Generative AI (Gen AI) is currently causing a buzz across the commercial world. While artificial intelligence and machine learning have been successfully applied to specific problems for some time, the ability of Gen AI to generate new content and its accessible user interface makes it hugely relevant to a broad spectrum of organizations as well as to their finance functions. AI might not be new, but it is moving very fast, and CFOs need to think differently and quickly understand how to leverage it.
A marriage of Gen AI capabilities and finance can create better speed and efficiency by eliminating redundant or manual activities, allowing finance professionals to focus on higher value tasks. But like its predecessors, Gen AI is only as good the underlying data and well-engineered prompts and will only be effective when it is embedded in the right way within the finance function.
With only 57% of respondents from the KPMG 2023 Global Technology Survey believing that Generative AI will be most important in helping their business achieve its short-term ambitions over the next 1-3 years, there is scope to allay some fears and support more risk averse potential adopters to understand what is possible and how to implement safely.
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 realization and intercepting emerging tech — as well as providing an effective framework for deploying (and maintaining) responsible AI.