There’s no doubt that AI adoption is here and possibly more widespread than you would have thought.
Research from Equals Money of UK financial decision makers found that over three quarters (77%) are already actively adopting or experimenting with AI in their processes.
So, what role can AI play in your business finances? A core value of AI lies in its capacity to free up time by optimising rudimentary tasks. A lot of what the finance function does, such as reconciliation for example, is repeatable and ripe for automation. Equals Money’s research found that on average UK employees spend 65 minutes a day on automatable tasks, including day to day financial administration, totting up to a whopping 38 days a year.
AI seems to be the obvious solution to some of the productivity challenges that UK businesses are currently facing. However, there are a series of questions business leaders must ask themselves before and while adopting AI in order not only to achieve the desired performance, but to do so in a safe and conscientious manner.
Concerns and how to experiment
A lot of businesses are nervous about being the first mover because if AI adoption goes wrong then it may pose a big reputational risk. For those considering adoption, they need to have a good foundation to start with. AI can help to make a good business better, but using AI to fix core issues in a struggling business is where things can get dangerous.
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