“Administrative” functions like HR, Finance & Legal are traditionally characterised by huge volumes of paperwork, and many policy-led activities. Both these features lend themselves to AI and machine learning.
Finance is also a function that drives or supports planning, forecasting and MIS across many other areas of a business. So it is a strong candidate for using Big Data, Analytics and Visualisation to increase its value to the overall business.
Finally, all 3 – and similar – areas tend to have large clerical headcounts. So a business looking for cost reduction through headcount efficiency will want to explore RPA opportunities.
Some areas of HR where AI, ML & Big Data can be applied include:
Recruitment, including CV Screening & Interviewing
Appraisals & Performance Management
Expense, Vacation & Payroll Processing
Diversity & Accessibility Monitoring & Support
Some areas of Finance where AI, ML & Big Data can be applied include:
Period-end Reporting & Analysis
Financial Controls & External Reporting
Deal/Project Pricing & Approvals
Invoice & Purchase Order Processing
Accounting e.g. journal entries, allocations & reconciliations
Some areas of Legal where AI, ML & Big Data can be applied include: