The current wave of generative AI (GenAI) offers exciting possibilities, from automated insights to streamlined workflows. Yet, for CFOs tackling record-to-report (R2R) challenges, the spotlight should shift to automation as the first step in transforming finance operations. Without addressing the fragmentation and inefficiencies in underlying processes, AI’s potential remains unrealized. Automation and harmonization serve as the bedrock, delivering consistency and efficiency, before AI can effectively augment finance workflows. This sequence — harmonize, automate, then augment with AI — ensures organizations unlock lasting transformation in R2R.
Generative AI (GenAI) is having its moment, with promises of revolutionary applications like writing reports, drafting emails, and generating insights. Yet for CFOs managing record-to-report (R2R) processes, this enthusiasm often feels misplaced. Many finance organizations struggle to execute the basics — closing books on time, reconciling accounts, and ensuring compliance — due to fragmented, manual processes. Without addressing these inefficiencies, AI solutions risk amplifying dysfunction rather than solving it.
Let’s imagine a generative AI solution deployed...
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