Unlocking AI Opportunities Starts with Instilling Trust in the Tech

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.