Even though finance departments look different from one organization to the next, they all share a common purpose of how to best manage resources to achieve company goals. However, the critical decisions finance departments make, often create long-term effects.
Common themes span many of these broader trends. For example, data privacy and cybersecurity were top concerns, as were AI model accuracy and transparency, data management, compliance, and employee experience. Even areas where AI currently is less mature – such as strategic thinking – are nevertheless implicated.
AI systems improve communications, too, by personalizing content and better supporting multilingual financial communications. LLMs aid in the creation of clear and coherent reports, summaries, and other materials.“They also make complex financial information easily understandable for a diverse range of stakeholders,” said Gilg. “Representatives across different finance functions, for example, can use AI to provide immediate, accurate responses to inquiries.
“In the face of financial crises or conflicts, AI systems can assist in managing and resolving issues by providing real-time data analysis and recommended courses of action,” said Gilg.Along with exploring the most popular ways AI is being used, SAP Insights research identified the motivators behind its adoption. They include automating processes and content generation, of course, but it’s more complicated than that.
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