From the course: The Future of AI for Finance and Accounting

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Data value-adds

Data value-adds

From the course: The Future of AI for Finance and Accounting

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Data value-adds

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- There are lots of ways AI can add value to business operations. It's why there are such great expectations for its use in the fields of finance and accounting. Let's talk about a few of these. AI can help finance teams improve their decision making and make better choices by analyzing lots of data quickly and accurately. For example, you can use AI to look at a company's spending, profits and overall financial health, to show where things are going well or where they could improve. With these insights, finance leaders can make decisions about where to invest money, where to cut back investments they're spending, and how to increase profits. A great example of this is using AI to support spend analysis. That's when finance leaders analyze a company's expenses to identify potential opportunities to cut costs. Expenses are broken down into two categories, addressable spend are things that can be renegotiated and reduced. And unaddressable spend, which are expenses that are out of scope…

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