Auditoria SmartFlow Skills Leverage AI-Based Finance Process Automation with Natural Language Driven Configuration to Automate Back-Office Business Processes
Auditoria.AI announced SmartFlow Skills, a groundbreaking new SaaS solution that addresses the most pressing challenges of the enterprise finance back office. Auditoria is the first company to combine AI-based finance process automation with natural language-driven configuration and powerful recommendation analytics to produce a system of intelligent engagement for ERP applications. Auditoria also announced $6 million in venture financing led by Neotribe Ventures, Engineering Capital, and Firebolt Ventures.
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SmartFlow Skills automates routine business processes that otherwise take days or weeks, while accelerating surgical financial insights that improve visibility and decision making. Despite the advances in financial applications technology, today’s enterprise finance back office is still largely manual, resulting in greater friction between internal and external stakeholders, increased costs due to manual work and fixing errors, and higher demands on delivering evidentiary data within severely constrained timelines to meet conventional GAAP audit requirements. On average, a typical enterprise finance back office:
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- Has over 400 business processes that span across procure-to-pay, order-to-cash and record-to-report areas.
- Leverages business process outsourcing through onshore or offshore providers to staff shared service functions for transaction-intensive processes.
- Spends over 60% of its OpEx on personnel costs, both fixed and variable, to deliver on their business objectives.
“Almost every organization has sought the ability to intelligently automate their processes as part of their operational efficiency initiatives. While these efforts to automate often start with cost savings, the advent of artificial intelligence components such as natural language processing, computer vision, machine learning, and neural networks present opportunities to instrument fully autonomous capabilities that have strategic and long-ranging impacts,” said R “Ray” Wang, principal analyst and founder, Constellation Research. “The future is about getting to precision decisions, which happens when you automate your transactions, you deploy artificial intelligence, and you create an autonomous enterprise.”
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