Ad Valorem Group
AI – advancements and rebrands but are businesses seeing the change?
T ere is a lot of excitement and discus- sions on artifi cial intelligence (AI) and there are two camps of people. Are you in camp ‘let’s just weather the storm’ or are you the early adopter in the market always looking for ways to use new tech? We start with a rebrand from Google,
saying goodbye to Bard and hello to Gemini, which follows from internal changes. What is the big deal, I hear you ask and rightly so; Google Gemini is a multi-modal large language model, which can produce content in a variety of formats, including text and images. T e potential from one of the big tech companies is very exciting. T e race is on when it comes to legis-
lation and safeguarding the impact of AI. Be that news from the US Government positions for the US AI safety institute, or Meta announcing plans towards labelling of AI generated images.
Ben Brophy Senior Manager Ad Valorem Group
What are we doing in the AI space as accountants for clients? For some, AI has become a bit of a buzz word; we have seen advancements over the last two or three years in the tools we use. Our bread and butter has been converting businesses over to cloud-based
software like Xero. Such software has a number of time-saving features, often not fully utilised on conversion, such as bank statement rule setting and introducing invoice data capture, whether from photos, emails or fetching data from suppliers directly via third-party apps. We are fi nding businesses coming to us for advice and health checks to make sure automation opportunities are not missed. Moving away from book-keeping, we are finding we can create
insightful reporting by drilling down to product/service levels or location- based analysis. T is data has been used either as part of regular monthly management reporting or live dashboards. Bespoke live dashboards are exciting for business owners to have their fi nancial outlook readily available.
How are we seeing our clients use AI in owner-managed businesses? We are seeing a greater interest in understanding the use of the likes of Chat GPT generally, where basic e-mail templates seem to the starting point for many individuals. Indeed, AI is starting to become a real game changer for many marketing departments and the possibilities are very impressive. Back to fi nancials, and, ultimately, it comes back to a few areas that create
the ability to become more effi cient and gain further useful insight into business. As new data becomes available, there is a question on data quality that will drive management decisions.
ALL THINGS BUSINESS | 10
CONSTRUCTION, LAND & DEVELOPMENT
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