The Institute of Chartered Accountants in England and Wales (ICAEW) have published an insight piece based on a study carried out by technology market analyst, IDC.
The study indicates that AI could help CFOs with some of their biggest challenges, but only if it is human-centred. Finance teams in businesses need to build practical applications of AI that work along with them instead of replacing them.
The study confirms, as has been seen in the wider press in recent weeks, that over reliance on AI in finance could lead to mistakes. However, having the correct goals and properly understanding workflow processes can help in adopting AI with confidence.
What is the learning point?
While it can be tempting to leave it to those who are more technology-minded (or younger), this leaves a danger of technology leading the way. Instead when business leaders get involved in AI adoption they can steer it in a way that will benefit the business and minimise problems.
