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For CIOs looking to support their financial teams , tackle the monotony of the role and encourage productivity with less pressure , AI can be an aid to help trigger key efficiencies in financial management .

AI , a valuable asset for finance teams

Putting innovation and not administration at the forefront for financial staff can be revolutionary for staff productivity and motivation . In fact , Medius research has shown that only three in 10 ( 37 %) financial decision makers would say they and their colleagues are satisfied with their role . tasks , such as an AI workmate to assist with automated Accounts Payable operations . Most businesses need employees in the Accounts Payable team to constantly monitor an accounts email inbox for interactions with suppliers – from monotonous in-bound inquiries to time-intensive and manual processes that drain employee motivation . But Medius ’ s AI workmate can aid those that approve invoices to meet the needs of suppliers without employees facing monotony , and a constant list of administrative tasks .

AI solutions can even remove the human pressure and risk of manual error associated with detecting fraud . With research showing that in the first half of 2023 alone criminals stole £ 580 million through fraud , businesses need to prioritise their protection against fraud , or risk debilitating losses . AI-powered fraud detection algorithms that analyse patterns in data and detect anomalies , can build a crucial risk

For CIOs looking to support their financial teams , tackle the monotony of the role and encourage productivity with less pressure , AI can be an aid to help trigger key efficiencies in financial management . AI is an assistant for financial teams , aiding them in fraud detection , expense analysis , invoice processing and allowing them to prioritise higher-level humanled work .

With processes like touchless invoicing AI can prepare all the hard work , and details for finance teams , and leave the key decision to approve the invoice with the employees . AI and employees can work together to balance human-led decision making with AI-assisted preparation , saving time , effort while boosting productivity and employee satisfaction .

Supporting financial employees involves providing them with the tools they need to easily complete their

management structure in a business , and prevent both internal and external fraud . These solutions remove the pressure from employees to spot sophisticated fraud schemes themselves . At Medius , our Fraud and Risk Detection Solution uses AI to spot duplicate payments , or fake invoices and alert financial teams to the potential fraud risk .

Stronger defenses against harsher attacks

As businesses continue to battle harsh economic conditions , internal business pressures and a rise in cyberattacks , updating core financial functions shouldn ’ t be the last priority . When fraud losses could be the difference between insolvency and survival , CIOs need to be ready to tackle increasingly sophisticated fraud attacks with the most advanced defenses and tools in place to increase visibility of cash flow .

No business should be unaware of how much fraud is costing their business . When financial teams are overwhelmed with monotonous administrative tasks , AI can be a crucial helping hand and provide a key opportunity to manage fraud , risk , invoice processing and transform the financial functions underpinning supplier-business relationships . p

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