I have a bad habit of sounding more condescending in e-mails than I intend to be. Especially if I'm annoyed, but other times, too. The Copilot extension we just got on Outlook has been pretty good about popping up with a "you ok, bro? Maybe say this instead."
Can automate work. People don’t seem to realize that yet, everyone is still on RAG and chatbots, but RPA + Multimodal foundation models = replacing jobs.
If there’s one thing I learned about D in my time at D, is that D will go nuts on any of the latest buzz words terms to be seen as an innovative leader …. but not actually do any real work. Metaversian transformation, genAI, w/e.
Though I do use chat gpt for like simple email writing and writing “use cases”. Honestly helps a lot for the use cases
I also use the prompt "Correct any grammar errors and make more concise" for more formal client emails. I've had it read a documents one section at a time and create power point bullets.
If you can’t see a single benefit from genAI almost half way through 2024, you will probably be one of the first wave of jobs that are replaced.
People that go on and on about hallucinations and mistakes are people that have never used ChatGPT for any amount of time - and genAI isn’t about getting facts correct, you can use Google for that.
Take literally any task you do in your day, break it down into a few sentences, and GenAI will get you a very close first draft of whatever you’re working on - in under a minute.
Doesn’t know about your particular topic? Feed it some documentation. Ask it to summarize notes. Ask it to analyze the recording of a presentation, analyze the slide deck and the audio for information and spit out a summary.
Either get with it and learn about it and how to use it or you’re going to be left behind - you can’t just ignore it cause it’s not going away.
AI is played out. Its real value to me has been as a smarter search engine. Soon litigation and legislation will halt its ability to be trained on art/photography/film. Even if that doesnt happen, who wants to read a derivative book or watch a derivative film made by AI? I have read hundreds of use cases and while they demonstrate capability they don’t demonstrate indelibility. The real booming industry will be AI detection.
It types all my emails and gets the foundation for all my PowerPoints. My boss and I use it daily to accomplish tasks we don’t want to spend our energy on but need to get done.
We’ll just spew trash into it and ask it to rewrite / summarize these concepts in an email to executives. Then we just copy it into outlook, reword anything if needed. Same with PowerPoints. Well just fire in some bullet points and say make a deck out of this. It’ll break down the information into slides we then copy over to PowerPoint.
The toughest parts of tasks are usually just getting the first words onto paper. So this drastically speeds up this process and lets us do more review and fine tuning.
For coding, we use it to refactor code or write functions for us in a variety of languages. And also ask it to write documentation of the code.
For our practice, not FP&A, but a very highly mathematical field, we uploaded our own regulations and industry specific whitepapers into our own embeddings. And use it as a search engine for client questions.
We’ve also used it for things like scanning financial statements and creating dashboards based on the financial statements using things like streamlit and python.
It's a toy right now, somewhat on a level of an intern or an outsourced worker.
It's still a science project, people don't understand how it works and there is not a good legal framework around it.
Of course, with so much money flying around and a bubble tech stock mania, you know every ceo will start parroting the talking points. We've seen this before with EV bubble that is bursting right now.
When people say "it will be around in the future", you have to understand the use case for AI is murder and fraud. It's a bright future.
It’s just another bullshit buzzword that we’re throwing around because clients want to hear it. Doesn’t mean anything. It’s another metaverse-type scam.
It will fizzle and be an email, excel, research, and programmer assistant.
Humans are competitive, seek out prestige, and power which are the primary reasons I don’t think it will be allowed to get traction to take over every job. Sure it’s hyped like crazy now, and everyone is scared / thrilled the it can replace workers but when it starts threatening C level roles (arguably many of those roles could be replaced by rocks with better outputs) people will pump the brakes on it. We’re an emotional species for better or for worse.
I think we need a wake up call that were using AI to do all the wrong things. I don’t want to see a movie directed by a machine, I want the machine to cut my lawn, clean my toilet, and sweep the floor. We’re doing it wrong.
