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4 ways AI can empower Finance

AI is delivering high-impact results—is your team keeping pace? Here’s how leading finance orgs are making it happen.

Business isn’t just changing quickly. It’s changing at the speed of AI.

Consider some of the overwhelming recent evidence:

74%

of companies are already generating value from AI.

Source: 2024 KPMG US Technology Survey Report

71%

are actively using it in their decision-making.

Source: GenAI 2024 Survey

> 8 in 10

are planning to scale up their AI investments.

Source: GenAI 2024 Survey

AI is not a single technology, but an umbrella of specific capabilities with their own special superpowers.

A single AI-driven solution typically combines several of these specialized capabilities to deliver significant new quantitative and qualitative firepower. Here are just four ways that finance teams are harnessing these solutions across core functions to deliver impactful new ROI.

Machine Learning (ML)

Self-driven algorithms that learn patterns from data to make decisions automatically.

Robotic Process Automation (RPA)

Automates repetitive tasks with rule-based scripts.

Natural Language Processing (NLP)

Enables systems to understand, interpret, and generate human language.

Predictive Analytics (PA)

Algorithm-driven models that forecast future outcomes from historical data.

Generative AI (GenAI)

Creates new content by synthesizing structured and unstructured data.

4 ways AI can empower Finance

1

Unlocking data

AI thrives on quality data. In the past, this has required mapping data into clearly defined data schemas, typically in the cloud. But AI can now do much of that work, creating on-the-fly virtual databases using tools like GenAI, ML, and NLP. For example, GenAI can pull essential data directly from business applications, process both structured data (defined fields) and unstructured data (PDFs, emails, audio, etc.), and then extract and format the data. The result: An instant database that bypasses legacy data bottlenecks.

2

Streamlining transactions

AI automates many essential—but previously time-consuming—business transactions. Here are some examples of AI modules within the quote to cash function, which use GenAI, NLP, RPA, ML, and PA:

  • Contract engine that automatically generates contracts and prioritizes reviews based on deviations from standard terms.
  • Quote generator to optimize quotes based on customer profiles, contract terms, and inventory data.
  • Order engine to capture orders, track fulfillment, generate invoices, expedite collections, and reduce errors related to inventory or contract discrepancies.

3

Taming the close

AI-powered modules help finance teams dramatically reduce the time and pain of closing cycles and improve productivity and accuracy. These two examples use GenAI, NLP, RPA, ML, and PA:

  • Automated accounting rules engine that compares data to defined rules, automates tasks like journal entries and adjustments, scans for anomalies and errors, and expedites compliance and audit reporting.
  • Disclosures narrative creator that automates disclosure drafts and reviews, integrates with real-time data and previous reports to ensure consistency, and feeds into reporting.

4

Elevating FP&A

AI-enabled financial planning and analysis (FP&A) delivers tangible bottom-line benefits with enhanced insights that enable operational agility and create new value faster. These two examples use PA, ML, NLP, and GenAI.

  • Intelligent forecasting solutions that use continuously trained predictive models, advanced scenario analyses, and both internal and external data to improve the speed, accuracy, and value of forecasts.
  • Capital expenditure optimizer to better prioritize investments (projects, technology, equipment), enable scenario modeling, optimize allocations, and support real-time monitoring for rapid adjustments.

KPMG ranks #1 for quality AI advice and implementation in the US

According to senior buyers of consulting services who participated in the Source study, Perceptions of Consulting in the US in 2024, KPMG ranked No. 1 for quality in AI advice and implementation services. 

Learn more >

Take a deeper dive into our insights

Meet our team

Our KPMG Finance team provides clients with significant functional, industry, and technology experience, including the latest AI, cloud, and enterprise data capabilities. Work with us to transform your stubborn operational challenges into leading-edge finance solutions.

Image of Karen Schreiber
Karen Schreiber
Principal, Advisory, Corporate Services, KPMG US
Image of David J. Fourie
David J. Fourie
Partner, Advisory, Corporate Services , KPMG US

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