Automation: it’s the elephant in the room for the financial sector. many roles are under real threat of being replaced by automation. It’s a very real fear for a lot of people. But the anxiety around this had made many within FS blind to the benefits. Here are 5 reasons why automation could be great news for accountants.
You can report in real time
A major way in which automation could benefit those operating AI-powered systems such as Dynamics 365 is through their ability to provide real-time reporting. These real-time reports allow users of the system to monitor, record and report on data and information from within a CRM constantly. For accountants, the benefits of this are numerous. The ability to monitor and compile data greatly increases their work output efficiency.
It reduces your margin for error
Perhaps one of the most obvious benefits of automation is that artificially intelligent (AI) systems are capable of a far greater level of accuracy and efficiency when conducting operations than when compared to humans. AI-assisted work processes, such as those involved in accounting can greatly reduce the margin of error. Microsoft’s Dynamics 365 solutions were built from the ground up with AI and these solutions are “already serving over 650,000 sessions per week using AI.”
It’ll put an end to data silos
Data silos are a huge problem for those in the financial sector. Silos happen when enormous amounts of data is stored outside of the company’s internal or connected databases. Data in multiple locations can be difficult to manage and track. Dynamics 365’s automated data management system which permits the storage and access of information located either on the cloud or on-premise in a variety of locations, so long as that information is connected to the company’s internal systems.
It can help to expand your practices
Automation’s open source nature puts it in line with the concept of the ‘Internet of Things’ this means that it is constantly improving and expanding its capabilities through access to free updates and added features. This allows for a system to be adapted and constantly improved for free. This obviously represents a major improvement over other systems which need to be completely replaced once they were out of date.
It allows you to work more flexibly
For example, through automation, it is possible for you to access your system remotely, through automated dashboards whereby you can perform all the functions which previously required you to be able to access the system directly. You can leave a process to function in the background automatically too, whilst you get on with other things. Dynamics 365 automatically generates reports on your data whilst you perform other more important tasks, saving you time.