Reduce Risk and Improve Decisions Making with the Right Technology
Finance professionals have been tasked with a whole new array of responsibilities in recent years, including staffing, planning, and risk management. Now more than ever, CFOs are taking advantage of tech tools to succeed in their ever-expanding role.
Businesses in virtually every industry are now using data to drive their decision making. In the era of big data, managing all of this information is a major challenge. Those working in finance have to separate out what’s useful data from what’s simply extraneous, and then utilize that data to help their organization succeed.
As a CFO or financial staff member, it’s important to be able to analyze this data quickly and effectively. Data analytics has never been more important. According to a study from Ernst and Young, CFOs named improvements in data analytics as a top priority.
In addition to analyzing data, CFOs also have to manage it. This results in a need for both adequate storage as well as effective and efficient data collection methods.
Machine Learning and AI
More and more, CFOs are harnessing the power of machine learning (ML) and artificial intelligence (AI) to improve decision making. Machine learning utilizes specific algorithms to look for patterns in data, effectively “learning” from these patterns.
A CFO can use the information derived from machine learning and AI to optimize their decisions across a wide range of tasks. AI and ML can be used for:
- Detection: By analyzing data sets and finding patterns, AI can help predict market trends and customer behavior.
- Optimization: With the power of AI and ML, organizations can optimize various processes in order to increase profit and minimize errors.
- Probability: AI is capable of creating detailed data models for testing the likelihood of a particular outcome. For example, a company can test how a change in pricing might impact revenue.
- Classification: By gathering and classifying data, AI can detect correlations between different data sets.
Not long ago, a CFO’s job centered around analyzing past financial trends. Now, CFOs are often expected to offer an AI- and ML-informed analysis that can contribute to current and predictive decision making. With the help of artificial intelligence, CFOs can now generate increasingly accurate sales forecasts and even anticipate changing customer demands.
With the help of the latest technology, organizations are improving quality, increasing output, and cutting costs all at the same time. Financial tasks such as invoicing and risk analysis are becoming increasingly automated.
With improved operational efficiency, those working in the finance department are spending less time on routine duties and devoting more time to forecasting and data analysis. As a result, the finance department is able to help contribute to an organization’s growth in new and exciting ways.
Harness the Latest Technology with Help from AKA
As a finance professional, you need access to the latest technology in order to provide your organization with essential strategic insights and analysis.
AKA Enterprise Solutions has the knowledge and experience to connect you with the technology you need. Our experts can help your organization utilize artificial intelligence and machine learning to reduce risk and improve decision making. When it comes to enterprise resource planning, our custom-tailored ERP solutions can improve visibility throughout your organization.
Watch for Part 4 of this blog series on 2019 financial trends, where we’ll discuss how financial teams can better manage uncertainty.
Want to learn more about the latest financial trends?
ABOUT AKA ENTERPRISE SOLUTIONS