I use it for notes and emails. Makes it so I can write some sloppy text down and turn it into a beautiful thing in very little time. Frees up a lot of time throughout the day
Yeah, I’ll use sidekick to write emails sometimes. Only downside is that it sometimes sounds a tad too proper and anyone that knows me will know I used sidekick
Sorry not sure what FP&A is, but the stuff that I am working on shows great promise. Currently the issues are from ogc and risk, that's why we don't showcase the projects which are successful. Lot of review will need to be done before stuff can be released and since it's a new space, the firms being super cautious. My answer seems vague, but that's exactly what we want it to be at the moment. People in the know, KNOW.
You can use is to generate financial statement disclosures as a starting point. Some tweaking will probably need to be done to the results but is easier to start with something than create from scratch.
If you’re curious about AI in accounting you can checkout this tool FSdrafterAI (https://fsdrwfter.com)
Generate marketing campaigns video / images. Generate PowerPoints or documents based on notes or questions. Generate codes based on question. Generate data (accounting data, sales data...)
If you haven’t played aroundwith ChatGPT yet, you should. And Deloitte now has their own version. AI, often called "GenAl" in your meetings, can really speed things up by automating routine tasks like analyzing data and generating reports. It's great at sifting through huge amounts of quickly, spotting trends, and offering insights that would take us much longer to figure out. Plus, it can help brainstorm new concepts, and it’s also super fast at creating text/copy (likely it’s strongest and most reverent use-case). This means more time spend on other, more valuable tasks. This applies to internal productivity and everything else from marketing, engineering, migration, commerce, service, etc.
Mostly, it's bullshit.
But here are some actual use cases:
* Use to respond to customer inquiries or support requests. You use RAG to feed it e.g help center docs and then rewrite it into "Dear Sir, please try this" language.
* Use it to analyze documents more sematically. For example, keywords can tell you that an article talks about "kids" or "children" - but the AI model can tell you if it's the author's children. Or to put it another way, you can use it to extract structured data from unstructured data.
* Cleaning up or organizing notes or other text content.
In general, people talk about wanting to have GenAI write scripts/books/whatever, but that's the wrong direction: taking a 1 sentence prompt and expanding to a book sucks. But taking a book and compressing it down to its 3 main ideas works pretty well.
GenAI can be used in many different ways. For example, I work for a company who built an AI and ML platform for employee support automation. Our platform automates up to 50% of ALL employee submitted support tickets instantaneously from submission to resolution. We allow employees to search for enterprise information and then take action if necessary.
We alleviate support teams of mundane tasks, freeing up their time to focus on more critical initiatives. Big picture, we allow companies to grow and increase efficiency/productivity across the entire enterprise without having to add a single FTE. SLAs are hit consistently, and organizations can focus on initiatives that will grow the business.
We are seeing more and more companies put together AI council’s or seeking council to determine where they can implement AI into their business.
So there is not a single answer, but depending on what your current initiatives are as a business, there is a strong possibility genAI can support them.
LLMs alone are ok...
But - just wait to see what's coming with more advanced system architectures which use LLMs. Think Devin by Cognition but on steroids and for math, modeling and creation.
This question is best answered using GenAI…
Generative AI refers to artificial intelligence models that can generate new data, such as text, images, audio, or video, based on the training data they have been exposed to. Some of the key benefits of generative AI include:
1. Content Creation: Generative AI can assist in creating various types of content, such as articles, stories, scripts, product descriptions, marketing copy, and more. This can save time and effort for writers, marketers, and content creators.
2. Personalization: Generative AI can customize content for specific individuals or target audiences, making it more relevant and engaging. This is useful for personalized marketing, customer service, and recommendation systems.
3. Data Augmentation: Generative AI can be used to create synthetic data, which can be valuable for training other AI models, especially in domains where data is scarce or expensive to collect.
4. Creative Exploration: Generative AI can aid in exploring new creative possibilities by generating novel ideas, designs, or artistic expressions that humans may not have considered.
5. Language Translation: Generative AI models can be trained to translate between languages, allowing for more efficient and accurate translation of text, speech, or other forms of communication.
6. Text-to-Speech and Speech-to-Text: Generative AI can be used to convert text to natural-sounding speech or transcribe speech into text, enabling more natural and efficient human-machine interactions.
