Financial Agility through AI Revolution
The pandemic ushered in business-wide digitization. Also, given the scarcity and resource crunch, it became essential to have financial agility in the system. Companies turned to technology to help them track, manage, and control their finances effectively. Hence, from now on it would be advisable for companies to look for future-ready solutions.
Artificial Intelligence-based or AI-based technology offers all these advantages. Its popularity across diverse sectors and industries has been unprecedented. It also helps businesses to manage their finances and remain financially agile in an effective way. In this blog, we look at benefits of A.I. for companies and how it can provide them better financial agility.
1. Personalized assistance
There are many A.I.-based chatbots available in the market that help customers get quick resolutions. We all have encountered virtual assistants in our banks, which help us get immediate access to our bank statements, schedule payments, place service requests, open accounts online, etc.
It helps customers get an instant response to queries. Such queries initially required interaction with customer care executives either through phone calls or personal visits. A.I. has helped resolve these issues with a relatively lesser turn-around time.
2. 24*7 availability
Customers can access these systems through any internet-enabled device. It means that a business can service its customers even outside of office hours. Sometimes customers have minor queries. In the absence of such technologies, they might have to wait for hours to resolve these queries. With A.I. enabled systems, it is possible to provide customers with a satisfactory solution to their problems anytime.
As a business too, if any transactions happen, these new-age modern solutions can provide you with financial insights of the transaction in real-time. Complete control and visibility over your finances is crucial in the decision-making process. It can make or break a critical deal or give your company a competitive edge over your business rivals.
A.I.- based technologies allow businesses to automate routine tasks. For example, automatic invoice generation, sending a welcome email to new customers, keeping track of market trends, raising alerts as per pre-set triggers, automatic order placement when stock inventory falls below desired levels, etc.
It allows employees to focus on more critical aspects of business and helps them increase their productivity. It also reduces losses that arise due to human errors.
4. In-depth analysis and reporting
A.I. platforms are excellent at analyzing large volumes of data which most businesses have in relation to their business, customers, competitors, industry, etc.
For companies to leverage this data, they require tools to analyze it, identify patterns, gain actionable insights, and share these insights in the form of easy-to-understand reports to relevant stakeholders. A.I.-based platforms can help streamline all these processes.
5. Fraud detection
Modern tools are highly efficient in detecting fraud by analyzing irregularities in patterns. Business Insider reported that in 2020, JP Morgan Chase used A.I. in its consumer banking services to identify fraudulent transactions.
Many A.I. based systems analyze the spending patterns of a consumer. If certain transactions seem out of the ordinary / are not as per previous spending habits, the systems raise an alert and flag it as suspicious activity. Employees can immediately detect this abnormal behavior and take necessary steps to counter these fraudulent transactions.
6. Credit risk Assessment
Another crucial aspect for financial institutions is to especially identify creditworthy customers. A.I. can help analyze various critical factors of a potential customer like credit ratings, spending habits, etc. After analyzing this data, it will provide insights into the risk of lending money to this customer. Companies can replicate a similar process to analyze whether lending money to a particular business would be profitable or not.
This way, financial organizations can assess risks involved in giving money to individuals or companies and make informed decisions beneficial for their own business in the long term.
A.I.-based tools, as mentioned earlier, can help automate tasks, are available 24*7, and take care of service requests of customers. All this, if done manually, might require a business to have a large pool of monetary and human resources. However, with A.I.-based systems, costs are lesser.
Automation automatically leads to a reduction in human error. Companies waste a lot of time and money in identifying and rectifying mistakes due to human error. However, A.I. can reduce these significantly. A.I. systems help employees boost their productivity and can also scale as the business grows.
Overall, there are multiple avenues where a business can save money by choosing the right product. The corresponding saved funds will provide companies with better financial agility. Companies can use it to improve their business and profitability.
If, as a company, you are looking for AI-based technologies to improve the financial agility of your business, connect with experts from Softype.
Softype is a global provider of cloud business automation solutions and an experienced enterprise consulting provider to medium and large enterprises. We have more than 15 years of successful experience with ERP system implementations, business process consulting, and integration. We have offices in the US, Philippines, India and Kenya.
We have been a Solution Partner for Oracle NetSuite, the original and leader cloud ERP, since 2004. We have successfully assisted more than 400 clients across 25 countries and four continents over the past 17 years. Besides NetSuite, our company has expertise in workflow automation and integration for the WD, Retail, Education and Light Manufacturing industries. We are partners of StoreHub Cloud POS and Workato for integration and automation for different enterprises.
We do not just build things/spaces or create software. Our focus is practical solutioning coupled with expert service delivery of software projects to maximize our clients’ investments in business automation solutions that they undertake. We partner with them to deliver the promise of success.
For further information, reach out to us at firstname.lastname@example.org or call us at +1 650 488 4412 (Global), +63 917 173 6625 (Philippines), +91 2240871095 (India), and +254 720 940 174 (Africa).