Four scenarios for the future of AI and finance
SAP Insights commissioned TRENDONE GmbH to study trends in the field of artificial intelligence that would be expected to affect the business processes within the finance department of a typical midsized-to-large company, and was summarized in this article. This article offers an additional analysis of the technological adoption curve and its effect on people and business, which was developed in the form of a future business transformation scenario model.
Artificial intelligence will affect finance in four very different ways. Here’s what leaders should prepare for.
One rule holds true for CFOs trying to navigate the changes that artificial intelligence will bring to their departments and the rest of their businesses: Preparedness is key.
Research from SAP Insights has examined several possible outcomes for the future of AI in finance, each with distinct implications for companies, employees, and the broader economic landscape. Businesses may experience more than one of these scenarios as they create new processes and workflows that take advantage of AI’s capabilities. How they play out depends on a combination of company culture and comfort with quickly changing technologies.
The transformation matrix shown below evaluates two key dimensions: the social and cultural readiness of business functions to implement AI, and the technological readiness required of them to do so effectively. These factors determine whether businesses will thrive, transform, or struggle in an AI-driven future.
