Conversations about artificial intelligence (AI) are everywhere for good reason. AI has the scope to transform how finance teams operate, offering a new level of insight and efficiency that was once unimaginable. However, before committing to adopting AI technology, it is crucial to ensure that your finance teams are on board and well-prepared for this transformation.

When it comes to AI in finance, it is not just about automating tasks. AI can supercharge an organisation’s financial decision-making, managing the more repetitive tasks of finance professionals by tirelessly analysing data, identifying trends, and providing insights at an unmatchable speed and scale.

With analytical and predictive capabilities, AI tools can expedite critical processes like financial forecasting and planning. Deloitte’s CFO survey spring 2023 indicated a significant upswing in the use of AI for decision-making, set to surge from 13% to a not insignificant 39% in the next five years. The potential is huge, but so are the possible pitfalls.