Deployment of such tools as those mentioned in the previous article can decrease the risk of human error not only in tax processes. Finance and tax professionals also don’t want to search for invoices requested by auditors; they would prefer to provide strategic advice.
The greatest benefit of automation is that financial staff are free to be more proactive and creative. They can then provide their company with additional insights. Software and AI in digital transformation is not aimed at replacing humans with machines. The goal is to change the way people work and let them focus on more important tasks because routine tasks will be done by robots.
Digital transformation
When it comes to transformation within finance and tax departments, a key factor is driving the creation of an automation hub. Establishment of such a hub within corporate finance then serves as a foundation for further development of decision making based on AI.
In order to digitise finance at your company, you need to incorporate intelligence into all of your activities. Do not omit any aspect of the job of your finance or tax team. Robots can be leveraged across all major finance processes. Voice recognition and processing of natural language can help your team to access information faster and with greater ease, according to an article at cfo.com.
Data for more insights
Deploying AI brings benefits to everyone. The more data you have available, the more value you can reveal and create by deploying AI technologies such as machine learning. By using AI you may better assess risks which otherwise are almost impossible to track. That allows for better decisions for the whole organisation.
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