The role of AI in financial processes

The world and the way we work are evolving faster than ever. There is an increasing abundance of data, and organisations can no longer avoid adopting a data-driven approach. This brings challenges, but also creates significant opportunities. Artificial Intelligence (AI), and in particular Generative AI, can offer the right support, provided it is implemented correctly.

The exponential growth of data within organisations has led to an overload of information. Businesses are striving to make their decision-making processes as data-driven as possible. The application of AI can play a crucial role in achieving this. AI has the capability to generate valuable insights through advanced analytics. These insights help optimise business processes, identify patterns, and enable accurate forecasting.

“AI accelerates the digital transformation of the finance function. The choices around how and when to adopt it determine success. A phased approach is key to managing both application and risk.”

Marc Engel | Partner

Prerequisites for AI

To fully realise the benefits of AI, the right prerequisites and capabilities are essential. These include having the appropriate skills and access to software that supports AI applications. In addition, a robust data structure and strong governance framework are indispensable. If these are not yet in place, they should be your first priorities.

To make informed decisions, the Forvis Mazars SAFE AI Framework can be applied. This framework supports the design and implementation of AI in alignment with the organisation’s overall strategy.

Secure: Ensuring secure infrastructure and collaboration
Adaptable: Focusing on people, processes, and technology to achieve optimal outcomes
Factual: Relying on accurate and verified data sources
Ethical: Safeguarding responsible and ethical governance

For AI implementation in line with the SAFE AI Framework, the following change management process can be applied:

Vision and strategy: Define the purpose of AI based on organisational objectives, setting clear direction and ambition.
Prioritise and plan: Identify AI use cases and assess their impact on business processes to prioritise initiatives.
Design and implement: Establish AI governance to ensure that the data used to train AI models is accurate, reliable, relevant, and complete.
Evaluate and optimise: Continuously assess the impact of AI on business processes and refine where necessary.

At Forvis Mazars, we understand that the financial landscape is constantly evolving. We therefore leverage AI to support our clients in shaping their financial strategies and decision-making. AI enables the analysis of large volumes of financial data to identify trends, patterns, and risks. This empowers finance professionals to make well-informed decisions and optimise business performance.

Moreover, repetitive tasks such as invoice processing and report generation can be automated. We ensure that finance professionals and CFOs are able to make smarter, faster decisions, while also focusing on long-term strategic growth.

Implementing AI in Finance & Control: where to begin?

As a CFO, you are navigating an exciting yet complex landscape in which technology is continuously reshaping organisations and strategies. At Forvis Mazars, we support you in harnessing the opportunities that AI offers, while effectively managing associated risks. Together, we help you build a sustainable and successful future by combining strategic insight with practical implementation.