Automating an organization’s primary operating tasks has been getting AI a lot of attention. Every day the news about AI proliferates with articles about AI applications that are enhancing sales and marketing, inventory controls, operational process controls, compliance, customer interfaces, education etc. Now AI is moving into the financial management arena.
Techcrunch recently reported that “AppZen’s biggest product has been a service that automatically audits expenses — comparing, for example, an employee’s charges with travel that person has undertaken (along with many other data points) to see if the charges match up; as well as making sure the expenses are compliant with company policies and raising flags when they are not.”
“This is the product that has won the company a ton of business from huge businesses, which now number 1,500 (another point of comparison: this is more than double the 650 customers it had last October). AppZen users include Amazon, Nvidia, Salesforce, three of the top 10 banks in the U.S., four of the top 10 media companies, three of the top 10 pharmaceutical manufacturers, two of the top five aerospace companies, a number of other software providers and Verizon (which happens to own us)”.
“Going forward, while the company continues to see a lot of traction with its existing products in auditing how a company pays out money, the plan will be to build that out to other functions of the finance department, covering, for example, other areas where the finance department makes evaluations to determine spend and money collection (billing & A/R) across the business.”
AI Is Surrounding the Enterprise and AI Development
Every day there is news of new AI enterprise applications being released which enhances data collection and analysis of processes being automated by AI. The proliferation of these announcements covers more and more industries and deeper and deeper automation into related organizations.
The more I read the more I ask myself “When will AI finally begin to develop AI on its’s own? In other words, an automated AI application that builds AI applications. It took two minutes to conduct a search and find H2O Driverless AI It isn’t exactly AI for building AI but it is headed in that direction.
As Gartner predicts, now that AI has become an operational tool used in the IT function of any business, the step to AI building AI is a short one.