The ramifications of artificial intelligence (AI) are widespread across the local and global economy. The financial sector is no exception. The prevalence of AI in finance is among the highest when compared to other industries.
More than nine in ten finance teams say they are planning to onboard AI within the next year, according to a report from accounting software providers AccountsIQ. The report, Confessions of the Finance Function, also found that 82% of younger finance professionals believe AI tools like ChatGPT will impact their work within five years, while almost a quarter of senior professionals perceive AI technology as a potential job threat.
Charity professionals and financial decision-makers need to dig deeper and understand more about the ramifications of AI on the sector. In general, AI quickens decision-making and automates processes at a rapid speed, which is an advantage for both financial and charity professionals with limited time and resources. But there are also associated risks.
In this article, we explore more about how AI is impacting financial processes in the charity sector and discuss how it may ease our workloads in the future. Click below to read more.
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