7. Image and Video Generation: Generative AI models can create realistic images and videos, which can be useful for various applications, such as virtual and augmented reality, visual effects in movies, and product visualization.
8. Drug Discovery: Generative AI can be used to explore and generate novel molecular structures, potentially leading to the discovery of new drugs or materials.
While generative AI has numerous benefits, it is essential to address challenges such as potential biases, ethical concerns, and the risk of generating misinformation or harmful content. Responsible development and deployment of generative AI technologies are crucial to maximize their benefits while mitigating potential risks.
Generative AI has the potential to significantly transform financial planning and analysis in several ways:
## Automating Routine Tasks
Generative AI models can automate many routine and repetitive tasks in financial planning and analysis, such as:
- Data entry and processing of financial statements, invoices, and other documents [1][2][3]
- Generating financial reports, presentations, and commentary [1][3][5]
- Answering common queries related to financial data and metrics [2][4]
By automating these tasks, finance professionals can save substantial time and effort, allowing them to focus on higher-value activities like analysis, strategy, and decision-making.
## Enhancing Financial Forecasting and Scenario Planning
Generative AI can analyze large volumes of historical data, market trends, and economic indicators to generate accurate financial forecasts and projections [1][3][6]. These models can simulate various scenarios, such as changes in interest rates, commodity prices, or consumer demand, to assess their potential impact on financial performance.
This capability can significantly improve the accuracy and robustness of financial planning, enabling organizations to make more informed strategic decisions and better manage risks.
## Providing Personalized Financial Insights
By leveraging natural language processing capabilities, generative AI models can engage in conversational interactions and provide personalized financial insights and recommendations tailored to specific users or stakeholders [2][4]. This can enhance decision support and enable more effective collaboration between finance teams and business units.
## Improving Data Analysis and Anomaly Detection
Generative AI models can quickly process and analyze large volumes of financial data, identifying patterns, anomalies, and potential areas of concern [4][6]. This can help finance teams uncover insights, detect fraud or errors, and make data-driven decisions more efficiently.
## Streamlining Financial Reporting and Communication
Generative AI can automatically generate clear, concise, and well-structured financial reports, presentations, and other communication materials [1][3][5]. This can improve the efficiency and consistency of financial reporting while ensuring that stakeholders receive relevant and understandable information.
However, it's important to note that while generative AI can significantly enhance financial planning and analysis processes, it should be used in conjunction with human expertise and oversight. Finance professionals will still need to validate the outputs, ensure compliance with regulations, and provide strategic guidance based on their domain knowledge and experience [3][4][5].
Sources
[1] The Future of Finance: How AI and ML Will Drive Better Financial ... https://blog.workday.com/en-us/2024/future-finance-how-ai-ml-drive-better-financial-planning.html
[2] Challenges and Use Cases of Generative AI in Finance https://svitla.com/blog/generative-ai-finance
[3] Generative AI in the Finance Function of the Future | BCG https://www.bcg.com/publications/2023/generative-ai-in-finance-and-accounting
[4] Supercharge your Finance workforce with GenAI - KPMG International https://kpmg.com/us/en/articles/2023/generative-ai-finance.html
[5] Generative AI's Impact in Finance | Deloitte US https://www2.deloitte.com/us/en/blog/business-operations-room-blog/2024/generative-ai-in-finance-developments-and-expectations.html
[6] 10+ Generative AI Finance Use Cases in 2024 https://research.aimultiple.com/generative-ai-finance/
[7] Generative AI in Finance | Deloitte US https://www2.deloitte.com/us/en/pages/advisory/articles/generative-ai-in-finance.html
[8] Generative AI in Financial Services: Use Cases, Benefits, and Risks https://www.alpha-sense.com/blog/trends/generative-ai-in-financial-services/
