GenAI is leading the charge in revolutionizing the Transact to Report process allowing finance teams to analyze large volumes of data and derive actionable insights from it.
78% of executives selected GenAI as the top emerging technology over the next 1 to 1.5 years.
The touchless and autonomous financial close, long considered a lofty idea, is quickly becoming an essential reality.
Along with a next-generation secured and trusted control environment, the touchless and autonomous close will come to define the future of finance.
As finance organizations break free from manual processes, they will move toward a world of efficiency, accuracy, and agility. With the integration of artificial intelligence (AI), robotics, machine learning (ML), and large language models (LLMs), they will move from the digital close to the “intelligent close,” signaling a new era in financial management.
The foundation for intelligent close rests on four pillars: trusted transactions, autonomous accounting, real-time reporting, and a modern workforce.
- Trusted transactions ensures your transactional data is accurate and secure and will lead to strategic insights that can be delivered to key stakeholders to drive business strategies, enable continued business growth, and reduce risk.
- Autonomous accounting leverages enabling technologies, exception-based methodologies, and integrated end-to-end processes to shorten close-time cycles and drive operational and financial efficiencies.
- Real-time reporting is persona-driven tailored analytics across the AI-enabled spectrum from intuitive dashboards and visualizations through to AI-enabled analytics, predictions, and recommendations.
- Modern workforce transcends traditional accounting, evolving into strategic centers of excellence (CoE), with innovative financial experts embracing digital tools, agile methodologies, and a growth mindset, driving organizational productivity, creativity, and efficiency.
An intelligent close comprises digital, analytical, and GenAI capabilities across Transact to Report (T2R) processes to drive efficiency and innovation. With an intelligent close, organizations can identify opportunities for growth and make smarter, data- driven decisions, positioning the finance function as a strategic partner to the broader business. As more organizations continue to adopt these cutting-edge solutions, finance professionals are poised to drive change and contribute to their organization’s success in an increasingly uncertain and competitive business environment. Leveraging automation, analytics and AI helps to improve the overall employee and customer experience through automation of repetitive tasks, personalizing experiences and offering unprecedented support.
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