Unlocking AI Opportunities Starts with Instilling Trust in the Tech

AI technology comes with great promise and can be a major driver of innovation in the finance function.

AI's Rise in Finance: Opportunities, Risks and Adoption

In just a few short years, Al has gone from being the purview of a select group of tech leaders to becoming nearly ubiquitous across finance teams. According to KPMG's 2023 Al in Financial Reporting survey, 65% of organizations are already using Al in some aspects of their financial reporting, and 71% expect Al to become a core part of their reporting function within the next three years.

Using Al, finance teams can combine data sets like pricing for point-of-sale units, transaction data, payment methods and customer demographics to improve product offerings or create more dynamic predictive models. Leveraging Al's ability to comb through large swaths of public data, CFOs can gain more precise market insights and competitive intelligence. And by using Al to analyze data anomalies, finance teams are also better positioned to spot fraud.

Handing over decision-making to a machine is no small undertaking. Any number of issues from biased data to algorithmic errors can result in the technology making mistakes that can affect a company's analysis, revenue, forecasts or even its reputation. But for business leaders that make the effort to put the right controls in place around the technology, the benefits can outweigh the risks.

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Discover how AI is reshaping the finance function.  

 

AI is like having a deeper data scientist right next to you as you work, which I think is very intriguing to finance leaders right now.

Matt Johnson

Principal, Tech Assurance, Audit, KPMG US

Contributors

Image of Matthew P. Johnson
Matthew P. Johnson
Principal, Tech Assurance - Audit, KPMG US
Image of Edward Moran
Edward Moran
Managing Director, Aud Tech - Innovation, KPMG US

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