Autonomous finance eliminates efficiency bottlenecks in finance operations such as credit management, accounts receivables, accounts payables, cash flow, budgeting, F&PA, and other financial processes. This is achieved through replacing mundane and routine manual works with technology tools like AIs supported by other emerging technologies. A study by Deloitte foresees how automation and blockchain, among others, can transform finance transactions touch-less and self-serving.
When finance processes, like in any other business function, run on their own with no or minimal manual intervention and support, the finance teams can leverage their skills and expertise in areas that require more strategic skills – the level AIs have yet to reach.
Since the processes that autonomous finance takes care of are wide and many, we will focus in this discussion on one micro process – credit management – within the OTC process to show how effective and productive can be automation of each process and how impactful will be the synergy of all finance automation leading to autonomous finance.