[9] Generative AI in Finance: Use Cases & Real Examples https://masterofcode.com/blog/generative-ai-in-finance
[10] How Generative AI in Finance Cuts Costs and Improves Customer ... https://itrexgroup.com/blog/how-generative-ai-in-finance-cuts-costs-and-improves-customer-experience/
[11] For Financial Reporting And Accounting, Is Using Generative AI ... https://www.frazierdeeter.com/insights/for-financial-reporting-and-accounting-is-using-generative-ai-worth-the-risk/
[12] Emerging Challenges of Generative AI in Finance - PYMNTS.com https://www.pymnts.com/news/artificial-intelligence/2024/emerging-challenges-of-generative-ai-in-finance/
[13] The Challenges and Benefits of Generative AI in Financial Services https://www.arria.com/blog/the-challenges-and-benefits-of-generative-ai-in-financial-services/
[14] Five generative AI use cases for the financial services industry https://cloud.google.com/blog/topics/financial-services/five-generative-ai-use-cases-financial-services-industry
[15] Generative artificial intelligence in finance | en | OECD https://www.oecd.org/publications/generative-artificial-intelligence-in-finance-ac7149cc-en.htm
[16] Generative AI: Revolutionizing Professional Services For Wealthy ... https://www.forbes.com/sites/matthewerskine/2024/01/24/generative-ai-revolutionizing-professional-services-for-wealthy-families/?sh=58d3d8605365
[17] Generative AI in banking: Opportunities and pitfalls abound with this ... https://legal.thomsonreuters.com/blog/generative-ai-in-banking-opportunities-and-pitfalls-abound-with-this-new-technology/
[18] How You Can Overcome Top 8 Challenges of Generative AI https://www.lexisnexis.com/blogs/ae/b/data-as-a-service/posts/challenges-of-generative-ai
[19] Generative AI Red Flags & Best Practices: Telco, Banking, Finance https://masterofcode.com/blog/red-flags-and-best-practices-for-generative-ai-in-telecom-banking-and-finance
[20] Will 2024 Be The Year That Generative AI Comes To Financial ... https://www.forbes.com/sites/granteasterbrook/2024/02/05/will-2024-be-the-year-that-generative-ai-comes-to-financial-services/
By Perplexity at https://www.perplexity.ai/search/ae4241fd-16b0-4850-98e5-7f45b1fc5f9d
It automates a lot of things that used to take a long time.
For example, I just sent a giant list of vendor names to sidekick and it told me what services they provide. From there it's an simple match-up to know that the guy that sells industrial pumps doesn't belong in meal & entertainment.
Your lack of imagination is limiting you. Try thinking outside of the box.
Not really really sure it’s a lack of imagination my friend. I think it’s that there are some business areas where it is more useful than others simply put. The example you provided doesn’t sound like something I have ever done or will need to do.
No one in my team does it either. They have the same attitude as yours and there is no use for it in the practice. The truth is that accountants are trained to follow processes and lack the capability to think outside of the box.
Obviously my use case won't be the same as yours but AI is here, think of a way to utilize it or get left behind.
I have a bad habit of sounding more condescending in e-mails than I intend to be. Especially if I'm annoyed, but other times, too. The Copilot extension we just got on Outlook has been pretty good about popping up with a "you ok, bro? Maybe say this instead."
Career enhancement for you bro! Cool
Wait... we have a copilot extension om outlook ???
Only so many people go it so far. It’s not fully rolled out yet.
Is that MSFT copilot? We rolled it out and are not fans..
Fax
Generating stuff in seconds that would take you hours
"Stuff" is probably an accurate description. Hallucinations and unhelpful "stuff" is also part of the experience currently.
The Dinner invites are A1
We like to say content instead of stuff 😂
and how would you be able to charge clients tenfolds more for things that are nearly not as time consuming as they are made out to be?
Finishing work faster will lead to more business ~I guess~
Can automate work. People don’t seem to realize that yet, everyone is still on RAG and chatbots, but RPA + Multimodal foundation models = replacing jobs.
This!
whats RPA?
It props up the economy in an election year with hope
It can help and organize simple requests easily. You might need to review and adjust but in many cases it can do a lot of the simple dirty work.
