Strategies of organisations now center on generative artificial intelligence (GenAI) following the challenges in 2023 amid macroeconomic weaknesses and cost-savings, according to Ernst & Young.
GenAI is seen to have triggered a rebound in confidence against the backdrop of the current market situations.
Injecting GenAI into digital transformation strategies, including the finance function, has now been gaining traction in the board room, serving as a key factor in future decision-making processes and initiatives.
It is then important that financial leaders are able to deeply understand the opportunities posed by this technological advancement to aid them in future undertakings.
According to the EY report, the top 10 opportunities in this field are:
- Inject GenAI into digital transformation strategies and establish a “control tower”
- Experiment with GenAI in targeted front-office and back-office use cases
- Invest in new forms of digital infrastructure in the burgeoning “edge economy”
- Establish additional supply lines in emerging markets
- Shape corporate investment strategy around the AI roadmap
- Harness platform business models to industrialise and scale advancing technologies
- Establish proactive and holistic responses to new and forthcoming tax burdens
- Prioritise energy efficiency of data center in environmental efforts
- Invest in advanced risk tools and revisit trade-offs between costs, risks, resiliency and agility
- Deploy advanced technology to reduce current and future cyber risks
The report cautions, however, that 90% of organisations are still at a nascent stage of AI maturity, and urges companies to establish an “AI control tower” to support safe and ethical AI deployments, with humans at the center.
