Gen AI, or generative artificial intelligence, has become a global sensation and the buzz around it is none more evident than in the commercial world. Although machine learning and artificial intelligence have long been effectively used to solve particular issues, Gen AI's capacity to produce fresh material and user-friendly interface make it extremely applicable to a wide range of businesses, including their finance functions.
While AI is not a new concept, it is evolving swiftly, therefore CFOs must be ready to adapt their ways of thinking and recognise how to make use of it effectively in order to create value.
By removing repetitive or manual operations, the combination of Gen AI skills with finance can improve speed and efficiency, freeing up finance professionals to work on more strategic and value-adding activities. However, much like its predecessors, Gen AI can only be as successful as the underlying data and thoughtfully designed prompts; it can only be fully utilised when it is appropriately integrated into the finance function.
Although more than 55% of participants in the KPMG 2023 Global Technology Survey thought that Gen AI will be critical to their company's ability to meet its short-term goals in the next one to three years, there is still opportunity to dispel some concerns and assist more risk-averse potential adopters in understanding what is feasible and how carry out implementation in a safe and efficient manner.
The KPMG Powered Enterprise transformation methodology adapts well to the world of Gen AI and the disciplines required to deliver it in finance. This is especially so around vision, data architecture, talent upskilling, value realisation and intercepting emerging tech — as well as providing an effective framework for deploying (and maintaining) responsible AI.
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