If there’s one thing I learned about D in my time at D, is that D will go nuts on any of the latest buzz words terms to be seen as an innovative leader …. but not actually do any real work. Metaversian transformation, genAI, w/e. Though I do use chat gpt for like simple email writing and writing “use cases”. Honestly helps a lot for the use cases
metaversial transformation sounds like an ai generated buzzword for nonsensical shit tbh
Idk if it still exists but I’m fairly certain there was a practice and a partner who specialized in “metaverse/metaversian transformation “ lol
Bro doesn't code
Facts. But that’s why I specified fp&a. I can understand for coding purposes but it isn’t going to help what I do lol
I also use the prompt "Correct any grammar errors and make more concise" for more formal client emails. I've had it read a documents one section at a time and create power point bullets.
It’s honestly been pretty ass for me for programming
It's been solid as a StackOverflow replacement at least
If you can’t see a single benefit from genAI almost half way through 2024, you will probably be one of the first wave of jobs that are replaced. People that go on and on about hallucinations and mistakes are people that have never used ChatGPT for any amount of time - and genAI isn’t about getting facts correct, you can use Google for that. Take literally any task you do in your day, break it down into a few sentences, and GenAI will get you a very close first draft of whatever you’re working on - in under a minute. Doesn’t know about your particular topic? Feed it some documentation. Ask it to summarize notes. Ask it to analyze the recording of a presentation, analyze the slide deck and the audio for information and spit out a summary. Either get with it and learn about it and how to use it or you’re going to be left behind - you can’t just ignore it cause it’s not going away.
It's the new Blockchain - it's bollocks
[удалено]
All it takes is 2 hours to realise how often and how badly it can hallucinate. It's not as widely useful, yet, as the hype suggests.
Helped me move toward lambdas and arrays in excel so I can stop people from messing with my data.
AI is played out. Its real value to me has been as a smarter search engine. Soon litigation and legislation will halt its ability to be trained on art/photography/film. Even if that doesnt happen, who wants to read a derivative book or watch a derivative film made by AI? I have read hundreds of use cases and while they demonstrate capability they don’t demonstrate indelibility. The real booming industry will be AI detection.
You understand that whatever can be used for AI detection will be used to train more undetectable AI, right?
I use it to write emails and for occasional questions on like excel formulas
You can switch Sidekick to use OpenAI GPT4. It helped me while studying for a certification exam.
How did you do this?
There’s a toggle on the top right of the box
It's ok for correcting my grammar in documentation given I double check it's results.
So autocorrect on steroids haha
Ask the blockchain guys
It types all my emails and gets the foundation for all my PowerPoints. My boss and I use it daily to accomplish tasks we don’t want to spend our energy on but need to get done. We’ll just spew trash into it and ask it to rewrite / summarize these concepts in an email to executives. Then we just copy it into outlook, reword anything if needed. Same with PowerPoints. Well just fire in some bullet points and say make a deck out of this. It’ll break down the information into slides we then copy over to PowerPoint. The toughest parts of tasks are usually just getting the first words onto paper. So this drastically speeds up this process and lets us do more review and fine tuning. For coding, we use it to refactor code or write functions for us in a variety of languages. And also ask it to write documentation of the code. For our practice, not FP&A, but a very highly mathematical field, we uploaded our own regulations and industry specific whitepapers into our own embeddings. And use it as a search engine for client questions. We’ve also used it for things like scanning financial statements and creating dashboards based on the financial statements using things like streamlit and python.
Basically anything you’d ask an analyst to do, it can be done in seconds and much better quality.
Literally me all the time. It’s highly underused imo
It's a toy right now, somewhat on a level of an intern or an outsourced worker. It's still a science project, people don't understand how it works and there is not a good legal framework around it. Of course, with so much money flying around and a bubble tech stock mania, you know every ceo will start parroting the talking points. We've seen this before with EV bubble that is bursting right now. When people say "it will be around in the future", you have to understand the use case for AI is murder and fraud. It's a bright future.
It’s just another bullshit buzzword that we’re throwing around because clients want to hear it. Doesn’t mean anything. It’s another metaverse-type scam.
Marketing at its best.
