When it comes to implementing GenAI tools in finance departments, some executives are like thoroughbreds straining at the starting gate of a Triple Crown race while others are more cautious about being caught on the “bleeding edge” of this new technology. According to three experts from KPMG, it takes a balance of aggressiveness and caution to make the adoption of AI successful not only for financial professionals, but for entire organizations.
In this interview, MFM CEO Joseph Annotti discusses why finance should lead the adoption of GenAI with KPMG’s Frank Albarella, Elliot Brook, and Ryan Tuggle. Brook and Tuggle will be featured panelists at MFM’s upcoming Regional Meetings scheduled for October 18 in Washington, DC; October 26 in Atlanta, GA; and November 15 in Los Angeles, CA.
All three KPMG executives agreed that GenAI is a game changer; these financial professionals were uniquely qualified to introduce these tools in their companies because their working relationship with all major departments included access to KPMG’s human resources and information technology divisions. But none of them see it as a panacea for correcting fundamental flaws in processes or procedures, or as a replacement for skilled financial professionals. “AI should be viewed as a co-pilot,” said Tuggle. “You’re not purchasing a tool that’s going to fly the plane. You’re purchasing technology that’s going to make the flight more fuel-efficient, make the crew more productive, and make the passengers more comfortable. But if you run into problems, you are still going to need someone like Captain Sully to land the plane.”
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