Twenty years ago, the advent of the internet led many to worry about their job security. Yet the rapid digitisation that ensued created millions of careers that didnt exist before. By 2018, digital jobs accounted for 7.7% of the UK economy.
History does tend to repeat itself, and right now, there are scores of headlines popping up every day about the latest threat borne of Silicon Valley; artificial intelligence (AI) and machine learning (ML). Thanks, in part, to a new wave of freely available AI-powered chatbots, businesses and consumers alike are becoming aware of the technologys extensive capabilities.
While this has opened up fierce discussion about regulation even among the brightest minds in tech, there is also optimism about how AI could revolutionise the enterprise. Rather than fearing it may replace everyones jobs there are many examples of why this wont happen in both technical and creative roles it is easy to see how it could make work more enjoyable by automating dull, repetitive tasks.
This is particularly true in growing businesses, where higher-level employees may be bogged down by mundane tasks instead of focusing on strategy and other complex responsibilities.
For instance, no one wants to dig around their desk or car footwells for crumpled-up receipts when submitting expenses. Similarly, most CFOs dont want to be stomping about workstations, chasing staff for paperwork. Dedicated expense management apps enable employees to take a photo of their receipt as soon as they get it, automatically drawing out the relevant data to start a pain-free submission process.
An example of this can be found with Barnsley Metropolitan Borough Council, which recently automated its expense management processes with Concur Expense, a solution from SAP Concur. The council wanted to eliminate manual processes and create digital workflows [to] provide the highest possible levels of service to residents. After installing Concur Expense, mobile teams (like social workers) could input expenses on the go through an app. The time saved in expense entry and the reduced number of human errors thanks to AI-powered automation decreased the average reimbursement time from six weeks to three days.
Implementing a T&E management software powered by AI has also helped Barnsley Metropolitan Borough Council focus on its sustainability. The data allows it to better monitor its grey fleet the personal vehicles being used for business purposes and therefore its carbon footprint too. The council can now make more informed decisions about its travel policy, and appropriately encourage employees to make use of public transport.
David Robinson, Service Director at the council, said: We want to adopt modern ways of working to give people the right work-life balance and attract the best talent. Concur Expense is a great example of how we can increase support for digital initiatives among employees by making sure theyre not out of pocket while we process claims.
Integrating AI into workplace software is nothing new, of course. But travel and expense management has been under-explored, despite being a data-rich area and, therefore, perfect for machine learning. There is also demand; research from Forrester Consulting has shown that 59% of decision-makers say that employee frustration with their expense process had a large or very large negative impact on the entire company.
Advanced algorithms can analyse and categorise expense data by recognising patterns and using natural language processing techniques. They auto-approve low-risk claims, eliminating the need for manual entry and reducing errors. As these algorithms process more expenses, they get better at knowing what is safe to approve without human intervention.
Automation reduces the chances of anything slipping through the cracks. Research has shown that 62% of finance leaders find that digital tools help them manage expenses more effectively across their organisations. Studies have also shown that over half of companies implementing an integrated travel and expense solution increase their scalability and flexibility.
Moreover, AI can defend the company against fraud by comparing the expense data against predefined rules and benchmarks and flagging any potential violations. It also helps organisations follow all compliance and regulatory requirements, something thats often only an afterthought. From a business intelligence perspective, too, technology can highlight cost-saving opportunities, generating reports for decision-makers from collated travel and expense data.
The minds at SAP Concur know that implementing AI and ML into finance processes can be intimidating. However, its software is well tried and tested, having been adopted by over 48,000 businesses since the early 1990s.
Expense management has been undergoing optimisation with AI and ML since long before other areas of corporate finance. Indeed, automating small, repetitive tasks like using Concur Expense to submit and approve receipts is a good starting point.
In the future, we can expect AI to completely transform expense management, resulting in increased company efficiency, savings from better financial management and minimised environmental impact. Its widespread implementation is expected to result in a 7% increase in GDP over the next ten years.
If you want to learn more about automating your expenses with SAP Concur, visit this website.
