By bringing AI to the financial close process, Oracle claims that users can explore larger datasets in less time and waste fewer resources on mundane, repetitive tasks. Those time and resource savings could be used to allow employees in corporate finance teams and beyond to focus more on the strategic outputs of their jobs. Oracle hopes that bringing AI automation to up to 96% of transactions will result in much less time lost in the monthly race to move from the trial balance to the signing off of consolidated financials.

DALLAS, TX / ACCESSWIRE / December 17, 2019 / Trintech, a leading global provider of integrated Record to Report software solutions for the office of finance, today announced its newest Artificial Intelligence (AI) investments, AI Risk Rating for Journal Entries and Risk Intelligent Inspect powered by MindBridge Ai. Each of these investments leverage Financial Controls AI, a type of Artificial Intelligence developed specifically for the complex needs of the office of finance to identify errors and anomalies in financial data. It uses a risk-based approach to help financial professionals optimize global controls and automate workflow. "Artificial Intelligence is playing a powerful role in helping organizations analyze financial data, identify insights and ultimately remove risk in their balance sheet as far down as each individual transaction," said Michael Ross, Chief Product Officer at Trintech. "As the risk of fraudulent activity and misstatement continues to rise, we are continuing to invest in our AI strategy to better provide our customers with solutions that efficiently and effectively reduce risk throughout their financial close process."