The post From Forecasting to Fraud Detection: How AI is Transforming Corporate Finance  appeared on BitcoinEthereumNews.com.

The advancement and integration of artificial intelligence (AI) into various sectors continues to develop, and the role of AI is becoming more encompassing than ever in many sectors. In corporate finance, AI is expanding beyond traditional automation. As a result, it continues to use sophisticated tools for data analysis, financial modeling, and risk management. What is bearing this AI integration is especially new breakthroughs in machine learning and natural language processing (NLP). These have enabled finance professionals to handle complex financial tasks, while at the same completing them with increased accuracy and speed. As AI is becoming more and more adopted by the corporate finance sector, the AI for corporate finance market is expected to grow worldwide. For 2024, the global corporate finance market net worth is projected to reach $0.38 trillion, a number expected to pass $0.42 trillion by 2029 according to Statista. These numbers reflect how essential AI will be in facilitating this growth. The transformation is driven by the ability of AI to analyze vast datasets, produce insightful predictions, and enhance decision-making across various areas of AI corporate finance. Finance teams are also able to streamline operations with the integration of generative AI and predictive analytics, which also means it is possible to detect fraud and create more robust financial models. Financial forecasting enters a new era with AI One of the most essential applications of AI in corporate finance is in financial forecasting. Where traditional forecasting methods rely on historical data and linear models, AI-powered forecasting tools are an upgrade. Traditional forecasting methods are labor-intensive and can be limited in handling the increasing volumes of data being generated by modern businesses. On the contrary, AI-powered forecasting tools are using machine learning algorithms to analyze both structured data and unstructured data in real time. Structured data refers to sales…

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Filed under: News - @ November 18, 2024 10:27 am