Five ways Generative AI can revolutionise your finance operations

...And the same is true in the world of business. With a new year comes new opportunities to learn, grow, and take advantage of emerging technology that will help you stay ahead of the curve.

One of the major technology innovations set to shake things up in 2024 is Generative AI (GenAI). In fact, according to The Social Shepherd, 15% of UK businesses are already using at least one AI technology, with a further 12% of UK businesses currently piloting or planning to adopt AI technology.

It’s no surprise that businesses are leveraging GenAI due to its numerous benefits across the full supply chain, in particular, within finance operations. CFOs have struggled to enable and secure post-pandemic growth due to a lack of real-time insights, difficulty recruiting and retaining top talent, and obstacles in the way of making informed decisions quickly. The time for change is now, and it starts with leveraging the power of GenAI.

Let’s explore five ways GenAI can revolutionise your finance operations.

Save time

One of the most applauded benefits of GenAI is its vast time-saving capabilities. GenAI automates time-consuming manual processes, such as data entry, invoice processing, and inventory management, giving you back up to 390 extra hours per year.

And what’s more, there’s no need to waste those extra hours bogged down in data-related tasks, as GenAI automates those, too. Whilst GenAI is crunching historical data and producing accurate reports in real-time, you can get back to focusing on more important tasks.

Reduce costs

Not only does automating manual processes save time, but it can contribute to a healthier bottom line. For example, inefficient supply chain processes can be difficult and time-consuming to spot. By leveraging GenAI, you can identify risks and inefficiencies across your supply chain as soon as they crop up, allowing you to proactively tackle these challenges head-on and reduce unnecessary spending.

GenAI can also streamline your financial workflows and payment processes, ensuring payments are made on time so you can reduce errors, avoid late payment fees, and maintain good relationships with suppliers.

Improve accuracy

Accurate data and financials are key to the success of any business. Without reliable insights, how can businesses make informed decisions or strategically plan for the future?

Leveraging GenAI to automate tasks, such as forecasting and planning, significantly improves accuracy, thanks to the elimination of the risk of human error such as incorrect data input or miscalculations. GenAI acts as a powerful force in your organisation that delivers real-time, accurate analysis at your fingertips, when you need it most.

Improve employee recruitment and retention

In today’s world of business, attracting and retaining top talent is more difficult than ever before. Potential candidates have access to innumerable vacancies at their fingertips, and businesses are having to adapt and flex to new ways of working in order to compete and stay attractive.

Where GenAI can step in to help alleviate some of the recruitment pressures facing modern businesses is through analysing candidate applications against job descriptions to ensure the best fit, as well as make predictions on which employees are the most likely to leave the organisation, allowing CFOs to take proactive measures of retention.

Enhance security

Finally, it goes without saying that security is a top priority for any business. Businesses today rely on a wealth of modern technology, strict policies, and mandatory staff training to uphold critical levels of security across all operations.

GenAI can elevate this further by helping businesses identify and mitigate risks such as compliance, improve fraud detection and prevention, and enhance data privacy and security.

GenAI is a powerful force that can be harnessed to break the mould and revolutionise operations. Businesses leveraging this technology reap the benefits of smoother in-house processes whilst ensuring they stay ahead of the competition.

If you’re considering GenAI for your enterprise, check out our latest eBook below to explore the questions you should consider, and view our top tips on how to build organisational capability in Generative AI.