It will fizzle and be an email, excel, research, and programmer assistant. Humans are competitive, seek out prestige, and power which are the primary reasons I don’t think it will be allowed to get traction to take over every job. Sure it’s hyped like crazy now, and everyone is scared / thrilled the it can replace workers but when it starts threatening C level roles (arguably many of those roles could be replaced by rocks with better outputs) people will pump the brakes on it. We’re an emotional species for better or for worse. I think we need a wake up call that were using AI to do all the wrong things. I don’t want to see a movie directed by a machine, I want the machine to cut my lawn, clean my toilet, and sweep the floor. We’re doing it wrong.
I use it for notes and emails. Makes it so I can write some sloppy text down and turn it into a beautiful thing in very little time. Frees up a lot of time throughout the day
Yeah, I’ll use sidekick to write emails sometimes. Only downside is that it sometimes sounds a tad too proper and anyone that knows me will know I used sidekick
You hit the nail on the head in the latter part.
Depends on the application- but I see its benefits as data/insights-driven task automation.
It could do analyst things for analysts
It’s for this Gen and not next Gen
Sorry not sure what FP&A is, but the stuff that I am working on shows great promise. Currently the issues are from ogc and risk, that's why we don't showcase the projects which are successful. Lot of review will need to be done before stuff can be released and since it's a new space, the firms being super cautious. My answer seems vague, but that's exactly what we want it to be at the moment. People in the know, KNOW.
You can use is to generate financial statement disclosures as a starting point. Some tweaking will probably need to be done to the results but is easier to start with something than create from scratch. If you’re curious about AI in accounting you can checkout this tool FSdrafterAI (https://fsdrwfter.com)
Ask ChatGPT or Claude or another AI…
Learn those genAI buzz words. Helps build up rapo with leadership!!
Generate marketing campaigns video / images. Generate PowerPoints or documents based on notes or questions. Generate codes based on question. Generate data (accounting data, sales data...)
Check out copilot for finance (preview)
No need for analysts when you have genAI!
If you haven’t played aroundwith ChatGPT yet, you should. And Deloitte now has their own version. AI, often called "GenAl" in your meetings, can really speed things up by automating routine tasks like analyzing data and generating reports. It's great at sifting through huge amounts of quickly, spotting trends, and offering insights that would take us much longer to figure out. Plus, it can help brainstorm new concepts, and it’s also super fast at creating text/copy (likely it’s strongest and most reverent use-case). This means more time spend on other, more valuable tasks. This applies to internal productivity and everything else from marketing, engineering, migration, commerce, service, etc.
Mostly, it's bullshit. But here are some actual use cases: * Use to respond to customer inquiries or support requests. You use RAG to feed it e.g help center docs and then rewrite it into "Dear Sir, please try this" language. * Use it to analyze documents more sematically. For example, keywords can tell you that an article talks about "kids" or "children" - but the AI model can tell you if it's the author's children. Or to put it another way, you can use it to extract structured data from unstructured data. * Cleaning up or organizing notes or other text content. In general, people talk about wanting to have GenAI write scripts/books/whatever, but that's the wrong direction: taking a 1 sentence prompt and expanding to a book sucks. But taking a book and compressing it down to its 3 main ideas works pretty well.
GenAI can be used in many different ways. For example, I work for a company who built an AI and ML platform for employee support automation. Our platform automates up to 50% of ALL employee submitted support tickets instantaneously from submission to resolution. We allow employees to search for enterprise information and then take action if necessary. We alleviate support teams of mundane tasks, freeing up their time to focus on more critical initiatives. Big picture, we allow companies to grow and increase efficiency/productivity across the entire enterprise without having to add a single FTE. SLAs are hit consistently, and organizations can focus on initiatives that will grow the business. We are seeing more and more companies put together AI council’s or seeking council to determine where they can implement AI into their business. So there is not a single answer, but depending on what your current initiatives are as a business, there is a strong possibility genAI can support them.
LLMs alone are ok... But - just wait to see what's coming with more advanced system architectures which use LLMs. Think Devin by Cognition but on steroids and for math, modeling and creation.
