As the volume of finance-related data collected and analyzed climbs to unprecedented levels, the task of managing, understanding, and reporting on that data has become too detailed and large for humans to handle on their own.
Oracle CEO Mark Hurd has explained how AI can give companies the ability to simplify the financial reporting process. Cloud-based automation tools can analyze data more efficiently to provide insight, help eliminate human error, and reduce time spent manually updating multiple spreadsheets and financial documents.
Thirty percent of finance organizations’ time, of our customers’ [time], is spent moving around spreadsheets — Excel spreadsheets, moving spreadsheets from one department to another, trying to reconcile spreadsheets. And using AI, those reports become virtually error-free and insightful, and the work goes away. The work goes away, allowing people to focus on higher-order tasks.” – Mark Hurd
As companies see the benefits of automation in the areas of data analytics, reporting, and process workflow, more will move to the cloud and embrace the automation it provides.