artificial intelligence in finance

When we think of artificial intelligence, we tend to think of a robot with human-like capabilities. While artificial intelligence has the potential to evolve into bots similar to the ones featured in “I, Robot”, the reality is that artificial intelligence is already performing tasks that are beyond human possibility. In fact, AI is helping CFOs and financial professionals analyze and evaluate complex financial information. This article will explore how the use of artificial intelligence in corporate finance is advancing the way financial information is used by finance executives.Forbes reported that “corporate finance teams spend about 80% of their time manually gathering, verifying and consolidating data, leaving only about 20% for higher-level tasks like analysis and decision making.” Artificial Intelligence in finance will automatically gather, verify, and consolidate data as well as performing advanced analytics. As a result, corporate finance teams are able to concentrate their time on financial decision making.Artificial Intelligence in financeIt won’t be long until Artificial Intelligence in finance is making financial decisions itself. AI can already produce revenue forecasts by evaluating past production trends and modeling the manufacturing process. Using revenue forecasts, AI will be able to allocate financing in a way that optimizes future production.Finance executives are eager to adopt Artificial Intelligence to enhance the company’s operations and generate more revenue. Forbes also reported that “73% of finance executives agree that automation is improving finance efficiency at their company”, according to a study. Companies who adapt Artificial Intelligence in finance will have a competitive advantage over companies who are still manually collecting and analyzing financial data.NeuroChain, the next generation of blockchain technology, will be able to combine economic, financial and production data to create accurate and powerful corporate financial analytics and forecasts.

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