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We hear about AI everywhere these days but how can we leverage this tool?

Today we dig into some thoughts on how AI could be used to help in the accounting function. These ideas assume that your AI model has access to your data as well as other data.

Find Answers Across Data Sources

Let’s say you have been asked to provide information about a particular customer’s recent activities with your company.

Traditional Approach

Typically, we would open our email and search for messages. We may also look in the CRM tool as well as Sharepoint for documents and contracts. We may need to review projects for activities and statuses as well as look into our financial system for transactions.

The AI/ML Solution

Using your AI tool, you can prompt AI to get data for your customer. Then, you can ask additional questions to narrow the results to those that are most relevant to what you want to know. You have the information needed to create the report.

Investigate, Highlight, and Visualize

How have you been creating a chart to show the revenue trend for a particular product line? How do you analyze the results?

Normal Approach

Open your financial system, generate reports (perhaps export the data) then create pivot tables to analyze and drill into your data.

The AI/ML Solution

Prompt your AI tool to prepare a chart using your ERP data. Follow this up with questions about customers, contracts, inventory, and so on. Then you can ask it to highlight the results for you.

Grow Sales

One of the easiest ways to grow your sales is by selling more to your existing customers.

Traditional Approach

In the traditional approach you would open your customer sales history, review quotes and opportunities to see what has been done with your customer base. Then, you rely on your experience and knowledge to know who to contact, when to contact, and what to focus on.

The AI/ML Solution

Ask your AI tool to get some product recommendations based on sales history, recent email, product line changes, and the behaviour of similar customers.