According to ALNET Technologies – a Sage Platinum Business Partner – AI deployment in financial systems is driving finance teams to work smarter and consequently enhancing business efficiencies.
Gary Govender, Strategic Business Development Manager at ALNET Technologies, highlights the pivotal role of financial teams in the success of any business. “They can significantly influence an organisation’s outcomes, either positively or negatively. A siloed approach where finance professionals work cut off from the rest of the business is an outdated practice. Close collaboration with other departments is essential. Establishing a connection between the sections that require financial data and those that generate it is crucial. Without mutual trust and co-operation between these business units within any organisation leads to system failure and decreased functionality. A collaborative approach generates greater transparency in strategic planning and improved visibility throughout a company,” says Govender.
He emphasises that cross-functional collaboration enables finance teams to leverage the expertise and insights of other departments, leading to smarter, more strategic and efficient financial management.
Govender notes finance teams should be able to accomplish more in less time. “Having the wrong financial software puts your finance team at an incredible disadvantage. Many organisations delay transitioning from basic start-up software to enterprise solutions. This in turn blocks the ability to gain a holistic view of the company’s financials. This results in longer wait times and access to the crucial information needed to make important business decisions. A financial management software that uses the power of AI and automation to free finance teams from routine, repetitive tasks empowers them with active insights that enable smarter decisions,” he adds.
“Implementing an AI powered financial tool eliminates tedious, repetitive and time-consuming tasks, allowing financial professionals to focus on strategic initiatives. This in turn leads to a better motivated finance workforce that prioritises quality over quantity when it comes to reporting. While quantity might offer a broader range of data, quality ensures that the data is useful, reliable and actionable, which is far more valuable to the business. Financial reporting is essential for growth and scalability. Consistent and reliable reports serve a critical purpose within any company.”
He says many businesses still depend heavily on manual processes, which complicates financial tracking and the production of accurate financial statements. “Automation, AI and digitisation are becoming essential in the financial services industry. By adopting these technologies, organisations can enhance operational efficiency, increase speed and accuracy, and improve customer experiences. Leveraging the latest digital tools and financial management solutions also helps businesses achieve continuity and deliver innovative and valuable services to their customers. Streamlined processes and workflows enable finance teams to work smarter by maximising efficiency, accuracy, collaboration and compliance, supporting better financial management and organisational success,” he concludes.