AI and analytics for data-based business execution, better compliance and minimized risks
Business agility requires leaders to have real-time information to make decisions, whether they are in the office or on the go. Finance is the heart of any organization, and to thrive in the market, a company’s finances must be maintained on a timely basis. CFO teams spend around 45-50% of time in just gathering and consolidating data. With the CFO role evolving and changing to be a less of a bookkeeper and more of a strategic business leader, it demands the F&A team to focus more on high value activities such as strategic planning and also, to empower CFO’s with timely information.
Wipro HOLMESTM automates activities across digital finance value chain. It hyper-automates transactional intensive activities such as accounts receivable/payable and service desk and also provides automation solutions for judgment intensive activities like journal entry and revenue prediction. It activates ‘early warning system’ and helps finance department to audit all their invoice-based spend and can spot errors, frauds and contract violations, prior to the payment. AI captures the learning from history across multiple dimensions that has an influence on prediction, thus enabling data-based business execution leading to improved risk management and auditor experience.