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As uncertainty, regulatory complexity and competitive pressure increase, companies are looking for ways to streamline operations, improve decision-making and unlock efficiencies. The backend is ready to come alive, and the appropriate, effective and responsible use of AI may be key. See also in-depth details Why and where automation is optimized Payments Why the back office is ripe for digital transformation Finance functions have been the operational backbone of companies for decades, but not without facing significant challenges.

Manual data entry coordination and reporting dominate the belarus consumer email list workload, with employees often spending hours navigating disjointed systems. Duncan Lodge, global head of supply chain finance and head of trade for Europe, the Middle East and Africa at Bank of America, told Business Insider that manual processes can be introduced at any time as long as paper documents are available. This means someone has to extract the information, process it and ensure its accuracy, leading to delays, inefficiencies and potential errors.

These inefficiencies are even more acute among small and medium-sized businesses, which often lack the resources or advanced tools of large-scale finance teams. For these companies, the pressure to do more with less has reached critical levels. Artificial intelligence provides compelling solutions by automating repetitive tasks to improve accuracy and provide real-time insights. While automated tools have been around for years, the addition of artificial intelligence transforms them into dynamic systems capable of learning, adapting and spotting patterns that humans might miss.