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INPUT by Alteryx Blog

How Can Business and Finance Teams Use AI?

Discover why it's time for AI in finance.

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Buzzwords like big data, artificial intelligence (AI), and automation aren’t just catchy terms, but can be huge differentiators for businesses. They help orgs make smarter decisions, find new opportunities, and keep customers happy. So, what exactly is AI?
AI is the branch of computer science that emphasizes the development of intelligent machines that can think and work like humans.
AI is already changing the way companies do business — find out how.

Three ways AI supports business needs

 

1. Automating business processes

Robotic process automation uses “robots” that act like humans to input and consume information from multiple IT systems.
E.g., replace lost bank cards, reach into multiple systems to update records, and handle customer communications.

2. Providing insight through data analysis

Algorithms/machine learning applications can detect patterns in vast volumes of data and interpret their meaning. Versions of machine learning can recognize images and speech.
E.g., identify credit fraud in real time and detect insurance claims fraud; automate personalized targeting of digital ads.

3. Engaging customers & employees

Technologies can engage employees and customers using natural language processing chatbots, intelligent agents, and machine learning.
E.g., intelligent agents can offer 24/7 customer service from addressing password requests to answering questions in the customer’s natural language.

Opportunities for AI within the finance function

AI can be used across industries to challenge the status quo and create breakthroughs, including in finance and accounting. Check out use cases of how AI is improving processes and saving time for finance teams.

Accounting

  • Automating journal entries
  • Completing account reconciliations
  • Calculating and applying allocations

Accounts Payable

  • Processing expense approvals
  • Performing audits
  • Matching invoices

Accounts Receivable

  • Creating and authenticating invoices
  • Analyzing and processing disputes
  • Generating reports

FP&A

  • Gathering and cleaning data
  • Checking forecast and budget inputs
  • Creating management reports

Payroll

  • Catching time sheet errors
  • Calculating deductions
  • Checking data across multiple timekeeping systems

Experience automatic analysis and the discovery of insights

The time you save with Alteryx Auto Insights lets you dive deeper into your data to create breakthroughs.

Written By
Headshot Stephanie Shing
Stephanie Shing
Marketing Content Manager, Alteryx
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