March 26, 2024
By Forbes and Rohit Gupta, the CEO and co-founder of Auditoria.AI, a pioneer in AI-driven automation solutions for corporate finance teams.
Corporate finance has always been fast-paced and competitive—and the pace is only picking up.
Businesses no longer view staying ahead of the curve as a luxury but as a necessity. In fact, given the competition, the ability to be at the top of the game is a bare minimum expectation for retaining your clients.
To remain on the cutting edge, many enterprises have begun to explore and deploy generative AI solutions (GenAI) within their finance departments—tools whose intuitive power and growth potential offer unprecedented opportunities for finance professionals to build on their foundational experience and take their organizations to new heights. Powered by large language models, these tools have already demonstrated immense capabilities in other industries, spurring corporate finance leaders to acknowledge them as a major development that will impact their own space.
PROMOTED
Like any new technology, GenAI must not be deployed haphazardly. To make full use of its abilities, companies must take a highly strategic approach. Building a foundation of AI knowledge within your organization—through online courses, workshops and certifications—can ensure confidence not only among your teams but among the client base that relies on you.
Are your business processes data-intensive? Are you looking to improve how the finance function partners with its business counterparts? Do you want to transform your enterprise with an AI-first mindset? If so, this article could be the first step in your journey toward industry leadership.
Identifying Good Use Cases
The first thing to understand as you develop your strategic approach to GenAI is that AI is not a one-size-fits-all solution. There will be use cases for which it’s ideal and use cases for which it simply doesn’t suit your needs. As such, you need to identify those specific use cases in which GenAI solutions could provide transformative power for your organization.
According to Gartner, some of the top finance trends and priorities for CFOs this year include “leading transformation efforts” and “evaluating or improving the finance function’s strategy and design.”
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