Developing AI Models for Automated Financial Reporting
Abstract
Reliability, automation, and accuracy in financial reporting have become more pertinent than ever with rising regulatory requirements, rapid expansion in business activity, and increasing complexities, as these require analysis of larger volumes of financial data than ever before. Artificial intelligence (AI) could be a savior in this world to drive efficient, automated, and compliant financial reporting. AI can surpass human capabilities in analyzing enormous data sets, identifying patterns and trends, enabling real-time insights on business performance, identifying fraudulent activities, and ensuring compliance. AI has the ability to present the results in real-time to enable efficient decision-making. Timely and effective decision-making gives a company an edge over others. AI models are trained to learn from the data provided to evolve their model, ultimately increasing their precision, improving outcomes over time, and helping in better decision-making as new data is captured and analyzed.
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