Putting AI to work for Finance #Finance

coming from a family of doctors I often find myself trying to explain to them what I do for a living during one such conversation with my niece she came up with the perfect way to describe my role as a consultant she said Consultants are like doctors for companies doctors help people

improve their health by diagnosing and treating their medical issues and Consultants help organizations achieve success by finding solutions for their business challenges ultimately both roles aim to improve the overall well being of their respective clients let’s say today’s client is

your Finance organization and it’s time for a checkup welcome to AI Academy my name is Monica pry and I’m the global bold; color: #1a73e8; text-decoration: none;">Finance transformation leader or the Finance company doctor for IBM Consulting during your initial screening I assessed

several pain points Inflation geopolitical uncertainty and rapidly changing regulatory standards may be hurting your business if we don’t find a solution your productivity and Profitability will be negatively impacted how can we address these issues and

protect your organization’s health for an embattled Finance function AI optimization is the optimal treatment plan research shows that when organizations scale AI across the

href="https://cashnews.co/finance" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance function they tend to become top performers and Achieve higher Roi this should come as no surprise as #1a73e8; text-decoration: none;">Finance plays a vital role in the Enterprise it’s the Beating Heart of your organization allocating resources across the business to power your operations AI technology helps to optimize the workflows and processes that drive the

href="https://cashnews.co/finance" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance function through Automation and content generation traditional AI automates routine labor intensive tasks such as data collection document summarization and pattern recognition

traditional AI systems are designed to perform specific tasks based on deterministic algorithms set by your organization for example an AI infused tool like robotic process automation or RPA follows predefined scripts and workflows that represent the task process from start to finish in doing so

the AI performs these simple repetitive tests at an exponentially faster rate offering Finance organizations an overwhelming competitive advantage or you might use RPA to automate data

collection for financial reports RPA can capture and make sense of key information in an instant allowing you to quickly gain new insights and make informed decisions traditional AI does routine tasks for you so you don’t have to generative AI on the other hand does complex tasks with you so

you can work more efficiently gen helps you create content using deep learning models these models analyze your existing data learn its common patterns and structures then use that information to generate something brand new using prompts like specific queries or instructions you can guide and

refine your gen content as needed consider how much time you might spend creating a Financial Analysis in Excel you have to gather and input data from multiple sources build charts and pivot tables to visualize the results then format it all into a stakeholder ready presentation

that’s roughly half a days worth of work minimum you could spend 50% of your day sorting through spreadsheets or you could spend 10% of your day prompting a gen model to help you create what you would need in a fraction of the time instead of spending hours on data entry and Designs

let’s say you decided to use geni it quickly ingests and structures your financial data provides you with relevant insights and packages everything in a presentable sharable format how much time do you think it took to create your financial anal Anis using gen even if you spent a few hours

coming up with different prompts and polishing your presentation to suit your preferences you’ve still saved days of Labor by augmenting your work with Gen and that’s not the only value it brings to the table geni is completely revolutionizing the role of

href="https://cashnews.co/finance" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance across Industries it’s accelerating the abilities of traditional Ai

and making this seemingly impossible possible gen can rapidly detect anomalies explain variant es generate scenarios create reports and manage accounts for the first time ever we’re able to automate complex workflows tasks and processes at speed AI technology is capable of so much more and if

you’re searching for use cases to prove its value to your Finance organization the wealth of opportunities may seem like Choice overload so where should you start where’s the best

place to focus your efforts of the four key Finance workflows order to cash Financial Planning and Analysis record to report and procure to pay Financial

Planning and Analysis will see the biggest impact from AI technology this domain is where you budget forecast and analyze your financial performance through a combination of traditional Ai and geni capabilities you can make faster more accurate decisions the faster you’re able to

make decisions the faster you can create action plans that impact sales marketing and Supply chains traditional AI can automate the data aggregation process which is often tedious and labor intensive Genai can provide cost cutting recommendations detect patterns and anomalies and create Dynamic

scenarios and market performance comparisons these capabilities allow you to explore simulated outcomes without impacting your business to get the most out of your AI Investments it may be why wise to start your journey with the Financial Planning and Analysis use

case speaking of Journeys the further along you are in your AI Journey the more you gain from your Investments organizations that have implemented AI report an 18% Roi those that have operationalized ai report a 24% Roi and organizations that have optimized AI report a whopping 51%

Roi despite its Quantified able benefits Finance organizations have been slow to integrate AI into their daily operations many CFOs are skeptical of AI technology they’re concerned

about data security risk governance biases inaccuracies and the potential for significant loss of shareholder value the truth is AI isn’t perfect but by implementing robust security protocols establishing clear governance structures and monitoring and adjusting AI models as needed CFOs can

mitigate the risks that come with incorporating new technology professionals across every industry are also skeptical due to fears of being replaced by gen aai on the contrary the purpose of AI technology optimization is to help humans do their jobs more effectively AI adopters attribute 40% of

href="https://cashnews.co/finance" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance function Workforce redeployment to gen as a result human workers are more empowered to learn new skills and focus on higher value strategic tasks organizations looking to adopt AI need

to heavily invest in training to equip their Finance teams with knowledge about machine learning data science and agile techniques the goal is not to turn

href="https://cashnews.co/finance" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance professionals into technology experts it’s to help humans work in concert with technology AI democratizes information and expertise it’s essentially a form of digital labor

designed to ease the jobs of human workers with training on how to properly use AI technology Finance professionals can use it for human augmented value creation to optimize Genai and become

an AI first Finance organization you’re going to need buyin from your team stakeholders and Business Leaders presenting a use case like AI for Financial Planning and

Analysis is an effective step towards facilitating digital transformation finding the best use case depends on strategic alignment the impact of AI the opportunity to scale pervasively and the team’s Readiness to transform before you begin your search you’ll want to ask a few questions

what are you trying to achieve with AI is it growth productivity control accuracy will the use case Advance your strategic goals will AI have an impact that leads to better decisions will applying AI change decision-making and finally how will adopting a hybrid operating Model A human and digital

Workforce impact your business most often this is where organizations fail answering these questions will help you map out your strategic vision and with that you can pilot AI technology that aligns with your business needs this is your chance to start using an understanding AI before you scale

href="https://cashnews.co/finance" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance leaders ready to scale should build their traditional AI technology around key financial workflows processes and initiatives then add gen to supercharge these new capabilities oftentimes

Finance organizations can’t keep up with the rapidly changing Ambitions of a business that’s always trying to stay competitive in the market think about cloud-based subscription

organizations marketing and business functions are coming up with new services and adding new business models it becomes a nightmare for Finance to try consuming and parsing

through data while keeping up with a changing Revenue models and different fee structures all of which imp Revenue recognition this is a good place to start using gen AI something in the low variability box like an agent or an assistant to help ingest and summarize

documents gen AI can parse through this information answer questions generate insights and explain the patterns that work and those that don’t now you know how and where AI can benefit your organization so let’s wrap up your visit with the

style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance company doctor a healthy heart circulates blood throughout your body to supply you with oxygen and nutrients in much the same way a strong #1a73e8; text-decoration: none;">Finance function distributes resources across your organization to fund key initiatives and improve strategic decision-making AI technology optimizes The crucial workflows and processes at the Strategic core of the

style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance function which leads to faster more successful outcomes for the rest of your business