GenAI in finance: Forge ahead or follow suit?

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In,Finance:,Forge

WHY did sales rise or fall in a certain region? Where can we cut costs without affecting productivity? How do our profits vary across different customer segments?

Imagine having a command prompt that can instantly provide answers to these questions that typically take days to resolve. This scenario is not a distant dream but a practical use case of generative artificial intelligence that accelerates decision-making and drives tangible value for businesses. This may explain why many chief financial officers are evaluating how they might integrate this breakthrough technology into their workflows.

Finance leaders do not have to be experts. They need to know enough to decide what outcomes they hope to achieve through the technology and understand how GenAI processes data and makes decisions.– Assess data readiness. From our conversations with SEA CFOs, it is clear that most of them are in exploratory phases of AI and data. SEA CFOs frequently lamented the lack of clean and consistent data as the biggest impediment to their organization's uptake of advanced AI technologies.

 

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