Artificial intelligence (AI) is revolutionizing how work is done across the finance industry. From banking and accounting to investment management, AI-driven software is automating manual processes and generating valuable insights from data. At the forefront of this transformative wave is Avinash Malladhi, a seasoned IT professional who specializes in implementing AI-OCR solutions for finance and accounting, with over 16 years of experience spearheading cutting-edge solutions in the sector, and the Indian Achievers’ Award to his name in the same space.
Avinash Malladhi’s journey began in 2007 as an Audit & Accounting Intern in India, where he was exposed to the intricacies and challenges of financial processes. Fuelled by a passion for technology, Avinash pursued an MBA and soon found himself working on IT Finance Automation projects. It was during this time that he discovered the transformative potential of artificial intelligence and machine learning in the finance domain.
His skillset has played a pivotal role in driving the adoption of AI-OCR technology in some of the world’s most prominent companies across 15+ countries. Companies like Southwest Airlines, Ulta Beauty, Revlon, Columbus McKinnon, and Los Angeles World Airports (LAWA) have all benefited from his implementation of AI-OCR document processing solutions. The results have been nothing short of remarkable, with data accuracy soaring over 85%, manual work reduced by a staggering 80%, and an impressive return on investment achieved within a few months.
“AI-OCR alleviates the mundane and repetitive tasks that have plagued back offices,” said Malladhi. “It liberates finance staff from grunt work like data entry so they can focus on value-adding analysis. It also speeds up processes like accounts payable, leading to discounts for early invoice payment.”
Indeed, AI-OCR technology is a game-changer for corporate back-offices. By automating tasks like document processing, finance professionals are no longer burdened by error-prone and time-consuming manual data entry. Instead, AI-OCR tools swiftly scan documents and extract vital information, streamlining processes and improving accuracy.
The integration of AI across the procure-to-pay workflow has produced remarkable results for global organizations. Automating invoice processing for thousands of invoices per month has significantly reduced cycle times from weeks to days, while finance staff have been empowered to engage in more strategic initiatives.
“AI-OCR allows us to take a vast volume of unstructured data and convert it into structured data that can be easily analyzed for financial insights,” explained Mr. Avinash Malladhi. “This is a game-changer for the accounting profession.” He discussed this in further depth in a recent podcast episode of ‘Conversations on Applied AI’ titled “Applying AI & ML in Optical Character Recognition (OCR) Solutions”, with host Justin Grammens, an Artificial Intelligence & Software Development strategist.
Moreover, Avinash Malladhi highlights AI’s potential to detect anomalies and identify potential fraud as another vital advantage. By flagging unusual transactions, AI-auditing provides an extra layer of risk management and compliance, ensuring that financial data remains accurate and secure.
Malladhi has authored numerous papers on AI-OCR and related facets since 2021 in multiple academic publications of international significance that present unique and challenging perspectives on the implementation of AI across industries. His paper titled “Transforming Information Extraction: AI and Machine Learning in Optical Character Recognition Systems and Applications Across Industries” published in International Journal of Computer Trends & Technology is a fine example of the same. Malladhi has also been published under the ‘International Research Conference’ and spoken at the ‘International Conference on Financial Crime and Fraud Management’ in New York.
AI is also making inroads on Wall Street. Algorithmic trading now accounts for over 50% of all trades, executing in microseconds versus human latency of minutes. Asset managers use AI to uncover profitable investment signals in vast datasets. For compliance, AI monitors trades for illegal activity.
In his closing remarks, Avinash said — “As AI automates routine tasks, finance professionals are liberated to concentrate on high-value work, such as complex analysis, client relations, and executive decision-making. Embracing AI as an enhancement tool allows individuals and companies to thrive in the era of intelligent finance. The future belongs to those who adapt, innovate, and seize the transformative power of AI to drive financial excellence and unlock the full potential of the finance industry.”