Finance Software

Leveraging Artificial Intelligence in the Office of Finance

 

Many of us have personal digital assistants in our homes that can play our favourite song or order groceries with a voice command. And as much as robust technologies make our personal lives run a bit more smoothly, there is similar potential for Artificial Intelligence (AI), Natural Language queries, and Machine Learning to transform the Office of Finance.

Organisations are making strides in understanding data around market trends, customer sentiment, and engagement, but they aren’t making the connection back to the bottom line. The next steps involve automated Machine Learning and data management to make the process more seamless and robust.

A majority (62%) of Finance Executives report that they will make significant investments in AI over the next three years, according to PwC’s Digital IQ research. Gains from Robotics Process Automation (RPA) and basic AI will provide the building blocks for finance to later achieve more dramatic gains with advanced AI, setting the stage to go beyond using AI and related technologies for only routine transactions.

Download this complimentary white paper and discover how cloud-based computing will drive adoption of AI improving productivity through fewer errors and higher output.

 
AI White Paper
 

Prophix and Operations Management in Manufacturing

There will always be technological advancements in manufacturing and whilst keeping pace is a necessity, many manufacturing organisations are discovering another competitive advantage through the evolution of the finance role.

It’s surprising to observe that even highly developed manufacturing organisations are only beginning to exploit the competitive advantages that could be gained from their own data. The lack of a single, shared, true vision of operations can impair productivity, quality and profitability. It also relegates the finance function to a tactical existence as number collectors, rather than strategic storytellers. 

Typically finance teams spend more time gathering and accumulating data from multiple data sources than they do actually analysing it.  Making matters worse, the source systems usually fail to align with each other, making accurate, effective analysis a near impossible task.  

This is exactly where Prophix fits into the equation.  Prophix compiles all data inputs into a central system giving managers a single, consolidated view of operations and finance. By adopting Prophix automation capabilities, the finance team can now spend less time gathering data and more time analyzing it.  Consequently, finance has become more of a strategic business partner rather than just the people who close the books at the end of the quarter. 

 

Learn how Prophix can integrate finance and operations in your organisation.