How can artificial intelligence assist the finance department?

The financial world is evolving at a breakneck pace, and finance departments are constantly seeking ways to optimise their operations.

Artificial intelligence (AI) is emerging as a catalyst for this transformation, offering innovative solutions for financial reporting.

In this article, we'll explore how tools like EMAsphere, specialised in automated reporting, can revolutionise the daily routine of financial directors.

Horus: The AI that frees up time

A concrete example of AI's positive impact in finance is Horus, an accounting software that incorporates AI features. Horus enables significant time savings, up to 40% in daily tasks, by automating repetitive tasks and providing faster, more accurate analyses.

Jean-Thomas De Dobbeleer, interviewed on the Once Upon a Business podcast, emphasises that AI is not aimed at replacing humans, but rather at enhancing their intelligence. According to him, "AI's impact on back-office work is undeniable, but professions will evolve, just as they did with the introduction of spreadsheets and BI tools." "AI offers faster, more relevant, and effective collective solutions, while leaving the final decision-making power to humans."

Deloitte's report on consumer digital trends confirms the emergence of AI in 2023, with ChatGPT as a major gateway to generative AI. This popularity highlights AI's potential in various contexts, including finance.

AI: An asset for the finance department

In financial reporting, AI promises to bring significant improvements, especially in forecasting, budgets, and predictions. EMAsphere, as an innovative solution, fits into this perspective and offers more accurate analyses and predictive features that facilitate decision-making.

However, it is crucial to highlight that awareness of AI's limitations is still limited. Many users are unaware of the potential errors in AI tools, underscoring the need for ongoing engagement in AI literacy. This awareness is essential to ensure informed decisions and increased confidence in using these technologies.

Deloitte addresses these concerns by supporting its clients with "Trustworthy AI," a service that helps businesses develop and implement AI tools while ensuring reliable results and avoiding unintended biases.

Adoption of AI in the professional world

Although 25% of Belgians already use generative AI, only 7% apply it in a professional context, according to Deloitte's survey. This reluctance may be linked to AI's primarily recreational use. Yet, experts believe that AI will play an increasingly important role in automating simple tasks, thereby enhancing the productivity of finance departments.

In conclusion, artificial intelligence is emerging as an indispensable partner for finance departments seeking to optimise their operations. The positive experiences of users like Jean-Thomas De Dobbeleer and Deloitte's innovative approach strengthen AI's position as a crucial tool for the future of financial reporting. For companies, integrating solutions like EMAsphere represents a significant step towards operational efficiency and digital innovation.