico Malvar. Most of the organizations who are investing in AI, are doing it to support the human decision-maker, rather than replacing them. AI is making areas such as customer service and financial management faster, cheaper – yet more human.

Microsoft insists that their central design philosophy, is exactly to augment humans, not replace them.

Here at Pipol we are ready to support the next step of your AI journey, so don’t hesitate to contact us if you want to learn more about how AI can empower your employees and your organization as a whole.

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