TALKING

However , despite AI advancements in data analytics , contract management and internal communications within business functions like HR and IT , 61 % of finance functions either have no plans for AI adoption at all or are still in an initial planning phase .

Finance operations remain underserved by automation and AI , despite their potential to mitigate risks such as fraud and poor cash flow management , and to streamline tasks like invoice processing and expense management . greater risk of financial fraud and loss . Artificial Intelligence can increase financial control for businesses , fortification against fraud and a more motivated financial team .

For financial teams those administrative tasks remaining manual is like choosing a bike over a super car when automation of these tasks can revolutionise financial functions for Accounts Payable .

Fighting fraud demands increased visibility

Ahmed Fessi , CIO at Medius

Achieving peak operational efficiency for financial teams and safeguarding against fraud necessitates the integration of automation and AI into finance functions . CIOs must spearhead Digital Transformation efforts within their organisations , prioritising AI implementation in core financial functions to ensure these initiatives provide the right value for finance teams .

A harsh business climate

Fueled by the rise of generative AI , Dark Web technologies like ‘ Fraud GPT ’ enable criminals to craft phishing emails that are harder for businesses to identify as genuine or fake at scale . In fact , recently a finance worker was tricked with deepfake AI technology into paying out US $ 25 million to fraudsters . AI has aided fraudsters in broadening their reach , by helping them to produce the code needed for mass

In the current business landscape , companies face a myriad of challenges , from navigating uncertain economic conditions to meeting changing customer demands . There ’ s growing pressure on firms to prevent security breaches , optimise investments , monitor profitability and build flexibility into their business plans .

CIOs must spearhead Digital Transformation efforts within their organisations .

Notably , 65 % of firms say they have to demonstrate return on investment ( ROI ) for their technology spend faster now . Businesses want faster innovation , and to maximise their investments , so they can achieve more results with less time , money and effort in the long run .

But protecting the financial health of a business and its investments is difficult when the looming threat of fraud is risking annual losses exceeding US $ 300,000 for compromised businesses . Shockingly , a quarter ( 25 %) of finance executives can ’ t gauge the extent of the impact of invoice fraud on their businesses . This lack of clarity leaves businesses vulnerable to fraud , especially amidst harsh economic conditions that have led to a surge in insolvencies among European businesses .

Relying on manual financial processes can lead to financial mistakes , an unengaged financial team , and a attacks , which are more sophisticated and reaching a wider distribution of potential victims .

Yet , when assessing the risks of enhanced fraud , we must also realise that AI provides a toolkit solving a key part of the problem of financial fraud . Businesses , technology providers and regulators need to make AI their strength if they are to combat fraudsters that are utilising the technology . Automation , when done right , can help businesses in validating important vendor data , anomaly detection and creating visibility in the end-to-end cash flow management . Taking away the manual pressure of noticing unusual activity , controlled AI use could be a hidden defense against financial fraud and level the playing field with AIenhanced attackers .

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