HOW FINANCIAL CONTROLS AI IMPROVES THE FINANCIAL CLOSE PROCESS
Artificial Intelligence (AI) is the simulation of human intelligence by computer systems; it can do a variety of things, including information gathering, pattern recognition, logical reasoning, and drawing conclusions. This technology is already being leveraged by thousands of organizations around the world to drive business process improvements, automate manual tasks, and gain actionable insights from vast amounts of data.
Trintech’s Financial Controls AI vision, as part of the Cadency platform, is used to quantitatively evaluate risk across various elements of the Record to Report process as well as automate workflows based on this risk profile, all while identifying high-risk items for human review. Financial Controls AI can also analyze operational data to evaluate risk and identify process improvement opportunities.
Through 2024, one-half of organizations will realize their AI competencies and skills are insufficient and will require new investments to avoid decaying their performance and competitiveness.
– David Menninger, SVP & Research Director, Ventana Research
How Financial Controls AI Improves the Financial Close Process
Analyzing Operational data to evaluate risk and identify process improvement opportunities
Automating Process and Workflows based on Risk profile and tolerance levels
Financial Close Benefits
- Evaluates risk across various financial close process, entities and functions
- Automates and optimizes workflows based on risk
- Develops insights into compliance controls through data analysis
AI RISK RATING FOR JE
Gain preventative risk analysis with artificial intelligence for journal entry.
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Amplify Your Automation Initiatives While Reducing Risk withing your Office of Finance with SAP and Cadnecy's Financial Controls AI
At Trintech, we proactively envisioned this shift coming, which is why we have been adding these capabilities into our System of Accounting Intelligence™ (SOAI) platform to help our customers stay ahead of the curve in their automation journey within the Office of Finance.
With our JE SAP connector and state of the art Risk Rating engine, AI and Machine Learning is at your fingertips for automatically quantifying risk. You can easily identify journals that are considered high risk based on your unique use cases and criteria, and can take necessary preventive actions to proactively manage risk in the Journal Entry process.
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