Big 4 Firm Survey Shows that Finance Leaders Are Embracing Gen AI

Veena Gundavelli

Veena Gundavelli

20th September, 2023

Big 4 Firm Survey Shows that Finance Leaders Are Embracing Gen AI

Yet another new study indicates that businesses need to embrace generative AI solutions – like the popular ChatGPT and Emagia’s recently unveiled GiaGPT, Gen AI For Finance – to stay ahead of the curve. This latest one, from KPMG, suggests that finance leaders are uniquely positioned to lead adoption at most businesses.

KPMG’s latest survey results indicate a remarkable shift in sentiment among finance leaders regarding generative AI. While 81% of respondents now expect a “high impact” from generative AI, only 30% shared this sentiment just three months earlier, according to KPMG’s report ‘Why Finance Should Lead The Adoption of Generative AI.” Additionally, negative perceptions about AI’s potential consequences have drastically reduced, with only 19% anticipating negative impacts compared to 82% in KPMG’s March polling. This change reflects the growing understanding that generative AI solutions, like GiaGPT, can enhance employees’ capabilities and productivity rather than replacing them.

KPMG noted the trend of greater generative AI adoption holds significant implications, as generative AI promises to revolutionize the finance function and enhance decision-making processes. And those in senior finance positions are best positioned to lead greater adoption of the on-trend technologies.

“Because finance touches so many parts of the business, it makes sense for the function to lead the organization in generative AI adoption,” the study noted on why finance should lead the adoption of generative AI. “At the ‘tip of the spear’ in generative AI, finance can build strategies that fully consider all opportunities, risks, and tradeoffs of adopting the technology for the enterprise. Finance is also ripe with opportunities for application of generative AI.”

Among the top opportunities for applications of AI solutions identified by KPMG are collecting market intelligence in a faster, more efficient manner and for generating financial commentary and presentations. Both of which are among desired outcomes that helped fuel the development of Emagia’s GiaGPT, which became the world’s first generative AI for finance operations solution on the market upon its Sept. 6 unveiling.

WIth GiaGPT, finance executives can use it as a copilot to analyze any spreadsheet or document to get quick analysis along with visual graphs and plots. This is a beginner’s use case for Generative AI for Finance that opens up very transformative advanced use cases for accelerating decision making.

KPMG’s take on the sudden shift toward embracing generative AI dovetails with broader industry findings, including research from Emagia. It time for CFOs to understand and embrace Generative AI one use case at time to gradually make the leap.

Check out how to begin your GenAI for Finance journey with GiaGPT Click here

Elevate Your Business with Our
Enterprise Digital O2C Solutions

Subscribe to our newsletter and stay updated

Suggested Resources

Need Guidance?

Talk to Our O2C Transformation Experts

No Obligation Whatsoever

Request a Demo