Partnering with generative AI in the finance function

Generative AI has the potential to transform the financing function. By taking over some of the more everyday tasks that can take a lot of time, generative AI tools can help to free capacity for more strategic work with high value. For Chief Financial Officers, this could mean spending more time and energy to proactively advising business in the financial strategy, since organizations around the world continue to survive ongoing geopolitical and financial uncertainty. CFOs can use large language models (LLMS) and generative AI tools to support everyday tasks such as creating quarterly reports, communication with investors and the formulation of strategic summaries, says Andrew W. Lo, Charles E. and Susan T. Harris Professor and Director of the Labor for Financial Technology at the with Sloan School of Management. "LLMS cannot replace the CFO, but they can take a large part of the plackerie out of the role by providing the first designs of documents that summarize important topics and sketch strategic priorities." Download The generative AI also shows promising in functions such as Treasury, with use cases such as cash, income and liquidity forecasts and management as well as automation of contracts and investment analyzes. However, the challenges remain that generative AI contribute to the forecast due to the mathematical restrictions of LLMS. Regardless of this, the analysis of Deloitte in the Enterprise survey showed that a fifth (19%) of financial organizations had already taken over a generative AI in the financial function. Despite the return of the generative AI investments in financial functions, which are previously 8 points below expectations for interviewed organizations (see Figure 1), some financial departments seem to be found with investments. The fourth quarter of 2024 North American CFO signals survey showed that 46% of the CFOs that answered, expect the use or expenses for generative AI over the next 12 months (see Figure 2). The respondents cite the potential of technology to control the costs through self-service and automation and to free employees for tasks with higher productivity than some of the top advantages of technology. "Companies have long used AI on the customer-oriented side of the house, but in finance the employees continue to create documents and presentations and send an email," says Robyn Peters, headmistress for financial transformation at Deloitte Consulting LLP. "Above all, the human-centered experience that await customers of brands in retail, transport and hospitality are not moved to the financial organization. And there is no reason why we cannot do that-and in fact, AI makes it much easier to do." If CFOs believe that in the next five years you can only stop by and observe how AI is developing, you may lose fault -fold competitors who actively experiment in the room. Future financial professionals also grow up generative AI tools. In cooperation with AI in cooperation with the redesign, CFOs should take into account what it looks like to be a successful financial professional. Download it. This content was created by insights, the user -defined content of the with technology check. It was not written by the editorial staff by Technology Review. It was researched, designed and written by human writers, editors, analysts and illustrators. AI tools that may have been used were limited to secondary production processes that passed a thorough review of human review.