We recently carried out research into the use of artificial intelligence and data analytics for Finance and Treasury within financial institutions. This included key insights on leading solution vendors.
This short article in our Distinctive Insights Intelligence Vault series provides short summaries on the ways that selected market solution vendors are leveraging AI to support Finance and Treasury processes. These are just a few selected examples. Within the full report, readers will observe an extensive and diverse universe of vendor solutions deploying artificial intelligence to support finance and treasury processes.
Our aim in publishing this content is to help finance professionals further understand how artificial intelligence and data analytics are being applied to support key business processes within financial institutions.
Hyperbots has several AI co-pilots to support finance and accounting. Invoice Processing Co-Pilot automates the invoice lifecycle. Accruals Co-Pilot automates accrual identification, booking, and reversal processes. Procurement Co-Pilot automates purchase requisition and order processes. Payments Co-Pilot automates payment processing. Tax Verification Co-Pilot automates tax validation for invoices. The AI is applied through foundational AI agents for tasks like invoice discovery, fields extraction, validation, matching, GL coding and GL posting, identifying, booking, and reversing expenses, converting contracts into purchase requisitions, generating and dispatching purchase orders, payment timing recommendations, tax validation, and vendor identity verification.
MindBridge provides continuous oversight across financial transaction risks. Its AI platform helps to identify anomalies and unusual patterns, assess revenue recognition risk, reduce potential financial loss associated with inaccurate or fraudulent payroll allocation, uncover anomalies and spot trends, and reduce potential financial loss associated with incomplete, inaccurate, or untimely invoices. AI is applied to automate error detection, implement continuous monitoring, and surface the unknown unknowns.
Numeric has multiple AI-driven product capabilities. Close Management leverages AI to organize the financial close and automate reconciliations. Smart Subledgers automatically posts journal entries to the GL through AI. Reporting & Analytics uses AI to write the first draft of flux explanations. Technical Accounting uses AI to assist with technical accounting research.
Rossum uses AI to automate document workflows in its transactional document automation platform. Its AI capability (Rossum Aurora) powers the document processing. AI is used across the platform including in areas such as data capture for multiple languages, invoice extraction, processing structured/unstructured documents, creating formulas in natural language and filtering out duplicates.
Statement provides an AI-driven Treasury automation platform. Cash Forecasting provides AI cash flow forecasts. Cash Application carries out reconciliations with AI. Connect & Enrich unifies and enriches bank data with AI.
The full report can be purchased here: https://distinctiveinsights.ai/product/ai-in-finance-treasury-spotlight-report/
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