Firm Leverages AI and Machine Learning to Advance Financial Management
From facial recognition programs to auto-pilot vehicles, machine learning has made massive sweeps across the private sector. Now, the Federal Government is wondering if these algorithms’ dramatic innovations could also apply to their unique technology environments. According to a recent Professional Services Council Foundation report, Federal Agencies committed approximately $1 billion to AI technologies in the last fiscal year alone. These projections are anticipated to grow in coming years.
AI leverages adaptive learning, multivariate regression analyses and behavioral and analytical algorithms to identify patterns that could prove useful in the federal space, including procurement automation, predictive analytics, and proactive warfighter support.
“The [Department of Defense Artificial Intelligence Executive Order] is paramount for our country to remain a leader in AI, and it will not only increase the prosperity of our nation, but also enhance our national security,” Department of Defense Chief Information Office Dana Deasy.
In lockstep with these advancements, Washington Business Dynamics (WBD), LLC is taking a huge leap forward in expanding its digital services in conjunction with its financial management service line. The firm has partnered with a Virginia-based software developer who is well-versed in federal information technology and security best practices to develop a pilot Contract AI Analysis Tool.
Targeting a beta release in the third quarter (Q3) of Fiscal Year 2020, the WBD tool features textraction and financial analysis functionalities that will help analyze, consolidate, and strategically enhance a Department of Defense organization’s full contract portfolio, estimated at nearly $500M. Through the tool’s intelligent framework, WBD seeks to work with its government counterparts to streamline processes and identify huge savings potentials for contract consolidation.
“By reducing human error through automation and gleaning rapid insights into contract financials, WBD may better assist senior officials with decision-making and financial management practices,” said WBD President and Co-founder Scott Caldwell.
Together, WBD and its partners are aiming to lead to the charge in machine learning to advance defense financial management practices.