Read the rest here:
The role of artificial intelligence in the world of the CFO starts with ... - TechHQ
- What is Artificial Intelligence (AI)? - Definition from ... [Last Updated On: June 12th, 2016] [Originally Added On: June 12th, 2016]
- Artificial Intelligence | Neuro AI [Last Updated On: June 12th, 2016] [Originally Added On: June 12th, 2016]
- Association for the Advancement of Artificial Intelligence [Last Updated On: June 13th, 2016] [Originally Added On: June 13th, 2016]
- A.I. Artificial Intelligence - Wikipedia, the free ... [Last Updated On: June 17th, 2016] [Originally Added On: June 17th, 2016]
- Artificial Intelligence - The New York Times [Last Updated On: June 17th, 2016] [Originally Added On: June 17th, 2016]
- Intro to Artificial Intelligence Course and Training ... [Last Updated On: June 28th, 2016] [Originally Added On: June 28th, 2016]
- Artificial Intelligence | Neuro AI [Last Updated On: July 1st, 2016] [Originally Added On: July 1st, 2016]
- What is Artificial Intelligence (AI)? Webopedia Definition [Last Updated On: July 1st, 2016] [Originally Added On: July 1st, 2016]
- Intro to Artificial Intelligence Course and Training Online ... [Last Updated On: July 5th, 2016] [Originally Added On: July 5th, 2016]
- Artificial Intelligence News -- ScienceDaily [Last Updated On: September 16th, 2016] [Originally Added On: September 16th, 2016]
- Artificial intelligence positioned to be a game-changer - CBS ... [Last Updated On: October 13th, 2016] [Originally Added On: October 13th, 2016]
- Artificial Intelligence: A Modern Approach - amazon.com [Last Updated On: October 31st, 2016] [Originally Added On: October 31st, 2016]
- Artificial Intelligence - IndiaBIX [Last Updated On: November 23rd, 2016] [Originally Added On: November 23rd, 2016]
- The Non-Technical Guide to Machine Learning & Artificial ... [Last Updated On: November 23rd, 2016] [Originally Added On: November 23rd, 2016]
- Artificial Intelligence - Graduate Schools of Science ... [Last Updated On: November 23rd, 2016] [Originally Added On: November 23rd, 2016]
- Artificial Intelligence in Medicine: An Introduction [Last Updated On: November 23rd, 2016] [Originally Added On: November 23rd, 2016]
- What does artificial intelligence mean? - Definitions.net [Last Updated On: November 23rd, 2016] [Originally Added On: November 23rd, 2016]
- Artificial Intelligence Lockheed Martin [Last Updated On: November 23rd, 2016] [Originally Added On: November 23rd, 2016]
- Artificial Intelligence Course - Computer Science at CCSU [Last Updated On: November 23rd, 2016] [Originally Added On: November 23rd, 2016]
- FREE Artificial Intelligence Essay - Example Essays [Last Updated On: November 23rd, 2016] [Originally Added On: November 23rd, 2016]
- Elon Musk's artificial intelligence group signs Microsoft ... [Last Updated On: November 23rd, 2016] [Originally Added On: November 23rd, 2016]
- Real FX - Slotless Racing with Artificial Intelligence [Last Updated On: November 23rd, 2016] [Originally Added On: November 23rd, 2016]
- Artificial Intelligence: What It Is and How It Really Works [Last Updated On: January 4th, 2017] [Originally Added On: January 4th, 2017]
- Artificial Intelligence Market Size and Forecast by 2024 [Last Updated On: January 4th, 2017] [Originally Added On: January 4th, 2017]
- Algorithm-Driven Design: How Artificial Intelligence Is ... [Last Updated On: January 4th, 2017] [Originally Added On: January 4th, 2017]
- 9 Development in Artificial Intelligence | Funding a ... [Last Updated On: January 4th, 2017] [Originally Added On: January 4th, 2017]
- Artificial Intelligence Tops Humans in Poker Battle What's the Big Deal? - PokerNews.com [Last Updated On: February 6th, 2017] [Originally Added On: February 6th, 2017]
- Is AI a Threat to Christianity? - The Atlantic [Last Updated On: February 6th, 2017] [Originally Added On: February 6th, 2017]
- Allow mathematicians to pierce artificial intelligence frontiers - Livemint [Last Updated On: February 6th, 2017] [Originally Added On: February 6th, 2017]
- Montreal sees its future in smart sensors, artificial intelligence (with video) - Computerworld [Last Updated On: February 6th, 2017] [Originally Added On: February 6th, 2017]
