Event showcases AI and working capital options

Financial executives gathered last Thursday (16th May), at the Microsoft Reactor office in London to better understand how Artificial Intelligence (AI) is being used to predict and accelerate business growth. The event provided attendees with guidance and expertise on how to effectively lead companies through the transition to AI-based financial processes. This event, hosted by both Rimilia and Microsoft, was attended by financial leaders.

Brian Morgan, Business Growth Director at Rimilia, kicked off the event by explaining how global finance leaders are using AI to transform their financial operations, make their processes more efficient, and allocate cash faster.

Kate Rosenshine, Head of Data and AI Cloud Solution Architecture, Financial Services at Microsoft, then talked about how human ingenuity and intelligent technology can have a powerful impact. She delved further into the impact AI can have, sharing Microsoft’s six core principles to creating ethical AI solutions. These core principles are: “fair, reliable and safe, private and secure, inclusive, transparent, and accountable.”

Dr. Ali Yazdi, AI Team Lead and Postdoc Data Scientist at Rimilia, acknowledged how complex finance processes have become, and then showed how AI is being used to simplify, improve, and speed up these processes. A more automated and accurate process gives financial leaders greater visibility into their cash flow. This is done through predictive analytics, sophisticated reporting, and the automation of cash allocation.

Director of Customer-to-Cash and Global Business Services Advisor at The Hackett Group, Siobhan Riggot, showed how AI is enabling the automation of processes like billing, order management, and cash application, which results in significant benefits like increased productivity, improved customer experience, and better decision making. She stated that these are all key traits of agile organizations.

Finally, Professor Damian Hughes, an international speaker and bestselling author, shared his tips for leading this type of dramatic organisational change so you can create a higher-performing work culture. Careful and proper change management processes and techniques will ensure a successful transition to exciting organisational improvements, like AI.

Attendees walked away with the knowledge of how to utilise AI to improve working capital.