From the course: The Future of AI for Finance and Accounting

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Finance AI in software, hardware, integrated, and generative

Finance AI in software, hardware, integrated, and generative

From the course: The Future of AI for Finance and Accounting

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Finance AI in software, hardware, integrated, and generative

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- In 2024, of the biggest accounting firms in the world, KPMG conducted a global survey of financial executives in 1800 companies about using AI in financial reporting. As of 2024, 71% of the CEOs who responded, reported they're using AI and a whopping 100% expected to be using AI by 2027. Plus, 97% of those executives expected to be using generative AI or GenAI by 2027, up from 46% in 2024. The reason there's a lot of value in AI, as we think about AI and automation, they fall under four key categories. Software, hardware, integrated software and hardware, and generative. So how do these forms of artificial intelligence, impact finance and accounting industries? The software side is pretty clear. A lot of finance involves data analysis, forecasting, and making predictions. Computer programs like Stata and and SaaS have been widely used to achieve these aims for decades. Some of the greatest finance, and accounting uses of AI software includes leveraging statistics to seek…

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