Plumbing the depths of the seemingly infinite sea of spreadsheets is still a known task in treasury, although the negative consequences are common knowledge among business departments. The processes involved are manual, time-consuming, and treasury & finance teams frequently struggle to obtain the information they need from other departments. Luckily, the AI revolution comes with a myriad of benefits. Technology doesn’t suffer from some of the dilemmas humans may face in finance which could affect people’s ability to make good decisions: computers do not need vacations or sleep, they are less biased and can do the job more precise. These are obstacles in which AI, in comparison to managing spreadsheets manually, can excel.
By implementing solutions that utilize big data and artificial intelligence technology, companies can effectively gain better insights into their Cash forecasting without having to go through this continuous labor-intensive process. Integrating business data on your cash flows can have the potential to unlock more cash than ever. Moreover, the AI-powered Cash forecasting accumulates its full power and reveals its grander purpose after a certain period of time. By collecting previous data and comparing numerous simulations it continuously improves, creating new simulations and revealing hidden patterns. By looking into more complex patterns, it allows for creating data analysis to a higher degree of quality than ever before. Eventually helping treasury and finance departments quickly obtain and present a single and accurate version of the truth.