This is the second in a series of blogs on AI in the finance function. Have a read of the first one here.
Fynapse is the finance data and accounting platform for fully autonomous finance that frees teams to drive growth, efficiency and sustainability. It provides a centralized finance data cloud alongside engines that offer accounting, subledger, calculation and other capabilities required by the business. Together, these components allow CFOs and their teams to unlock new levels of automation, agility and strategic insights.
AI is a key element of the roadmap to autonomous finance. AI, when used right, can provide new insights, automate decisions, and lessen manual work for finance teams.
Fynapse is the most forward-thinking, AI-ready Finance Hub on the market
Why?
Fynapse’s advanced data architecture is uniquely designed to facilitate seamless and native AI integration, making it the most forward-thinking Finance Hub on the market. Through open architecture and APIs, Fynapse can access and bring together real-time, finance-controlled data sets. Simply put, Fynapse is unique both in the data it can hold and the way it presents data to an AI tool.
Aptitude has decades of experience bringing client’s detailed, granular data into controlled, trusted data sets. Our expertise is in integrating, standardizing and managing enterprise level data at scale.
The way we’ve architected Fynapse is critical in making it a superior tool to underpin AI. The solution is cloud-native, scalable and has been designed from the ground up using the newest technology practices. It enhances real-time data processing and integrates seamlessly with AI technologies, ensuring flexibility and robust data security.
Fynapse’s event streaming architecture can handle millions of transactions a minute with zero downtime while accounting and calculation processes are done at the most granular level of detail, ensuring a completely traceable data lineage. A data fabric approach makes data available to the entire business, breaking down traditional point-to-point data pipes. This improves performance and saves money.
Modern data stack
What this means for finance teams
Accurate data is crucial for successful AI programs. It forms the foundation for AI tools to work effectively. In their 2022 and 2023 State of AI surveys, McKinsey found the following characteristics of AI high performers (defined as those who could attribute at least 20% of EBIT to the previous calendar year):
- Leaders have a data architecture that is modular enough to accommodate new AI applications rapidly
- Leaders automate data processes to improve AI development efficiency and expand application possibilities by providing high-quality data for AI algorithms.
- Leaders have the ability to integrate data into AI models as quickly as needed (e.g., in real time)
Bringing data to life
Fynapse is better for AI integration than other finance platforms, thanks to its architecture and data handling abilities. It provides more business value than traditional finance platforms. Here’s how:
- Access to real-time data: Unlike older database systems which typically update at set intervals and rely on data tables to be linked correctly and interrogated, Fynapse offers immediate access to real-time data. This is critical for AI analysis as it provides the most current information to make accurate decisions.
- Finance-controlled data sets: Fynapse’s control and governance over the data it processes ensures high-quality, rich and accurate data. This ensures that the data used for training AI models is of high quality, accurate, and valuable.
- Finance-controlled environment: Fynapse uses its own AI models to ensure control around how they are trained, updated and managed. This helps ensure they are compliant with financial regulations and standards. This also means Fynapse’s AI models are tailored specifically for finance and accounting needs, providing more relevant and accurate insights.
- Flexibility: Fynapse is modular which allows it to easily integrate with AI APIs like Microsoft Azure and Open AI. This interoperability makes it ideal for implementing AI solutions. Fynapse also has configurable AI models for organizations that prefer not to use third party tools for data security reasons.
- Auditability and Traceability: Fynapse provides full audit and end-to-end traceability features that can aid AI models in understanding data lineage and making auditable and compliant decisions.
By providing a centralized finance data cloud alongside versatile engines, Fynapse empowers CFOs and their teams to unlock unprecedented levels of automation, agility, and strategic insights.
Interested in learning more? Reach out for a demo of Fynapse and we’ll show you the AI use cases we’re exploring.
