Prophix Software, a corporate Performance Management (CPM) Software Company, has announced the latest release of Prophix. The company claims that it is the industry’s first Virtual Financial Analyst. Prophix’ next-gen Virtual Financial Analyst can provide insights that can help in reducing risk and driving efficiency.
The key features of the Prophix Release include anomaly detection, chart insights, and task assistant.
“We’re seeing AI and data analytics play an increasingly larger role in the way organizations maximize the value of their data across multiple functions,” said Alok Ajmera, President of Prophix. “The Office of Finance is now ready to adopt this technology, in a market ripe for disruption, with cloud enablement at the forefront of innovation…The new AI add-on capabilities are the foundational building blocks of Prophix’s broader and long-term AI strategy, and we’re excited to begin rolling out these advancements.”
According to Gartner, by 2020, more than 50% of finance organizations will use some form of AI that will be a differentiating factor in vendor cloud core financial management solutions. By 2022, Gartner expects AI to become a mainstream capability in cloud core financial management solutions.
The Virtual Financial Analyst leverages Natural Language and Machine Learning for increased CPM efficiencies, including deeper chart insights that eliminate time-consuming manual tasks, as well as anomaly detection features that help financial professionals quickly conduct “forensic analyses” of their data to spot and mitigate any potential risks that might have escaped detection.