KPMG Study: AI Revolutionizes Financial Reporting
The KPMG study ‘AI in financial reporting and audit: Navigating the new era’ reveals that nearly three-quarters of companies already use AI in financial reporting. Within three years, almost all companies plan to adopt AI. Concerns about accuracy and data privacy are significant, while auditors are expected to ensure safe technology use.
Female managers outperform men in generative AI
Boston Consulting Group Study reveals 68% of Women in the Tech Industry say they use a GenAI Tool at Work More than once a Week, Compared with 66% of Men, with Notable Variations Across Seniority and Roles.
Web3 for German companies – Advantages and challenges
Web3 stands for a new version of the World Wide Web that incorporates concepts such as decentralization, distributed ledger technologies and token-based economics. The development towards Web3 is of crucial importance for companies in all sectors. This innovative and decentralized technology brings trust, security and transparency to business processes. In addition, Web3 opens up new opportunities to fundamentally challenge traditional business models. In this article, we show the advantages and challenges that this presents for German companies.
Artificial intelligence is gaining ground in the digitalisation of accounting – but still holds a lot of potential
The PwC study “Digitalisation in Finance and Accounting 2023” shows that almost 60 per cent of the companies surveyed are currently driving forward a comprehensive transformation of their finance function. Staff shortages and regulatory requirements are putting increasing pressure on the integration of technologies. Interestingly, just under 20 per cent of respondents stated that they would allow complete data extraction as part of the audit.
The economic potential of generative AI: The next productivity frontier
As the development of generative artificial intelligence (GenAI) progresses, there is enormous potential for the global economy. A new study by the McKinsey Global Institute (MGI), the economics think tank of management consultants McKinsey & Company, shows: GenAI technologies such as ChatGPT or DALL-E can theoretically enable annual productivity gains of $2.6 to $4.4 trillion.
Companies tighten austerity – investments focus on AI and transformation
In view of persistently high inflation, a mixed economic outlook, high energy prices and considerable geopolitical tensions, more and more German companies are putting planned major investments on hold.
News on the AI Act: The way to the trialogue is open
The latest Insights article from our member Taylor Wessing highlights the key changes to the Commission’s draft Artificial Intelligence Act, or AI Act.
Deutsche Bank Research: Launch of new topic page on AI
Due to the current relevance of the topic, Deutsche Bank Research only recently launched a topic page on “Artificial Intelligence”, which will be regularly updated with reports and analyses on the topic.