AI and cognitive technology for the finance function

AI and cognitive technology for the finance function

Regardless of sector, artificial intelligence is set to redefine the role of the chief financial officer.

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AI and cognitive technology for the finance function

White-collar work is about to get much more interesting. The finance function of 2020 needs a huge injection of creativity. Administrative, transaction-based and even highly-skilled analytical jobs are about to be replaced by smart algorithms, learning machines and artificial intelligence.

This “Fourth Industrial Revolution” will see 5.1 million jobs disappear in 15 developed countries by the end of 2020, according to The World Economic Forum. “Businesses need to undergo a cultural transformation,” says Jayne Vaughan, Banking Partner, People Powered Performance, at KPMG in the UK. “People need to embrace working with robots rather than people. Agility is key.”

Chief financial officers who act to deploy cognitive technologies while developing a pipeline of these more creative, strategic finance business partners can steal a march on their rivals. The first step? Define which roles are related to transactions or data management; and which are defined by original thinking. The latter are the priority for humans – smart tech will eat up the former.

Discover how KPMG has been framing these key decisions for CFOs as they make strategic plans for the finance function of 2020.

  • On your reading list: Implications of the cloud on the finance function, KPMG Powered Finance initiative.
  • On your board agenda: As we evaluate cognitive technology in business-critical functions, how can we ensure we have adequate oversight of the complex “black box” systems we are using to make decisions?
  • Anticipate tomorrow…: The rise of AI for functions like finance will shake up our assumptions about recruitment, skills and career development. Is the HR function ready to support this shift?
  • …deliver today: Smart use of cloud technology is a critical stepping stone as cognitive tech develops. Invest now in putting finance in the cloud and nurturing creative individuals within the team.

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