The role of the CFO has evolved, with a focus on driving transformational change and cost savings. As labor costs are predicted to rise, many CFOs plan to implement automation and digital technologies. Generative AI and automation can bring significant benefits to the finance and accounting industries, increasing efficiency and allowing professionals to focus on more complex tasks and strategic decision-making.
- Intelligent automation in finance: Finance processes can be improved with intelligent automation, reducing errors, increasing efficiency, and providing timely financial information.
- Generative AI and automation benefits: Fraud detection, financial planning, invoice processing, risk assessment, and credit scoring can be significantly enhanced using AI and automation technologies.
Three-step framework for embedding AI-powered automation:
- Identify low-hanging fruit: Use advanced AI-powered process intelligence solutions to quickly and accurately identify high-impact processes to automate.
- Embed AI into existing systems: Bring intelligent automation directly to the applications employees use daily to drive adoption and simplify tasks.
- Create a foundation for scale: Utilize tools like CoE Manager to effectively scale automation across the enterprise and measure the success of your automation program.
- Embrace AI early: Organizations that adopt AI and automation early on can stay ahead of competitors and enjoy the rewards of innovative transformations.
Business professionals should consider the potential benefits of generative AI and automation in finance, implementing them to improve efficiency, accuracy, and productivity, and ultimately make more informed strategic decisions.