Since 2022, we started seeing more and more change in the way we gain and produce information.
To be more specific, the way we work has changed drastically and AI is now involved in every segment of our individual workloads. I mean, I don’t remember the last time I wrote an email without the help of ChatGPT or Co-Pilot!
Because our work habits have transformed already, we are starting to utilise our creative side to create material that stand out. This is where the phrase, “Boost Your Productivity” finally lights up.
Now this is all on an individual level. When it actually comes to business-level automation, how do you think industries like financial services are holding up?
Accounting Firms Have Yet to Adapt
Even though AI has been around, a lot of accounting firms are still using manual approaches to get things done. According to Zaki (2024), 73% of accounting firms are not using AI which is a huge surprise considering the systems and technologies available to streamline many accounting tasks, from invoice automation to account reconciliation.
It is even more surprising as some SMBs in Australia are still exporting a physical invoice into their systems manually.
Let’s face it – many AP and AR deps have a broader range of tasks other than just processing invoices and some workflows are just too boring and repetitive. Accountants may need more adversity to look into other business improvement activities rather than doing the same task over and over again.
How GenAI is Transforming Other Industries
Let’s look at retail first. Shopping experience is no doubt one of the most crucial aspects helping them to win customer sentiments. Few of the utilisations of GenAI within this space have been guiding customers through their shopping experience and also helping them with enquiries where 80% of the time, bots were capable of resolving issues without human intervention (Team Terrence, 2024).
How about Supply Chain? Well, Gartner Supply Chain (2024) reports that GenAi has been able to help massively in supply chain planning through strategy development where it automates custom presentation materials for different audiences, summarises strategic decisions made by other functions in the enterprise to inform decisions considering legislations!
How About Financial Services?
As it turns out, there are already some players that utilise automation to stay ahead and save time to prioritise other developmental tasks. Here are 3 of the use cases and how valuable they have been for some according to Maufe and Brown (2023):
- Advanced financial analysis and insights (78% valuable)
- Enhanced virtual assistance (80% valuable)
- Personalised financial recommendation (76% valuable)
To dig deeper into how GenAI is capable of giving such results, here’s a list of detailed processes that we automated:
- Invoices/Documents
- Account Matching
- PO approvals
- Workflow management (emails, ATO portal)
- Financial analysis
And believe it or not, the ROI was impressive.
What we noticed was a 75% cost reduction thanks to eliminating ineffective processes, higher margins, improved decision making and also improved accuracy with slight human intervention. And this is not the best part yet – the best thing about this is that GenAI is always improving and it gets better after each try. Once you define RPA into your systems, you can define rules that the GenAI will always follow and deliver perfectly.
Where Can You Find This Automation Solution?
In today’s accelerating growth, you may assume to find such solution easily. But the truth is – many platforms are only limited to invoice automation at best. To find one that you can trust with 70% of your workloads, you may need expert guidance and support with best knowledge of IT solutions available.
Thankfully at EIL Global, we not only provide expert consulting on your IT needs, but we also help provide one of the best and few automation solutions capable of streamlining your business operations.
Right now, we have helped over +15 companies in Retail, Financial Services and Manufacturing to automate their workflows seamlessly and benefit from a highly smart technology that can develop its strengths over time to help with business development and staff empowerment.
If you are ready to accelerate and develop your business to outpace your competitors, please reach out to us through this link and we’d be happy to put your goals in action!
For more details : https://eilglobal.com.au/contact-us/
