AI for Financial Analysis

Updated: July 31, 2023

AI for financial analysis refers to the application of artificial intelligence technologies and machine learning algorithms in analyzing financial data and making data-driven decisions in the financial industry. AI-powered financial analysis tools can process vast amounts of data quickly and accurately, identifying patterns, trends, and anomalies that may be challenging for traditional methods to detect. By analyzing historical financial data, market trends, and economic indicators, AI can provide more accurate forecasts, risk assessments, and investment recommendations. Additionally, AI-driven financial analysis can automate repetitive tasks, streamline processes, and reduce human errors, leading to increased efficiency and improved decision-making in financial institutions. As AI continues to evolve, its applications in financial analysis hold great potential in transforming the way financial professionals analyze data and manage investments, enabling them to stay ahead in a dynamic and complex financial landscape.

See also: Top 10 Business Intelligence software

2019. AppZen raised $50M to build AI for financial analysis

AppZen, the startup specializing in building AI-powered tools to automate functions within the finance department, has secured an additional $50 million in funding. So far, AppZen's primary offering has been a service that conducts automated expense audits. It compares an employee's charges with their travel history, among other data points, to determine if the expenses align. The service also ensures compliance with company policies and raises alerts for any non-compliant expenses. AppZen's exceptional product has garnered a substantial client base, including Amazon, Nvidia, Salesforce, and three of the leading banks in the United States.

2018. Zoho Analytics got AI-powered Assistant

Zoho Analytics now incorporates Zia, an AI-powered intelligent assistant. With Zia, you can effortlessly ask questions in natural language, such as "Provide me with support tickets received this month, categorized by product and region" or "Give me sales data by country and channel." Zia translates these inquiries into complex SQL queries in the backend and suggests multiple relevant reports. You can save the most suitable suggestion directly as a report. Additionally, the new version of Zoho Analytics streamlines data analysis across various applications, enabling the creation of interactive reports and dashboards. It accurately predicts future trends based on historical data. Furthermore, Zoho Analytics introduces seven new connectors for popular business apps. Each connector includes over 100 pre-built reports and KPI dashboards specific to different domains, offering immediate benefits to users.

2018. Tableau acquired AI-analytics startup Empirical Systems

Enterprise BI giant Tableau has made an acquisition of Empirical Systems, a startup in its early stages that specializes in AI. The product offered by Empirical Systems is currently in private Beta and functions as an embedded engine within other applications. This feature seamlessly integrates with the Tableau analytics platform, making it a valuable addition. In addition, Tableau will be able to leverage the expertise of the engineering team from Empirical Systems to enhance its AI capabilities and utilize the advanced technology that underlies the startup's product. Empirical Systems was specifically developed to simplify complex data modeling and enable sophisticated statistical analysis, thereby empowering individuals to gain insights from their data and make informed, data-driven decisions, regardless of their technical proficiency.