from navigating uncertain economic conditions to meeting changing customer demands . There ’ s growing pressure on firms to prevent security breaches , optimise investments , monitor profitability and build flexibility into their business plans .

Notably , 65 % of firms say they have to demonstrate return on investment ( ROI ) for their technology spend faster now . Businesses want faster innovation , and to maximise their investments , so they can achieve more results with less time , money and effort in the long run .

But protecting the financial health of a business and its investments is difficult when the looming threat of fraud is risking annual losses exceeding US $ 300,000 for compromised businesses . Shockingly , a quarter ( 25 %) of finance executives can ’ t gauge the extent of the impact of invoice fraud on their businesses . This lack of clarity leaves businesses vulnerable to fraud , especially amidst harsh economic conditions that have led to a surge in insolvencies among European businesses .

Relying on manual financial processes can lead to financial mistakes , an unengaged financial team , and a greater risk of financial fraud and loss . Artificial Intelligence can increase financial control for businesses , fortification against fraud and a more motivated financial team .

Ahmed Fessi , CIO at Medius

For financial teams those administrative tasks remaining manual is like choosing a bike over a super car when automation of these tasks can revolutionise financial functions for Accounts Payable .

Fighting fraud demands increased visibility

Fuelled by the rise of Generative AI , Dark Web technologies like ‘ Fraud GPT ’ enable criminals to craft phishing emails that are harder for businesses to identify www . intelligentfin . tech

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