Generative artificial intelligence has the potential to reshape the finance function by automating routine, time-consuming work and freeing capacity for higher-value strategic tasks. The article cites common applications such as generating quarterly reports, drafting communications with investors, and producing strategic summaries. Andrew W. Lo, Charles E. and Susan T. Harris professor and director of the Laboratory for Financial Engineering at the MIT Sloan School of Management, is quoted saying that large language models can provide first drafts that summarize key issues and outline priorities while stopping short of replacing the chief financial officer.
Industry analysis and surveys show early but growing uptake. Deloitte’s analysis of its 2024 State of Generative AI in the Enterprise survey found that 19% of finance organizations have adopted generative artificial intelligence in the finance function. Deloitte also reports that return on generative artificial intelligence investments in finance has been 8 points below expectations so far for surveyed organizations. Despite that shortfall, Deloitte’s fourth-quarter 2024 North American CFO Signals survey found 46% of responding CFOs expect deployment or spend on generative artificial intelligence in finance to increase in the next 12 months. The article notes promise in treasury use cases—cash, revenue, and liquidity forecasting and management—as well as contract automation and investment analysis, but it cautions that mathematical limitations of large language models remain a barrier to reliable forecasting.
The piece argues that finance organizations risk falling behind if CFOs wait to see how the technology evolves. Robyn Peters, principal in finance transformation at Deloitte Consulting LLP, emphasizes that finance has lagged other customer-facing functions and that artificial intelligence can help modernize document workflows and internal experiences. The article recommends reimagining the finance role in collaboration with generative artificial intelligence and notes that future finance professionals are already growing up using these tools. The content was produced by Insights, the custom content arm of MIT Technology Review, and was not written by MIT Technology Review’s editorial staff.
