The Future of AI in Finance: A Human-Centred Approach

The Institute of Chartered Accountants in England and Wales (ICAEW) has published insights from a study by technology market analyst IDC, emphasizing that AI in finance should be human-centred to be truly effective.

AI as a Tool for CFOs and Finance Teams

The study highlights that AI can help CFOs tackle major financial challenges, but only when designed to work alongside finance professionals rather than replace them. Businesses must develop practical AI applications that enhance financial workflows and decision-making rather than create risks.

The Risks of Over-Reliance on AI in Finance

Recent reports have demonstrated that over-reliance on AI in financial processes can lead to costly errors. However, with clear objectives and a strong understanding of workflow automation, businesses can leverage AI while maintaining control and ensuring accuracy in financial management.

Why Business Leaders Must Drive AI Adoption

It’s easy to assume that AI implementation should be left to tech-savvy teams or younger professionals, but this approach may result in technology driving business strategy, rather than the other way around. When business leaders actively engage in AI adoption, they can steer AI integration to align with business objectives, reduce financial risks, and improve efficiency.

Stay Ahead with Human-Centred AI in Finance

AI is transforming the financial landscape, but a human-led approach remains critical for success. If you’re looking to understand how AI in accounting and finance can benefit your business while minimizing risks, our team is here to help.

For further details, read the full report from the ICAEW.