- Silicon Valley Hedge Fund Takes On Wall Street With AI Trader - Bloomberg [Last Updated On: February 6th, 2017] [Originally Added On: February 6th, 2017]
- The Observer view on artificial intelligence - The Guardian [Last Updated On: February 6th, 2017] [Originally Added On: February 6th, 2017]
- Artificial Intelligence Is Coming Whether You Like It Or Not - Mother Jones [Last Updated On: February 6th, 2017] [Originally Added On: February 6th, 2017]
- RealDoll Creating Artificial Intelligence System, Robotic Sex Dolls ... - Breitbart News [Last Updated On: February 7th, 2017] [Originally Added On: February 7th, 2017]
- Forget lessons, these smart skis are loaded with artificial intelligence - Mashable [Last Updated On: February 7th, 2017] [Originally Added On: February 7th, 2017]
- Artificial Intelligence Correctly Predicted the Patriots' 34-28 Super ... - Digital Trends [Last Updated On: February 7th, 2017] [Originally Added On: February 7th, 2017]
- Why C-Levels Need To Think About eLearning And Artificial Intelligence - Forbes [Last Updated On: February 7th, 2017] [Originally Added On: February 7th, 2017]
- Artificial Intelligence-Driven Robots: More Brains Than Brawn - Forbes [Last Updated On: February 7th, 2017] [Originally Added On: February 7th, 2017]
- Artificial intelligence: How to build the business case - ZDNet [Last Updated On: February 7th, 2017] [Originally Added On: February 7th, 2017]
- What 'social artificial intelligence' means for marketers - VentureBeat [Last Updated On: February 7th, 2017] [Originally Added On: February 7th, 2017]
- Actress Kristen Stewart's Research Paper On Artificial Intelligence: A Critical Evaluation - Forbes [Last Updated On: February 7th, 2017] [Originally Added On: February 7th, 2017]
- Baidu cut its healthcare business to concentrate on artificial intelligence - Asia Times [Last Updated On: February 9th, 2017] [Originally Added On: February 9th, 2017]
- Google Android Wear 2.0 update puts artificial intelligence inside your wristwatch - The Sun [Last Updated On: February 9th, 2017] [Originally Added On: February 9th, 2017]
- How criminals use Artificial Intelligence and Machine Learning - BetaNews [Last Updated On: February 9th, 2017] [Originally Added On: February 9th, 2017]
- In the Labs: Connected vehicles in Ohio, artificial intelligence in Illinois and Massachusetts - Network World [Last Updated On: February 9th, 2017] [Originally Added On: February 9th, 2017]
- Keeping an eye on artificial intelligence - The National Business Review [Last Updated On: February 10th, 2017] [Originally Added On: February 10th, 2017]
- Actors, teachers, therapists think your job is safe from artificial intelligence? Think again - The Guardian [Last Updated On: February 10th, 2017] [Originally Added On: February 10th, 2017]
- Wells Fargo Innovation Group to Focus on Artificial Intelligence, Payments and APIs - Wall Street Journal (blog) [Last Updated On: February 10th, 2017] [Originally Added On: February 10th, 2017]
- SAP aims to step up its artificial intelligence, machine learning game as S/4HANA hits public cloud - ZDNet [Last Updated On: February 10th, 2017] [Originally Added On: February 10th, 2017]
- Artificial Intelligence Is Coming To Police Bodycams, Raising Privacy Concerns - Forbes [Last Updated On: February 10th, 2017] [Originally Added On: February 10th, 2017]
- Nvidia Beats Earnings Estimates As Its Artificial Intelligence Business Keeps On Booming - Forbes [Last Updated On: February 10th, 2017] [Originally Added On: February 10th, 2017]
- Could Artificial Intelligence Ever Become A Threat To Humanity? - Forbes [Last Updated On: February 10th, 2017] [Originally Added On: February 10th, 2017]
- Artificial intuition will supersede artificial intelligence, experts say - Network World [Last Updated On: February 11th, 2017] [Originally Added On: February 11th, 2017]
- The Peril of Inaction with Artificial Intelligence - Gigaom [Last Updated On: February 11th, 2017] [Originally Added On: February 11th, 2017]
