How Bots will change the way Finance Works

By:Manmeet Kaur Tura 2019-02-26

We often login into a company’s website and a pop window appears asking “May I help you?” or any such welcoming queries. It indeed is a great way by the virtual mediums to connect with the real customers. It is a good way o developing smart and effective customer service. 

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But one thing that you must know is that this greeting is not from a person or individual of the company but it is the ‘chatbot’. These chatbots are designed to work as per a single purpose application like WhatsApp, facebook messenger etc. Also, there are virtual voice-activated assistants like Amazon’s Alexa that are generally connected to a mobile device.

Chatbots help us in decision making and finding faster solutions as and when we interact with the software. It has developed into an authentic communication process in recent times. Many mistake it for real human interaction.

Companies have started using voice bots in the business software for easier communication with suppliers in tasks like suggesting sellers, filing expenditure reports. In certain cases, it may also advise which invoices should be paid first. The best part about the process is simplicity. You ask a question and receive an instant reply.

Bots Can Computerize the Ordinary 
Soon bots shall be the new online management system helping you manage budgets and shall even perform monetary forecasting. Companies shall use these smart assistants to get rid of work pressure. It will liberate your team to use their information and experience to offer insights for the success of the business on all fronts. Envision, for instance, you will be able to ask, "What is the client X's credit status?" and receiving an instantaneous response. 

It shall make life so much easier. Think about an example where your company hires a new employee and he/she needs a laptop. In the times to come, all that he/she will have to do is say "I require a laptop." And the voice bot will go through the employee's profile and reply with somewhat like, "people performing similar job function prefer this laptop." 

And that is not all; the bot may further assist you as to which laptop to look at and what accessories must be bought with it. Additionally, it shall help in the automatic processing of the transaction, faster and easier than ever. This will help you save your time as a task that could have taken hours shall be completed in a few minutes.

Similar functions can be performed by the bots in the finance departments. They can automate recurring processes that use several hours of the employees. The saved time can be used on performing higher-level functions like quicker decision-making and developing a new/updated financial strategy. 

A financial analyst takes several hours, if not days to gain insights from financial data but with smart chatbots and voice bots, in the future one will be likely to get such insights from financial data with no information overload. 

The Future of Finance Is Here 

Soon bots will oversee the entire financial close, with minimum human intervention. It will be a sign of relief for the finance employees who will be liberated from performing monotonous tasks and shall focus on more important matters and focus on the critical areas of work.

It shall be a good practice of keeping employees engaged and enthusiastic with the kind of work they do. Intelligent bots shall become an important part of discovering the new talents and expertise within the organization. 

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