How generative AI is revolutionizing finance
According to Moody’s, one of the most exciting developments in AI is its democratization. Gone are the days when AI was solely the realm of software engineers. Today, analysts, creatives, and other professionals can leverage these powerful tools to streamline their workflows. Tools like ChatGPT have played a pivotal role in this shift, making AI accessible without the need for deep technical know-how.
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.
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.
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.
