DELTACON Executive Search ’s Post

AI possesses the capability and power to dramatically transform traditional business departments and functions such as Finance, Accounting, Controlling, Human Resources, and IT. It automates routine tasks, rendering many standard functions and processes obsolete. Let's have a look and outlook, how HR will be transformed. https://lnkd.in/gXXqwpk3

AI in HR and Payroll can acquire data from outside the business to improve decision-making and include in-house historical data for its predictions. The ability to predict requirements also needs to have augmented data to be helpful that is, information looking forward to potential outcomes to add to the quality of the data. This forward-looking builds in personal expectations of activities undertaken to improve business outcomes.   The article was written on the finance industry, but some lessons may be helpful." The experience of the finance industry suggests that human-facing services where data is not abundant, and fast-changing can remain largely intact in a world of AI. To be clear, AI can still have a significant impact by improving decision making" Mihir A. Desai HBR Contributor.   Idea Case in Rostering and Payroll   Imagine scheduling your staff based on conditions, including daily weather, the type of production units required based on historic in-house data from the business sales data information, and production activity. This process could facilitate the connection to readily available historical and predictive daily weather, the sales historical data from the in-house systems, and access to comparative data that re-creates or copies schedules with the attributes predicted from these elements. Simple but may be valuable. In the above model, consideration of the successful team's elements is incorporated as the selected schedule from scheduling history already includes them.   These are just some thoughts on how AI could support good team scheduling, employee efficiency, and cost management. #ThatsInzenius #Payroll      (www.inzenius)

"... We're still analyzing that role as we look to implement AI into our payroll process..." was the resounding statement made from one of my clients yesterday on the phone and then it hit me - AI is taking #financerecruitment by storm! Is #artificialintelligence replacing Finance jobs? This post argues that You're Safe... For Now More #CFOs are seeing the transformational benefits of AI, automation and related innovations to planning, budgeting and forecasting with greater accuracy, speed and confidence. However, anyone who’s worked in finance knows that the forecasts, analysis, and models that the business needs are ever-changing, as internal circumstances fluctuate and the market evolves. AI algorithms typically operate based on pre-defined rules and patterns, so a lot of finance professionals think that AI or ML are not flexible enough to use in certain tasks. The CFO Club argues that AI will reduce the number of human operators skilled in manual tasks - (maybe this is what my client meant earlier💡) needed in companies and increase the number of human operators working with more advanced skills and more "human" skills like storytelling, communication, leadership, and business partnering. What does my network think? will AI replace finance jobs or make finance professionals more … professional? 🤔

Importance of AI in Finance The use of AI is causing a big change in the world of corporate finance. AI-powered solutions streamline financial processes, automate jobs that are done over and over again, and make it possible to make accurate budgets and forecasts. From accounts payable and receivable to financial reports and compliance, AI makes complicated financial tasks more accessible, which cuts down on mistakes and makes the whole process more efficient. Using AI in business finance helps organizations be more flexible, save money, and make better decisions.

Which job sectors will experience the most significant automation and enhancement thanks to AI? The latest insights highlight that 𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲 (𝐈𝐓) and 𝐅𝐢𝐧𝐚𝐧𝐜𝐞 are at the forefront of this transformation. 🔹 𝐈𝐓 𝐒𝐞𝐜𝐭𝐨𝐫: 75% of tasks are expected to be automated or significantly transformed. Key areas impacted include software quality assurance and customer support. 🔹 𝐅𝐢𝐧𝐚𝐧𝐜𝐞 𝐒𝐞𝐜𝐭𝐨𝐫: 70% of tasks will undergo significant changes. AI is set to revolutionize bookkeeping, accounting, and auditing. However, it's essential to recognize that technological innovation doesn't just displace jobs; it transforms them. While some tasks may be automated, others will become more critical, leading to enhanced roles and new opportunities.

Small businesses have it tough, especially with the high failure rates and labor shortages. But what if we told you there was a way to support your team and ensure they feel valued? AI in HR for Small Businesses can make a massive impact. Recruiting, engagement, payroll and benefits administration, and performance management are just some of the areas that AI can help: With AI systems handling mundane tasks like resume reviewing and candidate ID, your recruiting department can focus on higher-level tasks. AI can also provide proactive ways to identify engagement levels and areas to tweak, helping solve retention issues. Don't let the complex IRS tax calculations bog you down. Put the power of massive computing to work with AI. With unbiased performance management, you can identify KPIs and goals to help with promotion and rewards. Of course, implementing these tools requires strong policies and training. But in the end, they can provide that "extra set of hands" that smaller HR departments need to succeed. Are you ready to give your team a leg up?

Welcome back, everyone! We're picking up right where we left off, continuing our exploration of the disadvantages of AI in accountancy. While AI has undoubtedly transformed the way we approach accounting, it's important to acknowledge its limitations and potential drawbacks. One significant disadvantage lies in the potential for job displacement. As AI technology advances, it automates many tasks traditionally performed by accountants, potentially leading to concerns about the future employability of human accountants. Additionally, over-reliance on AI systems without adequate human oversight poses a significant risk. While AI streamlines accounting processes, human accountants must maintain oversight to ensure that AI-generated insights align with business objectives and regulatory requirements. While AI offers tremendous benefits to accountancy, including enhanced efficiency and insights, it also brings substantial challenges. Thank you all for your attention and engagement. Until next time, stay tuned for more insightful discussions!

Artificial intelligence has arrived in the world of finance, but what does that mean for accounts receivable? Our eBook explores: 🤖 How AI technology is being developed for AR solutions and what the future holds. 💸 The incredible business value AI capabilities drive and the impact they will have on AR careers. 💡 Real-life insights from an organization that has used AI-powered capabilities to transform their finance management. Check it out! Link in the comments 👇 #ArtificialIntelligence #AccountsReceivable #Automation

AI Is Taking Over Accounting Jobs As People Leave The Profession https://lnkd.in/eQjC5KWf The talent drain in the accounting profession is a critical concern, threatening our ability to serve clients effectively. However, tech is rapidly taking over, with AI and automation revolutionizing the industry. These innovations are not just filling gaps but transforming financial management, making it more efficient and less reliant on traditional roles. This tech-driven evolution might reshape the profession entirely, creating new opportunities for accountants to innovate and lead in ways previously unimaginable.

AI is Overwhelming in day-to-day Automated tools made tedious admin tasks more simplified. Allowing HR professionals to focus towards strategic Initiatives, which leads to more productivity. AI improves efficiency and productivity, streamlines the Onbaording Process, Payroll with no errors, Improved tracking and Scheduling many more...........