new york, May 8, 2024 /PRNewswire/ — Could 2024 be the year that generative artificial intelligence (AI) adoption accelerates in finance and accounting? According to Deloitte Management CenterTM The poll found that while few executives (6.6%) say they have already deployed generative AI solutions to support their finance and accounting processes, a significant number are actively discussing use cases. (15.4%) or plan to implement this technology in the future (27.8%). ).
Looking ahead to the next 12 months, responding executives believe that cash flow forecasting (23.7%) offers the greatest opportunity for generative AI within their organization's finance and accounting function, followed closely by scenario planning (21.1%). , expense reporting (18.1%), and financial management controls (14.1%).
“Like other industries, there are areas in accounting and finance that may be ripe for experimentation with generative AI,” Cote said. watson, Deloitte risks Financial advisory from Deloitte & Touche LLP. We specialize in the use of AI within management functions. “Processes that rely on estimation, such as cash flow forecasting and scenario planning, where organizations have robust data sets to support algorithms, could be ideal areas for finance and accounting teams to begin testing the use of generative AI. There is a sex.”
Data, the main input for generative AI models, is the biggest pain point, according to respondents. Almost a quarter (24.4%) of executives surveyed said that enhanced data quality would increase their level of trust in generative AI tools.
“Overall, we continue to hear from organizations that the lack of clean, model-ready data is a major challenge in incorporating generative AI into their finance and accounting workstreams. Implementing a robust data strategy and process to prepare financial and accounting data for use within Generative AI models and leveraging automation and other technologies will help your organization deliver actionable insights. “This is an important first step in helping people reach their goals.” watson.
As interest in generative AI solutions in finance and accounting grows, so too does consideration of the impact of technology on governance strategies. More than a third (38.7%) of leaders surveyed say their organization has already implemented a generative AI strategy (protocols to guide adoption and usage) for finance and accounting, or will do so within the next 12 months. They replied that they plan to introduce it in the future. However, a similar number (39%) report that they have no future plans to develop a strategy.
dave starrer, Deloitte risks Deloitte & Touche LLP, a financial advisory partner and leader in digital finance management, said: “Generative AI is expected to transform finance and accounting processes, including physical finance, with governance becoming a key piece of the puzzle. Treat AI governance like any other finance.” Transformation efforts are key to safely implementing technology into an organization's financial operations. In many cases, that means taking an enterprise-wide approach that includes a well-managed data strategy, protecting accuracy and reliability, and aligning with financial regulations and standards. Strategic collaboration across business functions and, importantly, executive support. ”
About internet voting
More than 1,430 executives and other executives were surveyed during a Deloitte Admin Center webcast titled “New Frontiers: Exploring Artificial Intelligence in Finance.” October 26, 2023. Response rates vary depending on the question.
About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world's most admired brands, including nearly 90% of the Fortune 500® and more than 8,500 U.S.-based privately held companies. I am. At Deloitte, we strive to achieve our purpose of making an impact that matters by creating trust and confidence in a more just society. We leverage a unique combination of business acumen, technology command, and strategic technology alliances to advise clients across industries as they build their future. Deloitte is proud to be part of the largest global professional services network serving clients in the most important markets. important to them. Building on more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte's approximately 457,000 employees around the world connect and make an impact at www.deloitte.com.
Deloitte refers to Deloitte Touche Tohmatsu Limited (“DTTL”), a privately held UK company, its network of member firms, and one or more of their affiliated entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also known as “Deloitte Global”) does not provide services to clients.in USDeloitte refers to one or more of DTTL's U.S. member firms and related entities doing business in the United States using the name “Deloitte.” US and their respective affiliates. Based on public accounting rules and regulations, certain services may not be available to certify clients. For more information about our global network of member firms, please visit www.deloitte.com/about.
Source Deloitte
