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February 14, 2024

Finance gets creative with AI

Artificial intelligence (AI) technologies are rapidly transforming the business models of many industries, including finance and accounting. The emergence of generative AI, which uses large language models to create original content, presents new opportunities and possibilities for AI in finance. Generative AI can be used to summarize and simplify text, answer questions using natural language processing, transform and generate content, and provide logical analysis and reasoning. Finance leaders and accounting professionals can leverage generative AI to enhance their operations and address key agenda items. However, as with any new technology, there are risks associated with generative AI, and finance leaders need to develop a framework for managing these risks. This includes carefully considering ethical and compliance issues, ensuring data quality and security, and monitoring the performance of generative AI systems.