As the capabilities of AI continue to evolve, its applications in finance and operations management are expanding in both use and accessibility. Most companies are eager to explore how AI can simplify tasks, streamline decisions, and improve their bottom line. As these tools become more adapted to their specific industries, businesses will face both opportunities and hurdles in keeping up with the pace of progress.
Lucas Birdsall, a Vancouver-based business leader and finance and operations management expert, has tracked the integration of AI tools into different industries, including his own. He’s developed some convictions about how and on what scale these new capabilities should be used.
“AI is more than just a tool for speeding up tasks, or automating them – it’s an intelligent assistant that gives companies options for better and faster operations, ways in which they can improve their work and find new ways to grow,” says Birdsall. “Companies will have to find their own way to blend the adoption of this tech into their culture so that it improves and doesn’t disrupt their business model.”
AI has already shown its power to reshape the finance industry, with machine learning handling big data, predicting trends, and aiding in making smart money choices. These tools are helping businesses work smarter and develop more accurate forecasts for cash flow.
Birdsall believes that one of the biggest challenges will be matching new tools with old systems. “I think companies expect that AI will fit into their operations in straightforward ways. But the reality is, each business will have to formulate a careful plan to avoid problems and maximize the impact of these tools.”
Birdsall notes that while AI is meant to improve efficiency, it’s not a magic fix. Business leaders must ensure that AI complements their business strategy and culture, integrating smoothly into their teams’ workflow. There is also the need to consider cybersecurity when using AI ‒ especially since AI handles essential financial and operational data. Keeping data safe from breaches and following rules are key parts of a good AI strategy.
AI shows great promise in improving client relationships. Companies are using AI tools to understand client behaviour more deeply, tailor services, and predict future needs. This understanding helps build stronger client connections, an area where Birdsall has much experience.
“Companies that can use AI to predict client needs and give personalized solutions will wind up leading their industries. That’s certainly true for finance.” Birdsall believes businesses should use AI to improve the emotional aspect of client interactions, building loyalty and long-term success.
Using AI openly and responsibly will be essential to keeping public trust and confidence in these technologies. Ethical considerations surrounding AI use, including fairness and accountability, will shape how businesses and consumers engage with this technology.
Birdsall believes AI use will grow quickly in finance and operations, but businesses need to prepare for a long-term commitment. AI’s potential is clear, but its real impact depends on how businesses handle their transformation.
“I want to see businesses adopt AI wisely, invest in the right people, and align AI projects with their bigger goals,” Birdsall concludes.
The next decade promises to be crucial for every industry as they integrate AI into their operations. By focusing on a balanced approach, businesses can unlock new efficiencies and growth opportunities, staying competitive in a tech-driven world. Companies must see AI adoption as a journey, and the most successful ones will be willing to keep innovating and adapting to the ever-changing landscape.
