Adrian Johnson
TLDR:
- Executives are optimistic about the adoption of Generative AI in finance and accounting
- Data quality is a major concern for those looking to implement Generative AI solutions
Key Elements of the Article:
Executives are showing optimism about the future adoption of Generative AI in the fields of finance and accounting. While only a small percentage of organizations have implemented Generative AI solutions (6.6%), a significantly larger number are actively discussing use cases (15.4%) or have plans for future adoption (27.8%). Cash flow forecasting (23.7%), scenario planning (21.1%), expense reporting (18.1%), and financial controls management (14.1%) are identified as the key areas for Generative AI implementation in the next 12 months.
However, the biggest concern for executives is data quality, with 24.4% of them citing it as a pain point. Enhancements to data quality are seen as crucial in improving trust levels in Generative AI tools. Additionally, the article highlights the importance of developing a Generative AI strategy for finance and accounting functions, with 38.7% of leaders already having or planning to create a strategy within the next 12 months.
Dave Stahler, a Deloitte partner, emphasizes the need for solid governance strategies to guide the adoption and use of Generative AI in finance and accounting. This includes considerations such as an enterprise-wide approach, accurate data strategies, compliance with financial regulations, and management support.
