The world today is at an intersection where readiness and flexibility are the strong pillars of success for companies across industries. It is a must for businesses to make precise, transparent, and resilient decisions in order to stay ahead of the high competition residing in the business world. Here, Data works as a lubricant! Organizations can keep up with the latest trends and new norms by exploring the infinite power hidden in the analysis of financial statements that prove to be of high significance for actionable insights.
With the traditional method of analyzing data, valuable data insight has been lost in the tedious assembling, cleaning, and analysis of an organization’s financial data. In the present world, tools driven by Artificial Intelligence (AI), Machine Learning (ML), Deep Learning (DL), or various analytical tools, when run together with the collected data, improve the quality of the information generated and also advance the strategic planning processes. Today technology and innovations have taken over each sector of the business, especially the finance sector, where CFOs are progressively approached to utilize the advanced technology to upgrade their financial activities. The demand for an effective and fast mechanism in the financial institutions constantly pushes the finance sector to adopt new systems and software to unlock the undiscovered potential. For the moneylenders, the modern world has raised the expectations for an excellent solution to increment productivity and precision in credit decision making.
Financial Statement Analyzer (FSA): The Modern Technology for Effective Business Decisions
High-quality monetary information is the key to evaluating the creditworthiness of an imminent borrower. The team of experts in the finance department finds it difficult to assess and analyze a candidate’s economic situation to drive crucial business decisions. Thus, leaders progressively depend on insights from financial data to acquire better business transparency and meet the challenges efficiently.
While financial recording is an undeniable necessity for validating the business, its proper analysis is vital to empower companies to embark on new products and services, assist with further development, reduce expenses, and boost productive capacity, consequently driving growth and successful outcome in the present data-driven financial system. Thus, an ideal and precise tool, Financial Statement Analysis (FSA), is utilized in order to reflect the organization’s performance which helps the businesses grow, develop, and contend in closely challenged markets.
Challenges Resolved by AI-Based Financial Statements Analyzer
As most organizations report their financials in an unstructured configuration such as scanned pictures, unorganized formats, and non-digitized arrangements, this creates a dreadful absence of standardization of data. It essentially influences the process of data collection and analysis, which eventually affects the credit decision-making processes.
Regardless of the accessibility of advanced technology available in the financial service sector, the conventional method of manual reporting and analysis of financial statements outweighs the general credit approval process. It incorporates shattered workflows, erroneous analysis, inefficient processes, and increased compliance issues.
However, in contrast with traditional analysis, modern-day automating analysis of financial statements through Financial Statement Analyzer can notably eliminate errors prone to manual calculation and streamline the entire process related to financial data.
Leading a successful journey with Financial Statement Analyzer
With technology and innovation taking control all over the world, the organizations will witness a reduction in operational costs in the upcoming future. With the help of automated technology and redesigned operational processes, an employee can save many hours of work that was earlier utilized on manual repetitive task loads. Thus, installing a digital framework in the system will automate all the tasks. It will provide employees with the advantage of saving a lot of time and will give them the privilege to focus more on business development and overall growth.
Understanding the importance of automation in today’s fast digital world, Financial Statement Analyzer proves to be an excellent platform that unifies human and machine intelligence to enhance the credit decision-making process. It is a unique tool that automates the process of data collection, its analysis, and the creation of financial statements to generate a report that is in a systematic format which further helps the business owners to make a well-informed decision.
The tool combines the power of machine learning, OCR, and, most importantly organization’s proprietary algorithms to assess the given financial statement and categorize the data in a proper order using spreadsheets. The tool defines the creditworthiness of the customer as per the lender’s policies by conducting a detailed analysis of the candidate’s financial state data, such as cash flow, working income, assets, and liabilities.
Providing the Benefit of Deep Actionable Insights
The Financial Statement Analyzer platform runs on a straightforward mechanism that is – Extraction, Curation, Analysis, and Reporting. It is built with an intelligent Amount Balance Mismatch feature that instinctively captures the balance discrepancy, liability mismatch, and PAT inconsistency to deliver a top-notch output.
These deep, actionable insights enable organizations to be prepared for any upcoming challenges and complications by analyzing beforehand from where the issues are most likely to emerge. Such functional and critical decision-making skills develop versatility and prepare businesses for uncertain times.
The Advantage of Competitive Edge of Agility
Many business leaders today are turning their heads toward on-demand analysis and timely reports to improve the agility and responsiveness aspect of the business. That’s where Financial Statement Analyzer comes into play! With the help of AI, it provides transparency, accuracy, and scalability to lenders by adding new agility aspects to the lending system.
Conclusion
Want to know how financial statement analysis is done? The conventional method of analyzing financial data in many companies consumes a lot of time in generating reports and also cannot deliver high-quality insights. However, the modern automatic technology and advanced analysis of financial statements have revolutionized the business landscape in the finance sector. Financial Statement Analyzer act as the one-stop solution for all lending operations and thus helps businesses achieve their desired outcomes. Understanding the need for automation in determining the creditworthiness of an SME or a company, Perfios has attempted to create a future-ready tool that has the potential to produce accurate financial statement analysis reports. The Perfios Financial Statement Analyzer (FSA) is designed to deliver effortless credit-decisioning and allows businesses to perform well in the industry and provide the best services to the consumer.
