According to a recent press release, “Prophix Software, a global leader in mid-market Corporate Performance Management (CPM) software, today announced the latest release of Prophix featuring the industry’s first Virtual Financial Analyst. Prophix’ next-gen Virtual Financial Analyst ushers in a new era of financial planning and analysis by improving insights, reducing risk, and driving efficiency, dramatically advancing Prophix’ continued mission to transform the Office of Finance.”
Alok Ajmera, President of Prophix, commented, “We’re seeing AI and data analytics play an increasingly larger role in the way organizations maximize the value of their data across multiple functions… The Office of Finance is now ready to adopt this technology, in a market ripe for disruption, with cloud enablement at the forefront of innovation. With this latest release of Prophix finance professionals can leverage the power of AI to automate the completion of time-consuming, error-prone, routine tasks, and quickly draw greater insights, enabling them to play a more strategic role in business operations. The new AI add-on capabilities are the foundational building blocks of Prophix’s broader and long-term AI strategy, and we’re excited to begin rolling out these advancements.”
The release goes on, “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 expects AI to become a mainstream capability in cloud core financial management solutions. The Virtual Financial Analyst leverages Natural Language and Machine Learning for increased CPM efficiencies, including deeper chart insights that eliminate time-consuming manual tasks, as well as anomaly detection features that help financial professionals quickly conduct ‘forensic analyses’ of their data to spot and mitigate any potential risks that might have escaped detection.”
Read more at Globe Newswire.
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