Is AI Modernizing the Role of the CFOs?

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Is AI Modernizing the Role of the CFOs?

By CFO Tech Outlook | Friday, September 25, 2020

AI is making the finance ecosystem smarter.

FREMONT, CA: AI is deeply incentivizing the financiers with a plethora of benefits. The modern finance industry is expecting the impact of AI to revolutionize the role of a CFO. AI is changing the conventions of the management of finance. The intervention of a lot of technologies such as cloud computing, big data analytics, and more are also adding to the attempts of AI. A CFO is all set to make the new make of the finance ecosystem a part of his arsenal.

Top 10 Artificial Intelligence Solution Companies - 2019AI is known for its dynamic nature and potential to capture details to any extent of depth. These characteristics of the technology of AI helps the CFOs efficiently in the detection of anomalies. Algorithms of AI aim at observing and keeping track of everything that happens in and out of a finance ecosystem. Thus, AI is capable of deriving realistic insights into the confidentiality, integrity, and authenticity of data, along with preventing unauthorized accesses, and more. Alongside, AI technology also helps the finance teams to stay aware of any malware, ransomware, or hacker attacks even before they actually take place.

AI is increasingly capable of automating some of the core and critical operations of a finance firm. With this, a CFO can have highly redundant, repetitive, and mundane tasks performed by the robots and other virtual assistants. Well, process automation frees up time and resources for the finance managers and allows them to focus on developing and adopting newer and better digital business models. In this way, AI is increasingly redefining the role of a CFO and taking the finance industry forward into the revolution and optimization. 

The digital culture is what is technically outlining the paradigm of finance, and AI is more or less becoming the sole driver. All in all, the technology of AI is increasingly impacting the finance industry and the core dynamics of it essentially.      

See Also: Top FinTech Companies

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