Artificial intelligence as a part of financial management development : automation of accounts payable processes
Jalonen, Johannes (2023)
2023
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2023052212839
https://urn.fi/URN:NBN:fi:amk-2023052212839
Tiivistelmä
As a result of digitalization and the development of new innovations, job descriptions in financial management are also changing, as more efficient ways of working are sought. Artificial intelligence and software robotics are essential parts of this change. My thesis focuses on how artificial intelligence-based applications work as part of financial management, especially in the purchase invoice process. The thesis was not done in cooperation with a commissioner.
The study was conducted as quantitative research. An online survey was used as the data collection method, which was sent to 500 member companies of the Association of Finnish Accounting Firms. There were a total of 15 responses to the survey. The survey was conducted in January 2023.
The purpose of the research was to map the degree of automation in companies' financial management systems, how employees perceive the effects of artificial intelligence as part of financial management and their own job description, and most importantly, whether artificial intelligence adds value to the accounts payable process by making it more efficient.
Based on the results, the utilization of automation is high in financial management processes. The majority of the respondents believed that artificial intelligence and robotics have made the accounts payable process more efficient. The research results revealed an increase in work productivity since the application of artificial intelligence-based solutions, and the amount of manual work of employees has decreased, as the job description has become more consultative. Hence, it can be concluded that automation produce value and meet the given expectations in developing financial management processes.
Companies in the transition of digitalization are developing more advanced solutions in the field of artificial intelligence, and this technology is increasingly being utilized. Therefore, a suggestion for further research could be to repeat the study after a certain time, for example, after 3 years. Half of the respondents answered that they had implemented artificial intelligence-based solutions in the last couple of years. Therefore, it would be useful to research how the introduction of robotics has affected financial management processes and companies over a longer period.
The study was conducted as quantitative research. An online survey was used as the data collection method, which was sent to 500 member companies of the Association of Finnish Accounting Firms. There were a total of 15 responses to the survey. The survey was conducted in January 2023.
The purpose of the research was to map the degree of automation in companies' financial management systems, how employees perceive the effects of artificial intelligence as part of financial management and their own job description, and most importantly, whether artificial intelligence adds value to the accounts payable process by making it more efficient.
Based on the results, the utilization of automation is high in financial management processes. The majority of the respondents believed that artificial intelligence and robotics have made the accounts payable process more efficient. The research results revealed an increase in work productivity since the application of artificial intelligence-based solutions, and the amount of manual work of employees has decreased, as the job description has become more consultative. Hence, it can be concluded that automation produce value and meet the given expectations in developing financial management processes.
Companies in the transition of digitalization are developing more advanced solutions in the field of artificial intelligence, and this technology is increasingly being utilized. Therefore, a suggestion for further research could be to repeat the study after a certain time, for example, after 3 years. Half of the respondents answered that they had implemented artificial intelligence-based solutions in the last couple of years. Therefore, it would be useful to research how the introduction of robotics has affected financial management processes and companies over a longer period.