{"id":2159,"date":"2019-12-27T01:26:55","date_gmt":"2019-12-27T01:26:55","guid":{"rendered":"http:\/\/kusuaks7\/?p=1764"},"modified":"2024-02-02T12:36:59","modified_gmt":"2024-02-02T12:36:59","slug":"automation-and-machine-learning-transforming-the-office-of-the-cfo","status":"publish","type":"post","link":"https:\/\/www.experfy.com\/blog\/ai-ml\/automation-and-machine-learning-transforming-the-office-of-the-cfo\/","title":{"rendered":"Automation And Machine Learning: Transforming The Office Of The CFO"},"content":{"rendered":"\t\t
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\n\t\t\t\t\t\t\t\t\tIn a recent\u00a0McKinsey survey,<\/a>\u00a0only 13 percent of CFOs and other senior business executives polled said their finance organizations use automation technologies, such as robotic process automation (RPA) and machine learning. What\u2019s more, when asked how much return on investment the finance organization has generated from digitization and automation in the past 12 months, only 5 percent said it was a substantial return; the more common response was \u201cmodest\u201d or \u201cminimal\u201d returns.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tWhile that number may seem low right now, automation is coming to the finance function, and it will play a crucial role in furthering the CFO\u2019s position in the C-suite. Research suggests corporate finance teams spend about 80 percent of their time manually gathering, verifying, and consolidating data, leaving only about 20 percent for higher-level tasks, such as analysis and decision-making.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tIn its truest form, RPA will unleash a new wave of digital transformation in corporate finance. Instead of programming software to perform certain tasks automatically, RPA uses software robots to process transactions, monitor compliance, and audit processes automatically. This could slash the\u00a0number of required manual tasks<\/a>, helping to drive out errors and increase the efficiency of finance processes\u2014handing back time to the CFO function to be more strategic.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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What Automation Means for Finance Day-to-Day<\/strong><\/h3><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tAccording to the report \u201cCompanies Using AI Will Add More Jobs Than They Cut,\u201d companies that had automated at least 70 percent of their business processes compared to those that had automated less than 30 percent discovered that more automation translated into more revenue. In fact, the highly automated group was six times more likely to have revenue growth of 15 percent per year or more.\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tIn the right hands, automation and machine learning can be a fantastic combination for CFOs to transform the finance function, yet success will depend on automating the right tasks. The first goal for a finance team should be to automate the repetitive and transactional tasks that consume the majority of its time. Doing this will free finance up to be more of a strategic advisor to the business. An\u00a0Adaptive Insights survey\u00a0found that over 40 percent of finance leaders say that the biggest driver behind automation within their organizations is the demand for faster, higher-quality insights from executives and operational stakeholders.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tAccenture\u2019s global talent and organization lead for financial services, Andrew Woolf, says the challenge for businesses is to \u201cpivot their workforce to enter an entirely new world where human ingenuity meets intelligent technology to unlock new forms of growth.\u201d\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Where Automation and Machine Learning Can Drive Finance Transformation<\/strong><\/h3><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tTransaction processing is one of the major barriers preventing finance from achieving transformation and the ultimate goal of delivering a better business partnership. It’s not surprising that it\u2019s the first port of call for CFOs looking toward automation.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\u201cRPA combined with machine learning provides finance leaders with a great way of optimising the way they manage their accounting processes. This has been a painful area of finance for such a long time and can have a direct impact on an organization\u2019s cash flow,\u201d says Tim Wakeford, vice president, financials product strategy, EMEA at Workday. \u201cFinance spends a huge amount of time sifting through invoices and other documentation to manually correct errors in the general ledger, while machine learning could automate this, helping to intelligently match payments with invoices.\u201d\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\u201cEnsuring compliance to federal and international regulations is a critical issue for financial institutions, especially given the increasingly strict laws targeting money laundering and the funding of terrorist activities,\u201d explains David Axson, CFO strategies global lead, Accenture Strategy. \u201cAt one large global bank, up to 10,000 staffers were responsible for identifying suspicious transactions and accounts that might indicate such illegal activities. To help in those efforts, the bank implemented an AI system that deploys machine-learning algorithms that segment the transactions and accounts and sets the optimal thresholds for alerting people to potential cases that might require further investigation.\u201d\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tThis story was originally published on the\u00a0<\/em>Workday blog<\/em><\/a>.<\/em>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

In a recent\u00a0McKinsey survey,\u00a0only 13 percent of CFOs and other senior business executives polled said their finance organizations use automation technologies, such as robotic process automation (RPA) and machine learning. What\u2019s more, when asked how much return on investment the finance organization has generated from digitization and automation in the past 12 months, only 5<\/p>\n","protected":false},"author":703,"featured_media":3161,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[183],"tags":[92],"ppma_author":[3510],"class_list":["post-2159","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ai-ml","tag-machine-learning"],"authors":[{"term_id":3510,"user_id":703,"is_guest":0,"slug":"stephen-dunne","display_name":"Stephen Dunne","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&r=g","user_url":"","last_name":"Dunne","first_name":"Stephen","job_title":"","description":"Stephen Dunne is Head of Content, EMEA, Workday<\/a>. He is an experienced writer, freelance journalist and content strategist focused on the enterprise technology sector."}],"_links":{"self":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts\/2159","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/users\/703"}],"replies":[{"embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/comments?post=2159"}],"version-history":[{"count":5,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts\/2159\/revisions"}],"predecessor-version":[{"id":35827,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts\/2159\/revisions\/35827"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/media\/3161"}],"wp:attachment":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/media?parent=2159"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/categories?post=2159"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/tags?post=2159"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/ppma_author?post=2159"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}