Innovating your finance function with Generative AI

Explore the transformative impact of GenAI on the future of finance. Discover how AI is reshaping the role of CFOs, driving operational excellence, and unlocking new opportunities for financial innovation.

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In this episode, Prashant Garg, Partner, Technology Consulting , EY India, delves into the transformative impact of GenAI on the future of finance. Discover how AI is reshaping the role of CFOs, driving operational excellence, and unlocking new opportunities for financial innovation.

Key takeaways

GenAI is transforming finance by shifting CFOs’ focus from routine tasks to strategic initiatives.
AI-driven capabilities unlock new revenue streams, enhance liquidity forecasts and streamline financial operations.
GenAI strengthens regulatory compliance, fraud detection, and control environments with minimal human intervention.

For your convenience, a full text transcript of this podcast is available on the link below:

Prashant

Hello. I am Prashant Garg, Partner, Technology Consulting , EY India and welcome to another exciting episode of Ey.ai unplugged series.

Today, I want to talk to you about how GenAI will influence the future of finance from the perspective of a CFO.

GenAI is enabling us to shift our focus instead of being bogged down by routine tasks. We are heading strategic initiatives, moving from reactive to proactive strategies, and that is a game changer.

With faster and more insightful decision-making, finance teams are evolving. We are no longer just operators; we are becoming innovators. But GenAI’s role goes beyond mere data processing. It is about turning vast data sets into actionable insights and tailoring decisions to our unique products and addressing the diverse needs of our customers.

The advantages are significant. We are talking about new revenue streams, improved liquidity forecasts and more effective cash management.

These are vital for financial stability and operational flexibility. GenAI also simplifies complex processes like regulatory compliance and fraud detection. Its abilities fortify our control environment and ensure compliance with minimal human intervention. It revolutionizes operations such as reconciliation and month end close processes, ensuring a smoother flow of information across the financial.

Beyond operational tasks, GenAI shapes our strategic direction. It is not just a tool, it is a catalyst for a new era marked by insights, operational excellence and continuous innovation.

The future of finance has arrived. It is an opportunity for us to guide this transformation thoughtfully and proactively. Let us embrace it together.

Presenters

Prashant Garg

Partner, Technology Consulting , EY India

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Podcast

Episode 12

Duration

2m 59s

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