AI in the finance function: actively shape the future

Imagine a finance function that not only responds to cost pressures and regulations, but proactively shapes the future. With Generative AI (GenAI), CFOs can boost efficiency, increase agility and make informed decisions.

Repetitive and manual tasks in finance, such as processing invoices or creating financial reports, can be easily automated with GenAI. This frees up finance specialists to concentrate on strategic tasks that generate greater added value for the company.

GenAI also enables effective "data storytelling": instead of presenting mountains of figures, the AI generates meaningful and understandable comments and visualisations. Financial experts become strong "storytellers" who can interpret data and prepare it in a way that is understandable for internal and external stakeholders. This increases transparency and speeds up the decision-making process.

A practical example: Imagine your company has problems with invoice verification. Incomplete or incorrectly formatted documents lead to delays and increase costs. You can solve this problem with GenAI. By extracting historical invoice data and using it as training data for the AI, it can predict future accounting entries and fill in missing data. This makes the entire process more efficient and less error-prone.

With increasing digitalisation, GenAI has the potential to generate significant improvements in the financial sector. Download our study now.

GenAI also brings with it new requirements. Data protection, misinformation, copyright issues and cyber security are just some of the topics that CFOs have to deal with. A solid GenAI strategy, a technology-oriented operating model and clear governance structures are essential to minimise these risks.

The EU AI Act is particularly important here. This new legal framework will regulate the use of AI in Europe and presents a complex landscape for CFOs to navigate. It is important for CFOs to familiarise themselves with the requirements of the EU AI Act at an early stage and ensure that the implementation of GenAI complies with the legal guidelines.

The implementation of GenAI requires a skills shift in the finance function. Finance professionals should learn to interact with AI systems and develop their data storytelling skills. Companies should prepare their employees intensively for the new systems and reduce concerns.

GenAI will permanently change the finance function. CFOs who integrate this technology at an early stage will gain a competitive advantage and position their company for the future. They can optimise their financial processes, make better decisions and make a valuable contribution to the company's success.

CFOs should actively manage the associated challenges and risks. With the right strategy, a solid database and well-trained employees, companies can fully utilise the benefits of AI and make their finance department more efficient and effective.