Let’s be honest; accounting and finance procedures are complex. They’re labor-intensive and time-consuming, and the slightest of mishaps could lead to severe consequences.
Intelligent automation aims to ease things and optimize the financial landscape by:
- Automating various processes and operations
- Reducing latency
- Adding value
It helps financial institutes achieve net outcomes more efficiently, minimizing human involvement.
According to a recent study, approximately 45% of the activities performed by individuals in the finance and banking industry can be automated. It’s also expected that automation intelligence technology will replace 40% of the transactional accounting work in the near future. Needless to say, automation and big data analytics in supply chain are pivotal for finance companies. Here’s why.
It Can Streamline Financial Planning & Analysis
Most companies use spreadsheets to manage and track their financial planning and budgeting processes. However, this isn’t always the most effective or efficient method to go about it. Spreadsheets are useful tools, but they have their limitations when handling large volumes of structured and unstructured data. For large and mid-sized businesses, spreadsheets can hinder progress rather than facilitate it.
Intelligent automation streamlines the financial planning and analysis processes by offering quicker forecasts, enhanced visibility, and improved decision-making. Businesses can use intelligence tools to effectively analyze market trends, conduct forecast analysis, consolidate data, and compare results.
It Can Increase Accuracy, Capacity, & Productivity
Intelligent automation minimizes human interaction. This means that there are fewer chances of human errors. Automated robots can work 24/7 without making errors due to exhaustion, improving the accuracy of the results. They can also perform repetitive and non-repetitive tasks more efficiently, improving productivity.
Automated solutions allow financial executives to prevent errors and save time. They can deploy software bots to work round the clock, ensuring productivity doesn’t take a hit. This is especially ideal in cases where you need to get through dull or complex tasks.
It Can Enhance Consumer Experience
Finally, intelligent automation allows financial institutes to automate their customer services and offer an enhanced consumer experience. Deploying business intelligence software means no more customer complaints of long waiting minutes when they call to speak to a representative. Instead, businesses can use automation tools to personalize customer interaction and build long-lasting relationships.
For instance, automated tools can help banks analyze and prioritize emails, send reminders, and offer smart chatboxes on websites or apps. This helps retain customers and resolve their issues.
PREDIK Data-Driven is a big data analytics company that offers advanced analytics solutions to businesses in the finance and banking industry in the US. We help companies collect and analyze large amounts of data and make crucial business decisions. Contact our team today for more details or request a demo.