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Shadow AI: the hidden risk lurking in your finance function

Using consumer-grade AI platforms unchecked and without formal approval is a high risk strategy for finance teams with risks to data security, confidential information and wider governance, warns Olivia McMillan, chief operating officer at iplicit

Finance and accountancy teams are diving into artificial intelligence (AI) with enthusiasm and on the surface, there are reports of widespread AI and automation usage.

A majority of 83% of mid market decision makers have adopted AI technology or tools within their finance functions, revealed a recent survey commissioned by iplicit. Of those, 80% have automated workflows for expenses and invoice processing, 72% are using AI assistants like ChatGPT, and 66% are using AI-powered forecasting and analytics.

For SME finance teams under immense pressure to do more with less, AI promises relief from the manual burden. Early adopters are already reporting an average of five hours saved per week.

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