In addition, the information produced during a “conversation” with the technology could result in using trademarked or copyrighted intellectual property without realising it. Needless to say, this can introduce legal risks for the finance team and the organisation in general. Parameters for its use must be established, as well as guidance around what can and cannot be shared. HOW TO LEVERAGE CHATGPT WITHIN THE FINANCE FUNCTION While ChatGPT and finance might seem like strange bedfellows, there are a host of ways the technology can enhance operations, productivity, innovation, and decision-making within the finance function. The following are some areas where finance teams can get the most benefit from ChatGPT: 1. Analysis and forecasting Being an analytics powerhouse with its ability to dissect copious amounts of financial data, ChatGPT with Code Interpreter has the potential to provide realtime insights into market trends, which can help generate future projections and movements for your company. One of the main advantages of Generative AI models is that they can be used to identify patterns in financial data that would be difficult or impossible for humans to detect. This means it can help financial analysts pinpoint trends THE POTENTIAL OF GENERATIVE AI IN THE FINANCE FUNCTION ChatGPT isn’t just an enhanced chatbot that can replicate human speech. It can also serve as a powerful search engine that not only provides quick and accurate answers to almost any question but also analyses large amounts of data and compiles research. This capability has significant potential when applied in the finance function. Currently, a third (33%) of finance time is still being spent on manual processes – time which could be better spent on strategic initiatives that will contribute to growth. From data entry and report generation to financial modelling, ChatGPT is increasingly accurate in its ability to perform some of the more manual responsibilities. It’s all a matter of understanding how to leverage AI strategically, so finance teams can focus on aspects of the job that require more critical thinking. As businesses begin to plan beyond an economic downturn, the finance team has a leading role to play in delivering growth and business success – but they need the time and visibility over finances to make informed decisions. For instance, finance teams can save up to 40% of additional processing time for invoices by embedding OpenAI to facilitate auto coding. Auto coding more accurately predicts the correct code on an invoice and purchase order – alleviating the pain of manual comparisons of previous transactions. EXERCISE CAUTION Leveraging Generative AI in finance isn’t without risk, even if you only use it to create a better customer experience or improve your team’s productivity. Data privacy and confidentiality implications must be considered. Given this is an open-source tool Given that prompts can be included in the public model there could be a risk that team members inadvertently disclose proprietary data. of UK finance professionals say they are excited about the opportunities that AI and machine learning can bring to accounts payable (AP) and finance. 77% Financial Innovation & FinTech 88 Finance Monthly.
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