How AI Will Transform Financial Management Applications

In recent years, public cloud SaaS changed the way packaged applications are delivered, implemented and used, leading to a new generation of solutions and vendors in areas such as human capital management (HCM), procurement and financial management. But although various cloud-based financial management applications are now available in the market, they haven't fundamentally changed the way finance processes work. There is also little functional differentiation between these applications. All this is set to change as artificial intelligence (AI) is introduced into financial management applications. "By 2020, embedded AI will become a key differentiating factor in finance systems evaluations, and vendors with this capability will be able to highlight greater functional advantages," says Nigel Rayner, vice president at Gartner.