AI: Pushing Limits
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Introduction
Safe to say, most of us are experiencing the pressures of AI. At best we are left feeling a bit awkward. At its worst, we are utterly overwhelmed. Our analog brains are squaring off with our digital existence, creating daily tension in every aspect of our lives – including our work.
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We are not discussing the dark corners of AI in this Special Edition. To the contrary. As finance professionals, we are practical, ethical, fairly tech-savvy and driven to grow, innovate, and reach the next levels of performance. Pushing our limits to achieve broader, deeper understanding of our data, and make faster more accurate decisions – that is where the AI path is leading us.
Just like you, our contributors, Aon, NetSuite, Robert Half/Protiviti, and Glenn Hopper all have a stake in the AI-driven future. So we begin with some fundamentals. Each of our contributors agree on this point – start with an understanding of your environment. Know your processes. Know your resources, your strengths and your limitations. It seems counterintuitive but employ your human instincts and collaborate to identify the best opportunities for pushing your limits. Pull your people, your processes, your risk potential into focus. And be practical if not bold.
You have choices to make – make them intentional. Afterall, AI is ubiquitous…or is it omnipresent? Hmmm, lets ask ChatGPT.
Use AI and Insurance Insights to Make Better Decisions
One of the hottest topics in the business world today is artificial intelligence (AI),
with 95 percent of global business leaders believing that generative AI is ushering in a new era of enterprise intelligence.I The rapid progression of generative AI, which is a type of artificial intelligence that has the ability to create material such as images, music or text, is already showing its potential to disrupt business operations throughout industries and processes. While this technology is still in its infancy, understanding its current and future capabilities, potential risks and basic risk management can help business leaders make better decisions.
The CFO’s Guide to AI and Machine Learning
The rise of artificial intelligence (AI) and machine learning (ML) has been a hot topic from board rooms to classrooms recently, dominating the discourse as people strive to understand its potential, opportunities, and risks.
For businesses, AI and ML hold a powerful allure as companies consider how the new technologies might help boost productivity, cut costs, and gain a competitive edge.
And for CFOs, AI will likely play an outsized role in helping the finance team continue its revolution to becoming more strategic, forward looking, and data driven.
Preparing Your Finance Organization for the New Era of AI
Many leading finance and accounting organizations have implemented artificial intelligence (AI) capabilities like intelligent process automation (IPA) for years to automate tasks, work with large volumes of data and increase efficiency. But recent advancements in the AI space, especially in areas like generative AI and natural language processing, are presenting new opportunities to use the technology to optimize finance and accounting operations and deliver more value to the broader business.
In short, the fundamental transformation of the finance function, which many CFOs and other senior finance executives have been straining to visualize clearly, is finally starting to take shape — and at an accelerated rate.
There are several practical steps you can take to help your organization become future-fit for this new era of AI.
These steps will enable you to develop a strategic approach to adopting AI innovations in your finance and accounting operations so they can deliver the outcomes you seek.
Embracing AI in Finance and Accounting: Balancing Risk and Innovation
Until a few months ago upon the public release of ChatGPT, most of us considered the notion of a human-like artificial intelligence like the HAL supercomputer in the movie 2001, or Data, the AI-powered android from Star Trek, something we were unlikely to see in our lifetimes. But as people use new powerful AI tools like ChatGPT and BARD for everything from setting meeting agendas to writing personal letters, shopping lists, and even poetry,
an AI-powered future seems likely to become a reality sooner rather than later.
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