In episode 105 of the Leadership Minute, Manny Korakis presents artificial intelligence (AI) use cases for professional services firms from the chief financial officer’s point of view.
This episode is sponsored by Acceleration Economy’s “Cloud Wars Top 10 Course,” which explains how Bob Evans builds and updates the Cloud Wars Top 10 ranking, as well as how C-suite executives use the list to inform strategic cloud purchase decisions. The course is available today.
00:39 — Many professional services firms use large quantities of data for audits and other service offerings. They may also receive calls from clients requesting help organizing large volumes of data.
01:04 — The firms also have access to data from their clients in various industries, which provides insightful information. However, they have to ensure they have the proper rights to use the data.
01:31 — For example, an audit firm could build an AI model to test revenue transactions from a client to properly apply revenue recognition rules and generate a list of the transactions most at risk. The auditor could then focus on those specific transactions.
01:52 — Applying the AI model should yield a more efficient audit approach, resulting in a higher level of assurance. With the proper rights, the firm can aggregate information from its clients to create benchmark information for companies to see how they compare to others.
02:30 — With use cases like these, I’m not surprised that professional services firms are embracing artificial intelligence. Having more consistent, less human error-prone services and valuable benchmark information is appealing.
02:50 — Professional services firms should continue to invest in capabilities, whether internal or through partnerships, from a variety of technologies to best meet their clients’ needs.