Just about a year ago before the historic decision of worldwide lockdown was made due to the sudden outbreak of the COVID-19 pandemic, the biggest threat that humankind was facing was dominance or monopoly of technology in every sector in place of humans. But over the extended lockdown, the threat seems to be turning into reality as a greater portion of humans has started regaining their faith in technology and machines.

The year 2020 has completely changed the way we used to handle, manage or organize our funds personally or professionally whether it is in liquid or asset form. According to a study conducted by Oracle with personal finance expert Farnoosh Torabi on more than 9,000 consumers including business leaders in 14 nations, it is founded that the global pandemic of COVID-19 has brought a threatening wave of anxiety, and fear for individuals around the world and has shattered their reliability and strategies on finance management. As a result, people are reconsidering the role and focus of corporate finance management & advisors, as per the research.

India Is On Its Way To Adopt AI To Manage Finances

1. The study revealed that India is one of the top three most influential countries in the world after Japan and China where 83% of Indians (including business leaders) form an opinion that robots ie. Artificial Intelligence is more capable of handling financial management tasks.

2. Some of the important data demonstrated that this resultant fact reveals that 85% of Indian consumers trust robots more than manual financial services when it comes to managing their finances.

3. Even, 93% of Indian business leaders shared that they have already invested in digital payment solutions and 81% have initiated new forms of customer engagement or transformed their organizational models by adopting the latest technologies.

4. As per Kannan Sugantharaman, CFO, Omega Healthcare, “I am not stunned with the study and its results as AI and ML (Artificial intelligence and Machine learning) are experiencing incomparable adoption. ”

Thanks to the COVID effect, 90% of the merchants expressed their need of replacing employees and more than a third ie. 67% of them will take place in 2025. India is showing a higher level of eagerness for adopting AI. 87% of traders believe that they would not be able to survive until their financial processes are reshaped. The survey says that traders take AI as a future opportunity to improve their work culture by detecting scams, generating invoices, and cost analysis.

Guruprasad Gaonkar, Global SaaS Go-to-Market Leader, Cloud Business Group, Oracle, says that “many future-oriented companies have started transforming their business processes by considering AI-powered ERP, with a possibility of a more thorough transformation due to combining it with blockchain.”

McDonald's and Wipro are some of those businesses that have shifted from a “people dependent approach” for mitigating manual errors with organization performance management. Dinesh Modi, CFO, Cactus Communications, says that “ ERP has the power to enable our working with technologies like robotic process automation (RPA) and organize the process by which the same team can generate the higher results.”

Businesses are required to restructure their processes and goals with the combination of AI, IoT, and Blockchain. Any type of activity that functions in the finance sector can be arranged and settled within ERP cloud applications and then can be encrypted into a rigid ledger capable of carrying out several transactions independently and at a particular moment in time.

Conclusion

It is an ideal opportunity to restructure money management and businesses are required to offer advanced business models and payment methods that eliminate frictions for clients. Sugantharaman predicts finance as a primary activity going through some transformation. Various elements like expenses, control, and adherence can be more efficiently handled by AI-based tools enabling business leaders and CFOs to watch out for more essential jobs encouraging development, ventures, enablement, and wealth creation through digital advances.

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