Machine learning and artificial intelligence in finance in a broad perspective
Machine Learning and predictive algorithms create whole new possibilities for increasing automation in the finance and procurement processes of companies.
Even if the level of automation is high in an organization’s accounts payable process, for example, the posting of supplier invoices usually still requires a lot of manual handling. Intelligent automation solutions utilizing Machine Learning will gradually take on these types of repetitive tasks that have been previously seen as unsuitable for automation due to complex rules or high amount of deviations.
OpusCapita is investigating the use of Machine Learning in many fields. The technology can help forecast sales or cash flows, detect fraud attempts or other anomalies in payment flows, and speed up purchase invoice posting. Whereas a software robot requires specific rules set in advance to perform a task, intelligent automation uses Machine Learning algorithms to create the rules and the logic by processing thousands of rows of historic data. In effect, it learns to perform the task based on the decisions that humans have previously made.
In our series of six videos, our experts go over different perspectives to Machine Learning, Artificial Intelligence, and the impact these revolutionary technologies will have on finance and procurement professionals’ day-to-day.
In this video, our expert discusses 3 real-life examples of utilizing Machine Learning in Finance and Accounting.
Watch more insights from the Machine Learning discussion with our experts: