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AppZen, an artificial intelligence (AI) platform for modern finance teams, developed a list of “5 Ways Artificial Intelligence Is Changing the Workplace”:
1. The Hiring Process: New AI tools allow companies to better analyze prospective employees’ previous experience, credentials, and background, so hiring managers and HR teams are presented with the best possible matches for job openings.
2. Reduction of Financial Fraud/Errors: AI tools can audit 100% of a company’s spend, reduce travel and entertainment (T&E) cost fraud, double-check that invoices match the contract terms, catch double payments, and audit payments before they go out.
3. Employee Communication: AI tools are enabling employees to ask for what they might need over e-mail, the Web, Slack, etc., and have the systems immediately provide an appropriate response.
4. Improved Cyber Security: Companies are using AI and “deep learning” to detect threats in less than a second with complete threat categorization, analysis, and response, so threats can be removed before they impact the organization.
5. Improved Business Analytics: AI tools can review data and detail important insights, allowing organizations to better track trends, find potential areas of concern, and have comprehensive reports with actionable items.