"Now, a tsunami of data comes from different sources. This general data needs to be integrated with the financial data to create new insights while running forecasting scenarios."
Artificial intelligence (AI) is one of the most frequently discussed topics in business today. It undeniably presents huge opportunities to senior executives in all fields, and none more so than the CFO.
In a recent IBM Institute for Business Value study, CEOs affirm that finance is one of the top-five investment areas for artificial intelligence. In fact, from a CFO perspective, it shows that top performers already have established operational and analytical uses for cognitive technologies and understand their value.
Pressure on CFOs to enable enterprise agility and help their businesses make better decisions is intensifying and finance organizations must now proactively manage business growth and risk. Still, according to the study, 38% of CFOs surveyed said that it would be one of the technologies most likely to transform their enterprises within the next few years.
Today's data explosion, economic volatility and uncertainty, new competitors and disruptive innovation highlight the need to deepen and accelerate understanding of what is going on.
INCREASING FINANCE IQ
Finance has historically used huge amounts of transaction data, which often is challenging and time consuming. But now, a tsunami of data comes from different sources, such as external market data, competitive and macro-economic information, social media and even the weather. This general data needs to be integrated with the financial data to create new insights while running forecasting scenarios and adjusting them for changes to these variables.
Finance leaders have realized that actionable insights are the missing link between data and business value which artificial intelligence provides...