What roles will AI be best at and best suited for?Make predictions. And the role of the finance department is at the top of the list.
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SAP Insights, by Chris Koch
The world is obsessed with whether and when AI will become like us humans.
But what if we flipped the question and asked which humans in an organization are most like AI?
I don’t mean this in a literal sense (don’t start making memes about which of your co-workers is the most robot-like). Becoming AI-like doesn’t mean jobs will disappear.
I’m thinking about the predictions that AI is best at and the roles it’s most compatible with. And a role in finance is at the top of my list.
why? Unless CFOs can give CEOs a clear picture of what will happen next quarter, if not next year, they will soon be out of a job. And AI can help humans in that.
researchers National Economic Research Bureau We discovered that AI can disentangle complex relationships between economic indicators and financial variables and create alternative future scenarios with a depth that is not possible for humans, rather than just making predictions.
Additionally, finance is not a typical corporate silo. We use information from every part of our business to power our auditing, reporting, compliance, and risk management processes. When that information improves, finance departments can do a better job and the rest of the business benefits.
Researchers investigate AI and financial reporting quality We found that using AI to improve predictions about everything from customer demand, supply chain disruptions and delays, product defects, equipment failures, etc. also allows the financial sector to make better predictions. . Consider more accurately forecasting items ranging from sales returns and warranty claims to allowances for doubtful accounts and write-downs on inventory and other assets.
This FAQ debunks the AI ​​hype
Prediction is the killer app for AI across finance and business. But that doesn’t mean it’s obvious how to use it internally. That’s why we created AI in Finance: Myths, Misconceptions, and Reality.
This easy-to-navigate FAQ cuts through the hype and answers your biggest questions about using AI in finance and other businesses (and questions you probably didn’t know you had).
Read this book to discover the realities of AI’s pros and cons, how to think about its impact on finance organizations, how to manage AI investment and deployment decisions across your business, and advice gleaned from deep research. Let’s learn.
We find that those who are most similar to AI are most likely to benefit from it.
