Billtrust’s CTO says AI in finance isn’t about revolution, but reality check.
AI’s impact on finance often gets hyped as a transformative force, but the reality is more subtle. John Landy, the chief technology officer at Billtrust, recently shared a crucial insight with PYMNTS: AI in finance is not about disrupting the status quo, but rather about bringing the status quo into sharper focus.
According to Landy, the real value of AI in finance lies in its ability to conduct a thorough audit of existing workflows. By analyzing vast amounts of data, AI can identify inefficiencies, discrepancies, and areas for improvement. This, in turn, enables finance teams to refine their processes, eliminate unnecessary steps, and optimize their resources.
Automation vs. Augmentation
Landy’s take on AI’s role in finance highlights a crucial distinction between automation and augmentation. While some might argue that AI is meant to replace entire teams with automated systems, Landy suggests that AI’s true potential lies in augmenting human capabilities. By leveraging AI’s analytical prowess, finance teams can free themselves from mundane tasks, allowing them to focus on higher-value activities that require creativity, judgment, and empathy.
A More Nuanced View of AI in Finance
So, what does this mean for finance leaders and their teams? In short, it means that AI should be seen as a tool to enhance existing workflows, rather than a silver bullet for revolutionizing finance. By embracing a more nuanced view of AI’s capabilities, finance teams can unlock its full potential and drive meaningful improvements to their operations.
In practice, this might involve using AI-powered tools to analyze financial data, identify areas for process improvement, and develop targeted solutions. It might also involve leveraging AI-powered chatbots to streamline customer interactions, or using AI-driven forecasting models to make more informed business decisions.
From Audit to Action
Ultimately, AI’s impact on finance will be felt not through grand, revolutionary changes, but through a series of incremental improvements to existing workflows. By embracing this more modest vision of AI’s potential, finance teams can harness its power to drive real-world progress and achieve their goals.
