Forget about AI, Process Intelligence is the real deal !
Innovation will never stop, that’s a fact, and that’s great news for everyone, both personally and professionally. However, there are times when we need to pause, relax and reflect on the real needs that innovation addresses, and deal with some of the sometimes-irrational concerns generated by the daily flood of information we all receive.
Let’s take the example of Artificial Intelligence, which is very much in the news, prompting many comments and fears. The big question is whether these fears are well-founded, whether we are already obsolete and useless, or whether it is ultimately up to us to master the uses of technological developments in the most intelligent way possible?
Intelligent automation processes
If we focus on the corporate aspects, and more specifically those related to the finance department, we observe that businesses around the world – and their staff – are overwhelmed by the incessant flow of information surrounding AI’s capabilities. Some worry about losing their jobs, a very concrete apprehension, while others more abstractly apprehend a total loss of control in a dehumanized world.
These reactions have no rational basis. Because the idea of AI, and other game-changing innovations is not to replace individuals, but to enable them to do their jobs in the best possible way, adding value to their role and improving their satisfaction.
And it’s an undeniable fact, let’s be clear, financial administration processes have improved enormously over the last decade thanks to a series of innovations that are not far removed, in engineering terms, from what AI offers. Automation, for example – widely present in the most advanced dedicated financial solutions and platforms – is highly effective, in terms of performance, speed, visibility, paper reduction and security and can be regarded as a form of AI.
Back to data
Intelligent algorithm-based machine learning processes built on enterprise data enable any leading-edge solution to easily detect anomalies. In terms of functionality, this is what a CIO and CFO would expect from an intelligent solution, to avoid errors, reinforce transaction and system security, and gain visibility of customer statements, company debts, cash flow and much more.
Any tool based on these ultimately quite simple algorithmic capabilities should not be seen as a threat to the employee, whatever his or her role, but as a value-added companion for his or her rigorous control, monitoring and reporting tasks.
The practical benefits in terms of productivity and efficiency of automation and AI functionalities in finance are numerous and should temper some of our fears… As long as data – the reliability of which is the responsibility of business leaders – is not corrupted internally; as long as incoming data – from heterogeneous external sources – is protected by strict system and role policies, it represents the fuel that agile solutions need to improve the life of the employee and participate in a corporate financial dynamic that will undoubtedly benefit the organization in the long term.