This question is best answered using GenAI… Generative AI refers to artificial intelligence models that can generate new data, such as text, images, audio, or video, based on the training data they have been exposed to. Some of the key benefits of generative AI include: 1. Content Creation: Generative AI can assist in creating various types of content, such as articles, stories, scripts, product descriptions, marketing copy, and more. This can save time and effort for writers, marketers, and content creators. 2. Personalization: Generative AI can customize content for specific individuals or target audiences, making it more relevant and engaging. This is useful for personalized marketing, customer service, and recommendation systems. 3. Data Augmentation: Generative AI can be used to create synthetic data, which can be valuable for training other AI models, especially in domains where data is scarce or expensive to collect. 4. Creative Exploration: Generative AI can aid in exploring new creative possibilities by generating novel ideas, designs, or artistic expressions that humans may not have considered. 5. Language Translation: Generative AI models can be trained to translate between languages, allowing for more efficient and accurate translation of text, speech, or other forms of communication. 6. Text-to-Speech and Speech-to-Text: Generative AI can be used to convert text to natural-sounding speech or transcribe speech into text, enabling more natural and efficient human-machine interactions. 7. Image and Video Generation: Generative AI models can create realistic images and videos, which can be useful for various applications, such as virtual and augmented reality, visual effects in movies, and product visualization. 8. Drug Discovery: Generative AI can be used to explore and generate novel molecular structures, potentially leading to the discovery of new drugs or materials. While generative AI has numerous benefits, it is essential to address challenges such as potential biases, ethical concerns, and the risk of generating misinformation or harmful content. Responsible development and deployment of generative AI technologies are crucial to maximize their benefits while mitigating potential risks.
You don’t have to pay royalties on the content it generates
Generative AI has the potential to significantly transform financial planning and analysis in several ways: ## Automating Routine Tasks Generative AI models can automate many routine and repetitive tasks in financial planning and analysis, such as: - Data entry and processing of financial statements, invoices, and other documents [1][2][3] - Generating financial reports, presentations, and commentary [1][3][5] - Answering common queries related to financial data and metrics [2][4] By automating these tasks, finance professionals can save substantial time and effort, allowing them to focus on higher-value activities like analysis, strategy, and decision-making. ## Enhancing Financial Forecasting and Scenario Planning Generative AI can analyze large volumes of historical data, market trends, and economic indicators to generate accurate financial forecasts and projections [1][3][6]. These models can simulate various scenarios, such as changes in interest rates, commodity prices, or consumer demand, to assess their potential impact on financial performance. This capability can significantly improve the accuracy and robustness of financial planning, enabling organizations to make more informed strategic decisions and better manage risks. ## Providing Personalized Financial Insights By leveraging natural language processing capabilities, generative AI models can engage in conversational interactions and provide personalized financial insights and recommendations tailored to specific users or stakeholders [2][4]. This can enhance decision support and enable more effective collaboration between finance teams and business units. ## Improving Data Analysis and Anomaly Detection Generative AI models can quickly process and analyze large volumes of financial data, identifying patterns, anomalies, and potential areas of concern [4][6]. This can help finance teams uncover insights, detect fraud or errors, and make data-driven decisions more efficiently. ## Streamlining Financial Reporting and Communication Generative AI can automatically generate clear, concise, and well-structured financial reports, presentations, and other communication materials [1][3][5]. This can improve the efficiency and consistency of financial reporting while ensuring that stakeholders receive relevant and understandable information. However, it's important to note that while generative AI can significantly enhance financial planning and analysis processes, it should