Finance Monthly - August 2023

including troubleshooting techniques to address errors and misinformation. Company-level actions to benefit from AI To fully capitalize on the potential of ChatGPT and generative AI, it’s critical for finance department leaders to adopt a proactive approach that encompasses various company-level actions. First and foremost, it is important to dispel any fears employees may have regarding AI. Instead of perceiving AI as a threat to job security, encourage employees to embrace these technologies as tools that enhance their capabilities and productivity. By communicating this positive message, companies can foster a culture of innovation and empower their workforce to embrace the transformative power of ChatGPT and AI. Second, to remain competitive in today’s rapidly evolving landscape, it is vital for CEOs to prioritize the implementation of ChatGPT and generative AI. This strategic integration ensures that organizations remain at the forefront of technological advancements and benefit from the full potential of these tools. By championing the adoption of ChatGPT and AI, CEOs demonstrate their commitment to driving innovation and positioning their companies for long-term success. Third, it is crucial to establish policies that encourage the use of generative AI throughout the organization. By publishing and sharing these policies, organizations can create a framework that supports responsible and effective use of AI technologies. Furthermore, it is essential to continuously test, review, and update best practices to adapt to the evolving nature of generative AI. CEOs should directly oversee these efforts, ensuring that the integration of generative AI is well-managed and aligned with the organization’s strategic objectives. Reimagining the future ChatGPT, and more broadly generative AI, represents a transformative force within corporate finance departments, empowering professionals to become strategic partners and decision-makers. As its applications evolve, the technologies can offer a competitive advantage for organizations that leverage it to improve efficiency, enhance customer service, analyze data, provide recommendations, detect fraud, identify compliance issues, among other uses. It is essential for finance leaders to navigate the risks associated with generative AI, such as security protocols and the need for proper training and oversight, and directly manage their implementation to maintain a competitive edge. By embracing this revolutionary technology, finance departments can reinvent themselves, thrive in the era of automation and AI, and seize the opportunity to shape the future of corporate finance. About the Author: Ankita Panwar is a seasoned finance leader and has a breadth of intensive finance experience across companies like Snowflake, Sequoia Capital, and WorldQuant. An alumna of the Indian Institute of Technology Kanpur and the Chicago Booth School of Business, Ankita focuses on strategic and operational excellence driven by finance. For more information, contact Finance Monthly. Front Cover Feature 17

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