Whatever your circle, GenAI has been getting a lot of buzz lately, and not all of it is flattering. Some see it as the next big thing, while others fear it's the harbinger of job-stealing robots with a penchant for outpacing human intelligence.

But before we all start drafting our resumes for a future under our AI overlords, let’s take a step back and ask: What can GenAI actually do, and how will it really change our work lives?

Spoiler alert: GenAI is less about taking over the world and more about taking over the mundane.

Take accounting, for example. Traditionally, automating transaction categorization required either hefty ERP systems or Machine Learning (ML) models. Both options demand time, money, and a ridiculous amount of data. Small and medium-sized companies often found themselves stuck between a rock and a hard place, unable to afford these tools but also unable to scale without them.

Enter GenAI with a solution that’s smarter, faster, and far less needy when it comes to data.

But it's true, the Future isn’t what it used to be:

We’ve all heard the stories: jobs evolving as industries change, with new tools and technologies reshaping the landscape. Doctors, for instance, have seen their roles shift from technical precision to building relationships with patients as diagnostic tools become more advanced. Similarly, in finance, the future might be less about crunching numbers and more about interpreting data to provide insights and value.

Right now, most GenAI use cases might seem a bit far-fetched, or at least distant, for many industries. It’s easy to keep doing what you’re doing, especially if everyone around you is sticking to the status quo. But here’s the kicker, when change happens, it happens fast. And those who’ve been preparing, experimenting with GenAI, and learning its ins and outs will have a serious advantage. The transition doesn’t need to be overnight or radical. It’s about getting comfortable with GenAI, testing its limits, and staying informed. That way, when the paradigm shifts, you’re not just ready, you’re ahead.

The Silver Lining for financial services:

In finance, particularly for roles like fractional CFOs for SMEs, there’s a lot of manual processing going on. Month after month, these professionals find themselves buried under pivot tables and data categorization, doing work that feels more like data wrangling than strategic advising. The risk? Getting so bogged down in the nitty-gritty that they miss the forest for the trees.

But here’s the silver lining: As GenAI takes over the manual processing, whether it's through automated pipelines or smart categorization, these professionals can finally elevate their roles. Instead of losing hours to redundant tasks, they can focus on what really matters: analyzing the data, generating insights, and delivering strategic value to clients. In short, GenAI can free them from the back office and put them at the forefront of decision-making.

To sum it up, the future with GenAI isn’t one where humans are replaced by machines. It’s a future where we’re freed from the repetitive and the redundant, so we can focus on what really adds value: our creativity, our insights, and our relationships. So, before you start worrying about GenAI taking your job, think about how it might just give you the freedom to do it better.

And for those in finance, particularly those who’ve been buried under an avalanche of spreadsheets and pivot tables, there’s light at the end of the tunnel. GenAI is here to help you rise above the manual work and into a new role where your expertise shines.

After all, who wouldn’t want to trade hours of manual processing for a chance to deliver game-changing insights?

#GenerativeAI #Finance #Accounting #Innovation #FutureOfWork

Hugo Matthaey