AI is no longer the future, it’s already established as part of the ‘here and now.’
Once upon a time, AI was like that awkward intern who needed constant supervision—good at fetching data but not exactly the one making decisions. Fast forward, and AI has gone through a major maturity glow-up. Now, it’s driving finance transformation, not just crunching numbers it’s :
- automating reconciliation before your eyes,
- spotting fraud in real-time,
- predicting market trends way before analysts do.
But maturity isn’t just about doing more—it’s about doing it smarter. AI is now a key strategic partner driving smarter working, not just an overenthusiastic assistant.
So what does this mean for the future? AI won’t replace humans—it will replace inefficiency.
What exactly does this mean for Finance Transformation?
The finance sector has been one of the biggest beneficiaries of AI, leveraging it for efficiency, accuracy, and predictive insights.
We need to understand what technology can do for Finance, but we don’t need to be able to do it ourselves. As Finance professionals, we need to lead the technologists. I would always advise people to start with the business problem rather than the technology.
As a business, you will need to invest in several things:
- AI skills and more general AI literacy across the organisation,
- AI tools and
- Getting and keeping data of a high quality (the bane of our lives).
But the rest is up to the business.
My advice on deploying AI in Finance Transformation
- We need to be curious and open-minded about which inefficiency we tackle first.
- I would always recommend that people start small and then scale up smartly
- Pilot things first, test and learn and always keep the humans in the loop.
- Sample automated outputs to make sure accuracy and decision-making are watertight before rolling out.
This advice is primarily about problem-solving and much less about AI. But there is no doubt that AI will take huge amounts of effort out of the finance day-to-day work and free up time for us to focus on the real value-added advice that only a human give. We just won’t have to work such long hours to get there.
Feeling inspired? Want to explore more about where to start with deploying AI to energise your Finance Transformation? Get in touch….
Need inspiration – Five use cases on how AI accelerates Finance Transformation.
1. Automated financial processes
AI-powered tools like OCR and machine learning extract data from invoices and receipts, reducing manual errors and speeding up reconciliation. AI automates processes like accounts payable, invoice processing, and compliance reporting. Companies use AI to analyse complex contracts and financial documents, reducing manual effort and errors.
2. AI-driven financial forecasting
Predictive analytics powered by AI helps CFOs and finance teams make more accurate financial forecasts (cash flow, revenue, and expenses) by analysing historical financial data) helping businesses make data-driven decisions. Machine learning models assess historical data and market trends to provide insights into cash flow projections, investment strategies, and risk mitigation.
3. Fraud detection and risk management
AI-driven fraud detection models analyse transaction patterns to identify anomalies that could indicate fraud. Banks use AI to detect suspicious activities in real-time, reducing financial losses and improving security measures. AI algorithms analyse transaction patterns to detect anomalies and flag potential fraud, improving financial security.
4. Customer service and AI chatbots
AI-driven virtual assistants handle common accounting questions, generate reports, and assist employees with financial processes. Chatbots enhance customer experience by providing instant responses to financial queries, account management, transaction details, and financial planning.
5. Regulatory compliance & auditing
AI scans financial records for compliance with tax laws and accounting standards, ensuring accuracy and reducing audit risks.
Feel free to get in touch if you have any questions and want to have a conversation.
