Phil Edwards, Finance Director at MHR
AI was named the word of the year in 2023, with searches for the term quadrupling from previous years. And yet this pales into insignificance compared to 2024, where searches for Generative AI have reached double the popularity from 2023 levels.
While we’re starting to see organisations implement AI solutions across all their departments, there is no doubt we have a lot more potential to uncover, and many more issues to navigate. Whether this is managing the ongoing debate around whether AI is coming for people’s jobs, or whether we can trust it with our sensitive information.
The finance department in particular has a big task in making sure it is implementing AI solutions in the right way. Given this function holds a wealth of private and confidential data which needs to be safeguarded, there needs to be a well-defined process in place which helps workers and makes their roles more seamless, while also protecting customer and employee data.
Managing AI rollouts across the organisation will of course require more time and financial investment, but it will facilitate business growth and different ways of working. A lack of planning is the easiest way to stifle innovation, but equally there must be a balance between the need to innovate and taking a considered approach to a project. And this often requires changing the way a certain function or job role is seen in the company.
Ways to utilise Generative AI as a finance provider
In 2025 we will see more businesses leverage the rules-based support AI can provide to enable employees to focus on more strategic activities. Generative AI (GenAI) already enhances efficiency in finance by automating repetitive tasks, personalising communications with clients and suppliers, and enabling more accurate data validation and fraud detection.
But next year we will see organisations take this further, embedding AI into their systems to allow deeper personalisation with customers. For example, leveraging AI’s support with buying cycles, where technology is used to forecast demand, research and evaluate products and solutions before they are implemented across the business. We can also expect companies to use AI to create communication templates, sent out at various points in the customer’s journey, ensuring consistency and professionalism in messaging.
Tailoring communications based on customer data will increase engagement and response rates, but businesses will need to make sure they have a security-first approach which enables them to leverage customer data with safety and compliance front of mind.
AI will also be leveraged to automate the comparison of purchase orders, delivery notes and invoices, reducing manual errors and increasing efficiency. By identifying discrepancies between documents, businesses are creating useful touchpoints with customers who will be alerted to potential issues for further review, enabling them to manage any issues in real-time.
AI changing the role of finance professionals
Managing the utilisation of GenAI also has the potential to transform how the finance team is seen across the organisation – from constant ‘doers’ to becoming ‘teachers’.
With AI being used to do a bulk of the time-intensive work, organisations will need employees to take on the role of reviewer or checker of AI’s work, especially given how intricately detailed the finance department’s work can be – where the most seemingly insignificant detail can have a significant impact.
We can expect the job of an employee to increasingly focus on oversight and validation of AI outputs rather than traditional data entry tasks, which means workers will need to develop skills in managing and teaching AI systems to ensure accuracy and effectiveness. This shift will lead to a demand for more analytical and strategic roles within finance, emphasising critical thinking over routine tasks.
AI is going to – in fact, it already is – changing the way we work. For companies to ensure they are continuing to build a sustainable, high-performance organisation, it is vital they consider the skills of their employees rather than seeing them fixed in traditional job roles. Taking a skills-first approach towards assigning projects will help ensure people are scaling with technology, instead of trying to catch up.
