Artificial Intelligence and Machine Learning in Finance

“Companies who adopt AI early will have an unfair advantage over the competition. Catching up later will become increasingly difficult as the business learnings (of using the technology) are applied and company thinking evolves.”

Oliver Christie, Artificial Intelligence Consultant & Speaker

What does A.I. stand for? The easy answer is artificial intelligence, of course. But there’s nothing artificial about intelligence that could help your office of finance be more proactive, make better predictions, and take on a leadership role in your organization. Researchers estimate that AI could automate repetitive tasks that eat up a third of finance managers’ time, freeing them to work on more strategic operations.

Machine learning and AI are coming to finance — in fact, they’re already here. The ability to use these tools effectively can:

• Spark amazing innovation,

• Help accelerate insights, and

• Make your department absolutely indispensable.

The process by which an AI gets better at tasks is called machine learning. Rather than being programmed for a specific task, a machine learning system processes data, analyzes the outcome, and adapts its own algorithms with minimal human intervention. 

Here’s what is just over the horizon for AI trained through machine learning:

“Accounting and finance technology are no longer just systems to handle debits and credits. As accounting standards change and the demand for better financial insight increases, you must incorporate technology to maintain and improve your relevancy and efficiency.”

Ben Murray, VP and CFO, Cartegraph