Today machine learning technologies are transforming financial processes as well. SAP solutions in this area can increase the intellectual level. It’s related to the enterprise and its capitalization.
Top managers with are involved in managing the digital transformation of organizations. Their strategic goals are to increase business efficiency and increase its value. The developing custom banking software is in high demand.
Main features of an AI-powered personal financial app
Based on the ever-growing volume of data, the personal financial assistant helps financiers. It forms a big picture for making optimal management decisions at the right time. Their quality and efficiency are determined by the flexibility of the finance function. And digital technology can increase this indicator. According to surveys, digitalization of the finance function has already become one of the priorities of the CFO on a global scale. Most of the top managers in this specialization would like to pay more attention to digital technologies. It solves their problems.
Key benefits of AI for personal financial management
According to experts, financial management today is moving towards intellectualization. Today, the concept of “smart finance” includes two components. It’s automation of end-to-end processes and innovations built into these processes.
Most large companies have already implemented Enterprise Resource Planning (ERP) solutions. And they use it. It’s a system for accounting for basic operations and managing business processes of a company. As business needs expand, these traditional systems need to be innovated to scale up. They do not slow down business growth. The transition to the use of an ERP system according to the cloud model. It can add “speed” For example finance helper app. New capabilities will be available in the cloud. They include analytical tools for working with data. Also these are mobile solutions, artificial intelligence technologies and the Internet of things.
Personal Financial Assistant Market
Future of AL can be embedded in a wide variety of processes. It includes accounts receivable and payable management, cash management, period-end closing, and reporting. A simple example. Instead of a human, artificial intelligence can correlate each payment with the invoice.
Why you need to build a personal finance assistant with AI
Machine learning technologies from Alty.co make it possible to predict with high accuracy the late payments. It’s based on all kinds of data about the counterparty. It’s available both in internal accounting systems and from external sources. Artificial intelligence helps improve payment discipline. It reduces the risks of cash gaps, and generally allows better forecasting of cash flows.
Digital technologies in artificial intelligence in finance speed up many financial processes. But do not exclude the role of a person. As for the role of the CFO, it remains decisive. It is the CFO who makes the final decision based on the data collected. It analyzes or predicted by intelligent systems.