According to research by IBM®, organizations that have effectively implemented AI in finance operations have experienced the following benefits:
- 33% faster budget cycle time
- 43% reduction in uncollectible balances
- 25% lower cost per invoice paid
However, to successfully integrate gen AI into finance operations, it’s essential to take a strategic and well-planned approach. AI and gen AI initiatives can only be as successful as the underlying data permits. Enterprises often undertake various data initiatives to support their AI strategy, ranging from process mining to data governance.
After the right data initiatives are in place, you’ll want to build the right structure to successfully integrate gen AI into finance operations. This can be achieved by defining a clear business case articulating benefits and risks, securing necessary funding, and establishing measurable metrics to track ROI.
Next, automate labor-intensive tasks by identifying and targeting tasks that are ripe for gen AI automation, starting with risk-mitigation use cases and encouraging employee adoption aligned with real-world responsibilities.
You’ll also want to use gen AI to fine-tune FinOps by implementing cost estimation and tracking frameworks, simulating financial data and scenarios, and improving the accuracy of financial models, risk management, and strategic decision-making.