Building an intelligent finance 4.0

THE finance function is in a prime position to bring Artificial Intelligence (AI) to the business, given its position at the intersection of the most useful data to any organisation. Shifting away from repetitive processing work to acquiring new skills and knowledge will be vital in making finance a truly value-adding business partner.

Earlier this year, an Oxford Insights study ranked Singapore first globally for AI readiness. This reflects the country's ongoing Smart Nation initiative, where efforts to build up an AI sector and support the workforce in leveraging new technologies are in full progress. The launch of the Model AI Governance Framework by the government, which seeks to guide private sector organisations on how they use AI solutions ethically, is testament to this effort and is one of the first of its kind globally.

The upsides of AI as a technology are plenty. AI can help businesses to make smarter decisions, improve business productivity and outcomes, and enhance customer experience. At the same time, many are anxious about the job displacement impact that AI may bring.