The Journey of AI in Finance is a story of machine learning and decision science that inspired better business decisions. It’s a story that places finance at the center of the same transformational agenda already revolutionizing modern business, yet it’s also a journey of opportunity. It lets you see how to create tomorrow, today, and how finance will drive and inform business strategy while being both adaptive and dynamic.
This journey starts with Accounts Payable in order to deliver significant productivity gains and end the process of traditional three-way matching between Purchase Orders, Goods Receivables, and invoice. This is done by introducing AI in finance and image recognition into the mix to work with prearranged supplier contracts and cost matrices that trigger automatic payment on Receipt of Goods.
This journey then moves on to supply chain finance, where AI in finance is used to make it a more streamlined function by creating new trusted and transparent relationships with suppliers. Some of the helpful tools here include:
- Smart contracts in place
- Blockchain supply chains
- Adaptive intelligence
These technologies help automatically authorize and process payments and track supplier performance.
The third stop in this journey is intelligent innovation sourcing, which means a dramatic reduction in the time and resources needed to find new products and services. Here, AI in finance is tasked with scouting the market for new suppliers—including simulations of costing options and overall profitability levels.
Finally, there’s strategic procurement, where AI capabilities can be utilized to ensure that the best deal is achieved across every contract. It’s about relying on machine learning to:
- Handle intelligent discounts, credit ratings, terms and conditions, etc.
- Assess the market, products, and services available
- Simulate discounts, costs, and delivery conditions of each supplier vs. the industry standard
This is the new model of agile operations—empowered by the latest AI in finance technology to deliver positive revenue growth and increased profitability. This is the journey to augmented finance.
To learn more about AI in finance, check out the Oracle video below or visit www.oracle.com/erp. For more on AI, browse through some of the additional Quest resources attached below.