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Finance of the future in Large Corporations and SME, a new vision

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The future of Finance in large companies and SMEs is profoundly influenced by the integration of artificial intelligence (AI) and other new technologies. This transformation, expected to take place over the next 5 to 10 years, aims to automate processes and improve decision-making, thereby increasing efficiency and competitiveness. The human component will remain central, with a complementary role to AI, crucial to the steering and management of financial activities.

AI and Large Corporates: advanced management for the future

Large corporations, specifically financial institutions, will continue to adopt and optimize AI to automate manual processes and even intellectual ones, reduce errors, enhance decision-making, and boost growth. With the increasing amount of data available, AI algorithms can analyze large amounts of information quickly and accurately, providing insights and predictions that would be impossible to achieve manually. This will lead to improved risk management, increased efficiency, and reduced costs for financial institutions. As evidence of this, intelligently implementing the demanding ESG and Digital Euro regulation, in addition to the continuous improvement of the huge current regulatory reporting, AI would be the only reliable and flexible way on which companies could rely to go beyond the regulatory. The role of Finance is key in this process.  

People at the heart of AI: an essential synergy

However, the integration of AI in Finance does not mean the end of human involvement. Instead, the role of the teams and talent in Finance will be re-evaluated as a complementary key component to AI. AI can provide the necessary data and insights, and human intuition and emotional intelligence are still crucial in making informed decisions. This highlights the need for a smart combination of AI and human talent in Finance, where AI is used to support, but not replace, human decision-making.

Financial technology in SMEs: levelling the playing field

In SMEs, advancements in financial technology will provide cost-effective and accessible financial solutions for managing their businesses. The use of AI in accounting, financial planning, reporting and analysis will become a standard practice, allowing SMEs to compete on a level playing field with larger corporations. Furthermore, AI can help SMEs make data-driven decisions, providing them with insights into their financial performance and enabling them to make informed decisions about the future of their business.

An integrated and efficient financial future

In conclusion, the future of Finance and globally of business steering is characterized by the integration and the harmonious interaction of AI and human talent. Large corporations and SMEs will both benefit from this integration, leading to improved efficiency, reduced costs, and enhanced decision-making capabilities, for solid, sustainable, and shared growth. It is important for Finance in large corporations and SMEs to embrace this change and adopt AI in their operations to remain competitive in the rapidly evolving financial landscape.

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