Driving Efficiency and Risk Management in Finance through AI and RPA

Authors

  • Xiaoan Zhan Electrical Engineering, New York University, NY, USA Author
  • Zhipeng Ling Computer Science,University of Sydney,Sydney, Australia Author
  • Zeqiu Xu Information Networking, Carnegie Mellon University, PA, USA Author
  • Lingfeng Guo Business Analytics, Trine University, AZ, USA Author
  • Shikai Zhuang Electrical & Computer Engineering, University of Washington, Seattle, WA, USA Author

Keywords:

Artificial intelligence (AI), Robotic Process Automation (RPA), Intelligent Process Automation (IPA), Financial Risk Management

Abstract

Abstract: This article examines the integration of artificial intelligence (AI) and robotic process automation (RPA) in financial accounting and management, underscoring their role in driving the digital transformation of corporate finance. It discusses the shortcomings of traditional financial processes and highlights the potential of AI and RPA technologies to enhance efficiency, accuracy, and cost-effectiveness. The paper also explores the limitations of RPA, such as its challenges in processing unstructured data and handling complex decision-making scenarios. Looking forward, it considers the future trends in AI and RPA, emphasizing the benefits of cloud technology in scaling automated systems and addressing associated challenges.

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Published

2023-06-30

Issue

Vol. 3 No. 1 (2024): Unique Endeavor in Business & Social Sciences

Section

Articles

License

Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.