Agents of artificial intelligence and cost reduction of companies

Research shows that organizations that use AI in their financial operations typically perform better and experience a higher return on investment (ROI). This is not so strange, because the financial department is known as the foundation of any company and is responsible for allocating resources to advance operations.

Artificial intelligence and workflow optimization

By using artificial intelligence technology, it is possible to optimize workflow and financial processes through automation and content creation. Traditionally, AI deals with automating repetitive and time-consuming tasks such as data collection, document summarization, and pattern recognition.

Dominic Pereira, vice president of product management at Automation Anywhere, stated that traditional or foundational models such as large language models (LLMs) typically provide general and general answers. He added: “The main challenge is to design these models in such a way that they are compatible with business processes.”

Pereira pointed out that large language models may in some cases produce incorrect or irrelevant information. In order to solve this problem, Automation Anywhere leverages the Search Augmented Content Generation (RAG) service, which embeds model outputs into company-specific data and contexts. This method can be used in different industries.

Dominique Pereira, vice president of product management at Automation Anywhere, points out that at a commercial bank, an employee is typically tasked with reviewing a lengthy document such as a 50-page loan application. He should carefully read all the conditions and details of this document in order to make a suitable financial decision.

However, using an AI agent trained on the same 50 pages can dramatically facilitate this process. In fact, this artificial intelligence agent is able to access the information in the document in a short period of time and provide optimal loan conditions for customers. These suggestions are based on real data specific to the same bank, meaning they can be better than human decisions in terms of accuracy and relevance.

Artificial intelligence and automation tools are available

Automation Anywhere uses customized artificial intelligence tools to provide reliable solutions tailored to the specific needs of businesses. These tools help companies solve complex challenges and increase their efficiency.

For example, Brazil‘s tax code is far more complex than India’s GST system. Automation Anywhere has announced that its custom AI solution has resulted in significant cost savings for Petrobras (one of Brazil’s largest oil and gas companies).

Petrobras pays more than 40 billion dollars in taxes to the government every year. However, the company frequently faces human error and in some cases may pay more or less tax than the actual amount.

Dominic Pereira, vice president of product management at Automation Anywhere, stated, “We have fed our AI model 150 pages of tax code so that these codes can be accurately suggested,” and added, “The Chief Information Officer (CIO) stated that approx. They have been exploiting this solution for three weeks and finally managed to earn 120 million dollars in profit. It is even predicted that this effect will increase.”

In addition, Automation Anywhere developed an AI solution for Electrobras, one of the largest energy companies in Brazil, to address its complex tax challenges. In fact, processes that used to take days or weeks can now be completed in hours, adding significant value to the business.

Automation of artificial intelligence in the field of finance promises a bright future

With the development of AI in India’s financial sector, Reserve Bank of India (RBI) Governor Shaktikanta Das recently emphasized that the integration of AI into financial services offers significant opportunities for all stakeholders.

“Today, artificial intelligence has entered the financial sphere in the form of services such as chatbots, in-house data processing to provide intelligent alerts, fraud risk management, credit modeling and other processes,” Das said at the Global Digital Public Infrastructure and Emerging Technologies Conference in Bangalore. »

In an exclusive interview with AIM, Gautam Singh, business unit director of WNS Analytics, emphasized that no industry can escape the impact of artificial intelligence. “Although some industries, especially those that interact with the consumer, will see these developments more quickly, every sector, both behind the scenes and in front of the scenes, has opportunities to improve and add value,” he stated.

For this reason, financial services, accounting and insurance have experienced many changes, as the use of artificial intelligence is much more in areas with complex and dynamic data. Also, businesses are highly inclined to test AI solutions in these areas, as they are highly dependent on human resources and usually face challenges such as compliance risks and problems such as overpayments or underpayments.