What is the role of artificial intelligence in today’s financial operations?

by BA team

The COVID-19 pandemic has accelerated the digital transformation of many businesses. The capability of companies to quickly organize remote work model without compromising efficiency has become one of the most pressing issues in recent times. This situation has sparked interest in new technologies and the integration of artificial intelligence applications into work processes. The World Economic Forum surveyed 300 largest companies in the world, employing eight million people worldwide, and found that 80% of companies plan to speed up their work processes and increase workplace automation.

Financial specialists play a unique role in business – they process a large amount of data, systematize, register, summarize the company’s operations, interpret the company’s results, assist management in decision-making, prepare financial forecasts, and so on. Financiers manage the company’s most significant asset —information.

Artificial intelligence showed how to become much more effective

With the development of technology, smart systems are taking over more and more tasks that people used to do. Baltic Assist is just one of the few Lithuanian companies that implement the most advanced technologies, which automates processes and makes efficient use of human resources, thus creating added value for the customer. There are many tasks in the day-to-day operations of accountants that can be automated. “AI supports accountants by taking over routine operations and repetitive tasks. It allows Accounting professionals to focus more on higher-level solutions that require human insights (data analysis, decision-making) that robots are unable to perform.” — Andžej Rynkevič, CEO of Baltic Assist.

Unemployment is rising, and there is a lack of competent professionals in advanced financial service companies

The COVID-19 crisis affected the growth of unemployment in Lithuania. Since March 17 this year, the unemployment rate jumped to a staggering of 14638 cases in Lithuania. However, Baltic Assist CEO shares the fact that they currently lack a wide range of accounting specialists at various levels, like CFO types of experts, financial controllers, etc. The role of an accountant as an advisory-analyst is much more important than just the simple data-entry specialist of financial transactions. By outsourcing information processing to robots, financial specialists can spend more time on business management issues, data analysis, interpretation, and forecasting.

The development of competences is inevitable

As the role of the accountant in the company changes, so does the requirements for his competences and skills. The modern financier must have the ability to use the most advanced business management systems, as well as the knowledge to interpret the information generated by robots using analytical thinking. The systematized and processed information provided by an accountant in a technically advanced company is an essential source for the business decision-making process.