- TASER International Bringing Artificial Intelligence to Law Enforcement - Motley Fool [Last Updated On: February 11th, 2017] [Originally Added On: February 11th, 2017]
- LG G6 teasers emphasize battery life, artificial intelligence - CNET [Last Updated On: February 11th, 2017] [Originally Added On: February 11th, 2017]
- Wells Fargo sets up artificial intelligence team in tech push - Reuters [Last Updated On: February 11th, 2017] [Originally Added On: February 11th, 2017]
- Ford spending $1 billion on self-driving artificial intelligence - CNET [Last Updated On: February 11th, 2017] [Originally Added On: February 11th, 2017]
- Artificial Intelligence in Business Process Automation - Nanalyze [Last Updated On: February 12th, 2017] [Originally Added On: February 12th, 2017]
- An artificial intelligence gamble that paid off - Minneapolis Star Tribune [Last Updated On: February 12th, 2017] [Originally Added On: February 12th, 2017]
- Ford to Invest $1 Billion in Artificial Intelligence Start-Up - New York Times [Last Updated On: February 12th, 2017] [Originally Added On: February 12th, 2017]
- Wells Fargo Pushes Into Artificial Intelligence - Fortune [Last Updated On: February 13th, 2017] [Originally Added On: February 13th, 2017]
- Artificial intelligence predictions surpass reality - UT The Daily Texan [Last Updated On: February 13th, 2017] [Originally Added On: February 13th, 2017]
- Creating artificial intelligence-driven technology products is almost like unleashing the Frankenstein's monster - Economic Times (blog) [Last Updated On: February 13th, 2017] [Originally Added On: February 13th, 2017]
- Inside Intel Corporation's Artificial Intelligence Strategy - Motley Fool [Last Updated On: February 13th, 2017] [Originally Added On: February 13th, 2017]
- The artificial intelligence revolutionising healthcare - Irish Times [Last Updated On: February 13th, 2017] [Originally Added On: February 13th, 2017]
- Ford Announces Investment in Artificial Intelligence Company Argo AI - Motor Trend [Last Updated On: February 13th, 2017] [Originally Added On: February 13th, 2017]
- Ford Invests $1-Billion in Artificial Intelligence - AutoGuide.com [Last Updated On: February 13th, 2017] [Originally Added On: February 13th, 2017]
- Salesforce adds some artificial intelligence to customer service products - TechCrunch [Last Updated On: February 13th, 2017] [Originally Added On: February 13th, 2017]
- No hype, just fact: Artificial intelligence in simple business terms - ZDNet [Last Updated On: February 15th, 2017] [Originally Added On: February 15th, 2017]
- Artificial Intelligence and The Confusion of Our Age - Patheos (blog) [Last Updated On: February 15th, 2017] [Originally Added On: February 15th, 2017]
- How Artificial Intelligence Startups Struck Gold - Entrepreneur [Last Updated On: February 15th, 2017] [Originally Added On: February 15th, 2017]
- Terrifyingly, Google's Artificial Intelligence acts aggressive when cornered - Chron.com [Last Updated On: February 15th, 2017] [Originally Added On: February 15th, 2017]
- This Startup Has Developed A New Artificial Intelligence That Can (Sometimes) Beat Google - Forbes [Last Updated On: February 15th, 2017] [Originally Added On: February 15th, 2017]
- RPI artificial intelligence expert looks at Westworld - Albany Times Union [Last Updated On: February 15th, 2017] [Originally Added On: February 15th, 2017]
- Google's DeepMind artificial intelligence becomes 'highly aggressive' when stressed. Skynet, anyone? - Mirror.co.uk [Last Updated On: February 15th, 2017] [Originally Added On: February 15th, 2017]
- Artificial Intelligence Enters The Classroom - News One [Last Updated On: February 15th, 2017] [Originally Added On: February 15th, 2017]
- John Pisarek Talks Artificial Intelligence - Customer Think [Last Updated On: February 15th, 2017] [Originally Added On: February 15th, 2017]
- Can Artificial Intelligence Predict Earthquakes? - Scientific American [Last Updated On: February 15th, 2017] [Originally Added On: February 15th, 2017]
- Artificial Intelligence Is Becoming A Major Disruptive Force In Banks' Finance Departments - Forbes [Last Updated On: February 15th, 2017] [Originally Added On: February 15th, 2017]