Reconciliation in the Age of Machine Learning
In the early 2000s, business processes, including reconciliation, were typically done in Excel or with the help of in-house tools. Today, technology has advanced, and businesses are automating and streamlining processes. The future of reconciliation is evolving with technology, and businesses need to be ready for change. Soon, inter-system reconciliation may be redundant, as technology will automatically identify and rectify errors. While the technology is not yet widely available, businesses can position themselves to use it when it is available. Machine learning can play an essential role in automating balance sheet reconciliation. This point of view will explore how automation and artificial intelligence can streamline reconciliation and take it to the next level.