We've got virtual assistants beginning to populate e-commerce, retail, health care and a dozen other areas of IT. Why not financial services? Can a bot offer legitimate suggestions in making financial decisions?
Prophix is one company that is banking on that happening. The Mississauga, Ontario-based CPM (corporate performance management) software maker on Sept. 24 released a new version of its platform that it calls the industry’s first virtual financial analyst. Prophix said its next-gen software is capable of leading a new era of financial planning and analysis by improving insights, reducing risk and driving efficiency.
According to Gartner, by 2020 more than 50% of finance organizations will use some form of AI that will be a differentiating factor in vendor cloud core financial management solutions. By 2022, Gartner said it expects AI to become a mainstream capability in those systems.
Prophix uses natural language and machine learning for improved CPM efficiencies, including deeper chart insights that eliminate time-consuming manual tasks. It also has anomaly detection features that help financial professionals conduct forensic analyses of their data to spot and mitigate any potential risks that might have escaped detection.
Key Features of the New Prophix Release
Anomaly Detection: Anomaly Detection enables new levels of efficiency by surfacing anomalies and risky transactions with greater speed and accuracy than any human could effectively deliver. In fact, AI analysis is up to 900 times more likely to identify errors in data. This results in a dramatic reduction in time and errors and mitigates the risk associated with traditional FP&A processes such as monthly, quarterly and yearly period closing, and more.
Chart Insights: Chart Insights instantly writes the narrative and explains the important details contained within Prophix dashboards by voice or text, eliminating hours of digging through spreadsheets or interpreting dashboards.
Task Assistant: Task Assistant keeps track of what tasks are needed to be completed, schedules a process like running a sales report and distributes the report to an individual or team. Task Assistant helps finance professionals stay focused on the business, not performing the same repetitive tasks.
Prophix CPM cloud service is available now.