How businesses are putting Generative AI to work

Generative artificial intelligence (GenAI) has emerged as a transformative tool for business leaders, offering a myriad of applications to streamline operations and enhance decision making.

In the latest Dynamic Business Let's Talk feature, Fabian Calle (Managing Director, Small and Medium Business at SAP Concur ANZ) shared his thoughts alongside other industry experts and leaders, on the common business use cases for GenAI, including the need for executive leaders to encourage a culture of innovation and ongoing learning to fully realise its benefits.

Generative artificial intelligence (GenAI) has emerged as a transformative tool for business leaders, offering a myriad of applications to streamline operations and enhance decision making. As with other sectors, GenAI can automate routine financial tasks—such as processing invoices, optimising budget allocation, generating financial reports, conducting audits on transactions, and monitoring expenses—letting finance teams redirect their focus towards more strategic activities to increase efficiency and job satisfaction. GenAI also plays a crucial role in forecasting by leveraging vast datasets to generate insights that are more accurate and timelier, giving businesses a competitive edge.

Substantial benefits can also be uncovered by using GenAI for travel and expense management, including automating the processing and analysis of expense claims, reducing the administrative burden on finance teams. This automation ensures compliance with company policies and regulatory requirements by accurately categorising expenses and flagging anomalies. Additionally, AI-driven tools can analyse spending patterns and provide business leaders with insights that help optimise budget allocation and prevent fraud.

To fully realise the benefits of GenAI, executive leaders must encourage a culture of innovation and ongoing learning. Collaboration between finance and IT departments is critical for seamlessly integrating AI solutions into existing systems, safeguarding security and compliance.

Read on to explore some of the most common and impactful business use cases for Generative AI. From content generation to personalised recommendations, anomaly detection to creative design, the applications of generative AI are vast and diverse, reshaping the way businesses operate and innovate in the digital age.