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Research Paper | Computer Science & Engineering | India | Volume 13 Issue 8, August 2024 | Popularity: 5.3 / 10

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Enhancing Corporate Financial Performance Through AI: A Novel AI Model for Forecasting Organizational Risk Management, CRM, and Operational Efficiency

Mohammed Saleem Sultan, Mohammed Shahid Sultan

Abstract: Integrating Artificial Intelligence (AI) into financial management practices holds significant promise for enhancing the financial performance of companies. This research paper delves into the multifaceted applications of AI technologies - such as machine learning, natural language processing, and predictive analytics - and their transformative effects on financial decision - making processes. The primary aim of this study is to investigate how AI can be leveraged to improve financial performance across various domains, including financial forecasting, risk management, customer relationship management, and operational efficiency. Through a comprehensive review of recent literature and empirical studies, the paper highlights the advancements in AI that facilitate more accurate financial forecasting, enabling companies to make more informed strategic decisions. AI's role in risk management is examined, showcasing how AI - driven models can identify and mitigate potential financial risks more effectively than traditional methods. The paper also explores how AI enhances customer relationship management by providing personalized financial services and improving customer interactions, increasing customer satisfaction and retention rates. The purpose of this article is to examine how AI technologies can enhance corporate financial performance by improving financial forecasting, risk management, customer relationship management, and operational efficiency. Furthermore, the study analyzes the impact of AI on operational efficiency by automating routine financial tasks and optimizing resource allocation, leading to significant cost savings and productivity gains. Case studies from various industries illustrate AI's practical applications and benefits in improving financial performance. This research indicates that companies adopting AI technologies can achieve a competitive advantage by enhancing their financial accuracy, reducing risks, improving customer relations, and increasing operational efficiency. However, the paper also acknowledges the challenges and limitations associated with AI implementation, such as data privacy concerns, substantial initial investments, and the requirement for continuous updates and maintenance of the AI systems. In conclusion, this paper gives a detailed exploration of how AI can be a pivotal tool in driving financial growth and stability for companies. It offers practical recommendations for businesses looking to integrate AI into their financial management practices and suggests directions for future research to understand further and optimize the use of AI in finance. The study?s significance lies in its comprehensive analysis of AIs potential to revolutionize financial management, offering practical insights and recommendations for businesses seeking to enhance their financial performance and competitive advantage through AI technologies.

Keywords: Artificial Intelligence, Financial Management, Machine Learning, Risk Management, Operational Efficiency

Edition: Volume 13 Issue 8, August 2024

Pages: 1758 - 1765

DOI: https://www.doi.org/10.21275/SR24828091042

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