Decision makers are still not ready to risk their business entirely on robots. Artificial intelligence (AI) is largely being used for tactical reasons rather than strategic. When it comes to high-level decision-making, there seems to be resistance automated execution and a distrust in newer technologies.
FIRtech has launched a program to demonstrate to C-level executives that robots can be trusted, they not only improve accuracy, but they make processes more repeatable and auditable.
“We can show real-time results within a week, proving to any business leader that robots can be trusted and that they will cut costs,” says FIRtech CEO Ugan Maistry. “With our proven technology, we are offering a free demonstration to showcase the benefits of AI in business.”
AI can easily automate accounting processes, helping businesses avoid unnecessary losses such as vendor overpayments or revenue leakage from bank accounts. It offers excellent document understanding with system integration capabilities that can reconcile any set of information from various sources.
Maistry says reconciliation takes time and effort but skipping this critical exercise may have dire consequences. “Vendor overpayments and revenue leakage are prone to human error and result in huge losses for the business.”
Reconciling vendor statements to invoices or bank statements to originating transactions is complex and time consuming. AI does reconciliations, big and small, from automatically reading source documents, to finding the source of imbalance.
It can reconcile bank statements to the accounting system, check for suspicious transactions and alert the responsible person in the organisation. Furthermore, it offers a historical trend of spend per vendor, alerts for first time payments to a new bank account and vendor bank account changes.
Maistry says CFOs can get notified immediately of the transactions, movements or invoices that do not reconcile. “ReconBot is able to mimic repetitive tasks more quickly and accurately and has self-learning AI, with positive and negative reinforcement, that allows it to read, interpret and process documents of all types without prior training.”
The main objective of AI is to improve speed and efficiency whilst reducing risk of unauthorised expediture. Reconciliation solutions must however be capable of handling a large volume of data and be able to sync with multiple external systems without human intervention.