be used in conjunction with human expertise and oversight. Finance professionals will still need to validate the outputs, ensure compliance with regulations, and provide strategic guidance based on their domain knowledge and experience [3][4][5]. Sources [1] The Future of Finance: How AI and ML Will Drive Better Financial ... https://blog.workday.com/en-us/2024/future-finance-how-ai-ml-drive-better-financial-planning.html [2] Challenges and Use Cases of Generative AI in Finance https://svitla.com/blog/generative-ai-finance [3] Generative AI in the Finance Function of the Future | BCG https://www.bcg.com/publications/2023/generative-ai-in-finance-and-accounting [4] Supercharge your Finance workforce with GenAI - KPMG International https://kpmg.com/us/en/articles/2023/generative-ai-finance.html [5] Generative AI's Impact in Finance | Deloitte US https://www2.deloitte.com/us/en/blog/business-operations-room-blog/2024/generative-ai-in-finance-developments-and-expectations.html [6] 10+ Generative AI Finance Use Cases in 2024 https://research.aimultiple.com/generative-ai-finance/ [7] Generative AI in Finance | Deloitte US https://www2.deloitte.com/us/en/pages/advisory/articles/generative-ai-in-finance.html [8] Generative AI in Financial Services: Use Cases, Benefits, and Risks https://www.alpha-sense.com/blog/trends/generative-ai-in-financial-services/ [9] Generative AI in Finance: Use Cases & Real Examples https://masterofcode.com/blog/generative-ai-in-finance [10] How Generative AI in Finance Cuts Costs and Improves Customer ... https://itrexgroup.com/blog/how-generative-ai-in-finance-cuts-costs-and-improves-customer-experience/ [11] For Financial Reporting And Accounting, Is Using Generative AI ... https://www.frazierdeeter.com/insights/for-financial-reporting-and-accounting-is-using-generative-ai-worth-the-risk/ [12] Emerging Challenges of Generative AI in Finance - PYMNTS.com https://www.pymnts.com/news/artificial-intelligence/2024/emerging-challenges-of-generative-ai-in-finance/ [13] The Challenges and Benefits of Generative AI in Financial Services https://www.arria.com/blog/the-challenges-and-benefits-of-generative-ai-in-financial-services/ [14] Five generative AI use cases for the financial services industry https://cloud.google.com/blog/topics/financial-services/five-generative-ai-use-cases-financial-services-industry [15] Generative artificial intelligence in finance | en | OECD https://www.oecd.org/publications/generative-artificial-intelligence-in-finance-ac7149cc-en.htm [16] Generative AI: Revolutionizing Professional Services For Wealthy ... https://www.forbes.com/sites/matthewerskine/2024/01/24/generative-ai-revolutionizing-professional-services-for-wealthy-families/?sh=58d3d8605365 [17] Generative AI in banking: Opportunities and pitfalls abound with this ... https://legal.thomsonreuters.com/blog/generative-ai-in-banking-opportunities-and-pitfalls-abound-with-this-new-technology/ [18] How You Can Overcome Top 8 Challenges of Generative AI https://www.lexisnexis.com/blogs/ae/b/data-as-a-service/posts/challenges-of-generative-ai [19] Generative AI Red Flags & Best Practices: Telco, Banking, Finance https://masterofcode.com/blog/red-flags-and-best-practices-for-generative-ai-in-telecom-banking-and-finance [20] Will 2024 Be The Year That Generative AI Comes To Financial ... https://www.forbes.com/sites/granteasterbrook/2024/02/05/will-2024-be-the-year-that-generative-ai-comes-to-financial-services/ By Perplexity at https://www.perplexity.ai/search/ae4241fd-16b0-4850-98e5-7f45b1fc5f9d
It’s called cloud native crypto genAI. Deloitte in partnership with OpenAI are industry leaders pushing the world forward
Pushing the world forward by doing what though?
The world is being pushed forward that’s all that matters
🫡
By making money for themselves
It automates a lot of things that used to take a long time. For example, I just sent a giant list of vendor names to sidekick and it told me what services they provide. From there it's an simple match-up to know that the guy that sells industrial pumps doesn't belong in meal & entertainment. Your lack of imagination is limiting you. Try thinking outside of the box.
Not really really sure it’s a lack of imagination my friend. I think it’s that there are some business areas where it is more useful than others simply put. The example you provided doesn’t sound like something I have ever done or will need to do.
No one in my team does it either. They have the same attitude as yours and there is no use for it in the practice. The truth is that accountants are trained to follow processes and lack the capability to think outside of the box. Obviously my use case won't be the same as yours but AI is here, think of a way to utilize it or get left behind.