Finance leaders face numerous challenges in driving business growth, from digitalization to changing customer spending habits. However, they can leverage generative AI to enhance efficiency, accuracy, and insight in financial operations. Generative AI, using advanced language models and machine learning algorithms, can automate processes like financial analysis, reporting, procurement, and accounts payable.
Organizations that have implemented AI in financial operations have experienced benefits like a 33% faster budget cycle, 43% reduction in uncollectible balances, and 25% less cost per paid invoice. To successfully integrate AI into financial operations, a strategic approach focusing on data initiatives, creating the right structure, automating tasks, and fine-tuning operations with gen AI is essential. It’s important to prioritize responsible and ethical AI practices, partnering with trusted organizations like IBM to ensure integrity, transparency, and accountability in AI initiatives.
Article Source
https://www.ibm.com/blog/putting-ai-to-work-in-finance-using-generative-ai-for-transformational-change/