Take a Practical Approach to Using AI
Futurists and software vendors have been pointing to a day when artificial intelligence (AI) using machine learning (ML) will perform miracles such as providing life-saving diagnoses and recommending treatments for even rare diseases in seconds. Prognostications also include eliminating legions of white-collar jobs by automating all manner of business processes, even those that require complex judgments and that aren’t easily programmed. Realistically, though, these events are more than a decade away from being realized on any scale.
Meanwhile, artificial intelligence will have an ever-increasing impact on finance and accounting departments. It will increase individuals’ productivity, eliminate tedious repetitive work and enhance the quality of financial data and statements. Artificial intelligence will enable CFOs and controllers to change the nature of the work done in the department, giving those that adopt it the ability to hire and retain the very best talent. The practical adoption and application of AI requires finance executives to adopt a fast- follower approach. The finance IT function, which is increasingly prevalent, should have responsibility for managing this fast-follower strategy.