How AI is finding its way into the finance function

Artificial intelligence (AI) is essential for the financial industry. Generative AI in particular is already ushering in a paradigm shift in other industries. The innovative possibilities of generative AI offer the potential to fundamentally change the financial functions of financial service providers.

In our latest white paper, we explain how AI can be used and which areas of application are already emerging in financial functions.

• The power of generative AI: We differentiate between AI and generative AI and show the added value generative AI offers in our white paper. The possibilities include simulating business scenarios, annotating and creating reports, automating repetitive processes and improving the quality of results, in particular by using large language models.
• Fields of application in the finance function: AI can be used in many areas of the finance function, such as accounting, financial planning, treasury, risk management or financial reporting. It can not only automate simple repetitive processes, but also take on complex tasks and thus significantly increase the added value of processes in the finance function.
• Plan implementation systematically: A clear strategy, a suitable organisation, high data quality and a change management process are required to successfully introduce AI in the finance function. You will also learn how to take regulatory issues into account.
• Data matching as the linchpin: An important step in using AI correctly is data matching, i.e. the comparison of data from different sources. In the white paper, we show you a theoretical approach based on project experience on how you can match data with artificial intelligence and use it flexibly for different use cases. The development of AI is still in its infancy, but it will change the finance function significantly in the coming months. Those responsible for the finance function should therefore be open and willing to experiment and encourage the creativity of their employees. With our white paper, we offer decision-makers in finance functions a basis for dealing with the topic in a structured way.