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Friday, August 11, 2017

Machine Learning currently redefining the financial industry: How can CFOs do?

Among the most interesting trends, Machine Learning is shaping up to be one of the next evolution in the transformation of financial industry and one of the top key technology trends in 2017. But how can CFOs unlock the value of Machine Learning to meet their business objectives and improve performance today?

There are many cutting-edge technologies that is transforming the finance - one of the oldest skills that people has developed after shaping the forms of community. The common nature of these innovations is easy access capabilities, faster paced transactions, a smarter customer experience and better business opportunities.

Machine Learning, AI, Financial industry, CFO
Machine Learning enter the financial industry is right choice?

# What is Machine Learning?

Machine Learning is a type of Artificial Intelligence that allows computers to learn and make software applications become more accurate in predicting outputs without being explicitly programmed. It is the product of established statistical theory in computing power. The basic premise of Machine Learning is to build algorithms that offer businesses the opportunity to transform their operations and their services.

These algorithms are often categorized as being supervised or unsupervised. They learn by analyzing very large volumes of quantitative and qualitative historical data, looking for patterns and trends across hundreds of variables at the highest speeds.

# Four ways CFOs can unlock value

1. Identify areas of machine-induced improvement

Businesses must continually make choices about pursuing new business opportunities. Because an investment in one area requires savings in another. Machine learning helps companies increase savings by taking automation to a much higher level than previously possible.

In many companies, for instance, a high percentage of staff still perform transnational tasks such as like procure-to-pay, order-to-cash, and record-to-report, that can be completed faster and with fewer people through machine learning.

2. Create a learning culture

The value in machine learning is about gaining control and using analytics to expand the business, which is a fundamental job of finance. It can transform your finance organization to be a more strategic partner to the business. At the same time, you need to think about how to train and develop the career paths of your staff. By cultivating an engaged workforce, your company and its people can be more agile, flexible and open to change.

3. Keep finance in your organization’s digital strategy

Unlocking the value of machine learning in finance is tied to your business’s digital strategy. CFOs need to start taking part in the company’s discussions about digital transformation (1). For some organization, there’s a lot of talk in public about the pursuit of a digital journey. CFOs need to help solidify the company’s digital strategy so that when a business case is up for review, you’re well-informed and can make the right decisions.

4. Understand the importance of a digital core

An organization’s digital strategy sets a course for how the enterprise uses technology to enable competitive advantages in the digital economy. Machine learning has played a key role in an effective digital strategy.

Machine learning is dependent upon live, integrated business data. Therefore, to fully embrace machine learning, enterprises need to run on a digital core (2) that is connected, intelligent, responsive, and predictive.

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