Artificial Intelligence (AI) is everywhere. Even where it doesn’t yet exist, it dominates conversations in every Board Room across the world.
It’s targeted at driving efficiency and reducing operating costs so seemingly, it could be the ultimate solution but just how seriously should we be taking it in a transformation capacity and should we be paying attention to upskilling rather than FTE reduction?
Robotic Process Automation (RPA) is essentially the link between Finance Transformation and AI. It’s an ever-increasing area for investment for businesses looking to become ‘digital’ and for those looking to take advantage of the technological improvements and process optimisation that comes with it.
It’s also a huge talking point as it is effectively a way for organisations to improve efficiency and save money by replacing people with technology but should AI be a driver for replacing people in transformation initiatives?
Accounts Payable Processing is the area where benefits are most visible. While many organisations have invested in more complex supplier information and formats, invoice scanning and document imaging software can now process these documents to reduce time, inaccuracies and create complex paperless invoicing solutions.
In R2R however, an end-to-end process that requires a more substantial level of understanding and interpretation of numbers requires more human involvement. RPA is limited in its ability to interpret data and then facilitate the perception needed most for generating information for executives. Technology does not yet match the nuance required for this element of finance process involvement and I’m not sure it ever will.
While I have no doubt about the advantageous benefits of AI in Finance Transformation – should we be making sure we keep hold of our existing workforce? Join the conversation. 
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