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4 ways AI is altering the role of financial managers

Written by Staff Writer

October 3, 2023

By Craig Ogivly, Finance and Project Manager at Turrito Tech Solutions 

Finance encounters dynamic and increasingly complex problems in today’s quickly changing business environment. Innovative solutions are required thanks to increased demands and tough economic conditions. Here we examine how AI is altering, or will alter, these professionals’ roles and skills and whether it’s something to be afraid of or embrace.

Finance Managers

Financial managers are in charge of forecasting, budget management, financial analysis, and strategic decision-making. These jobs can be carried out more successfully by them thanks to tools and technologies enabled by AI. The following illustrates how AI is altering the role of financial managers:

  1. Advanced data analytics: AI algorithms can quickly process huge volumes of financial data, giving financial managers a better understanding of market patterns, consumer behaviour, and risk management. Informed decision-making and improved financial forecasting are made possible by this.
  2. Automation of repetitive processes: Routine financial processes, including invoice processing, account reconciliation and report preparation, are streamlined by AI-powered automation. Financial managers can concentrate on more strategic tasks like financial planning and analysis by cutting back on manual labour.
  3. Fraud detection: AI systems may find trends and irregularities in financial transactions, assisting financial managers in quickly spotting fraudulent behaviour. Machine learning algorithms may continuously learn from the past, increasing the accuracy of fraud detection over time.
  4. Risk management: AI systems can analyse changing market circumstances and risk factors in real-time. This makes it possible for financial managers to manage risks, maximise investment portfolios, and decide on hedging and insurance tactics with knowledge 

 

In conclusion, AI has already changed the game for financial managers, but we think it will continue to evolve and improve. Financial managers may detect fraud faster, automate repetitive operations, improve risk management, and create more accurate financial predictions by utilising AI-powered tools and technology. 

By embracing AI, these roles are strengthened rather than weakened, allowing them to contribute even more to the success of their organisations.



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