Global Perspective of the Impact of Generative Artificial Intelligence in Accounting and Finance
Start Date
12-4-2024 2:30 PM
Location
CASB 117
Document Type
Presentation
Abstract
Topic: Global Perspective of the Impact of Generative Artificial Intelligence in Accounting and Finance
Faculty Mentor: Dr. Uma Gupta
University: University of South Carolina Upstate
Student: Nagaswarna Yalamarthi
Abstract
The paper explores how generative artificial intelligence (AI) is revolutionizing the fields of finance and accounting, concentrating on ChatGPT-related technologies. Within the financial industry, operations, decision-making, and risk management have all undergone radical change as a result of the incorporation of generative AI. From investor relations and risk reduction to finance operations and reporting, this exploration covers a wide range of applications. The adoption of generative AI, as proven by ChatGPT, has already shown notable improvements in operational effectiveness by automating repetitive operations like financial analysis, data entry, and reconciliation. With its ability to comprehend natural language, the technology has been crucial in improving customer engagement by providing user-friendly interactions and real-time query resolution. To add on, generative AI models enhance the general robustness and security of financial systems by being essential in fraud detection, risk management, and customized financial advising. This research also emphasizes how crucial it is to address ethical issues when generative AI is implemented in the financial sector, even with recent advancements. Responsible and transparent use of generative AI technology requires careful management of ethical issues, such as data privacy, algorithmic biases, and legal compliance. The study also shows how generative AI assistants will work as the next generation of finance copilots, assisting with scenario planning, financial forecasting, and complete business intelligence while blending effortlessly into finance processes. It is expected that the cooperative relationship between generative AI and traditional AI forecasting tools will develop further, offering integrated use cases that facilitate better decision support for financial experts. Finally, the article highlights that to fully realize the revolutionary potential of generative AI in Accounting and Finance, ongoing investment in skill development, cross-functional collaboration, and ethical governance are needed. To fully reap the rewards of generative AI while maintaining reliability and honesty in financial operations, companies must use it responsibly and invest in ongoing training.
Keywords
Generative Artificial Intelligence in Accounting and Finance
Global Perspective of the Impact of Generative Artificial Intelligence in Accounting and Finance
CASB 117
Topic: Global Perspective of the Impact of Generative Artificial Intelligence in Accounting and Finance
Faculty Mentor: Dr. Uma Gupta
University: University of South Carolina Upstate
Student: Nagaswarna Yalamarthi
Abstract
The paper explores how generative artificial intelligence (AI) is revolutionizing the fields of finance and accounting, concentrating on ChatGPT-related technologies. Within the financial industry, operations, decision-making, and risk management have all undergone radical change as a result of the incorporation of generative AI. From investor relations and risk reduction to finance operations and reporting, this exploration covers a wide range of applications. The adoption of generative AI, as proven by ChatGPT, has already shown notable improvements in operational effectiveness by automating repetitive operations like financial analysis, data entry, and reconciliation. With its ability to comprehend natural language, the technology has been crucial in improving customer engagement by providing user-friendly interactions and real-time query resolution. To add on, generative AI models enhance the general robustness and security of financial systems by being essential in fraud detection, risk management, and customized financial advising. This research also emphasizes how crucial it is to address ethical issues when generative AI is implemented in the financial sector, even with recent advancements. Responsible and transparent use of generative AI technology requires careful management of ethical issues, such as data privacy, algorithmic biases, and legal compliance. The study also shows how generative AI assistants will work as the next generation of finance copilots, assisting with scenario planning, financial forecasting, and complete business intelligence while blending effortlessly into finance processes. It is expected that the cooperative relationship between generative AI and traditional AI forecasting tools will develop further, offering integrated use cases that facilitate better decision support for financial experts. Finally, the article highlights that to fully realize the revolutionary potential of generative AI in Accounting and Finance, ongoing investment in skill development, cross-functional collaboration, and ethical governance are needed. To fully reap the rewards of generative AI while maintaining reliability and honesty in financial operations, companies must use it responsibly and invest in ongoing training.