Generative AI and the Future of Finance

SSON’s Finance Transformation Summit kicked off with a bang this year when the first session discussed how advances in generative AI could impact the future of finance. Sally Fletcher, Head of SSON Digital, welcomed Imran Gohar, Principal Solutions Consultant for AppZen to cover not only the basics of generative AI but also discuss specific use cases for finance teams, and challenges they might experience while working with generative AI.

The following are three takeaways from the event, but if you would like to hear more from Imran, be sure to check out the video above.

1. Generative AI can be used to fully automate finance processes such as accounts payable and accounts receivable. For example, Generative AI can be used to categorize and read vendor emails, understand what the supplier is asking for, and generate an automatic response with the right information from the ERP system. This can free up finance professionals to focus on more strategic tasks while also providing vendors with a timely and accurate response.
2. Remember that there are some applications designed for personal use and are not as concerned with security or data quality. Anyone can use them, and they can be used to generate any type of content, even if it is biased or inaccurate. Meanwhile, those generative AI solutions built for businesses are much more secure and reliable.
3. A finance leader can develop a road map for AI implementation that aligns with the organization's goals and values. In order to build up employee trust in generative AI, leaders must set clear goals for AI implementation, define the focus area of AI implementation, and involve frontline employees in the process.