Speak to an Expert
Book a CallCorey Noyek, VP Finance, Cardata
AI is changing the landscape of modern business rapidly, forcing business leaders to address the topic. I’m deep in the financial and operational elements of my company, and I’ve observed firsthand how these advances in tech can transform our work. However, I’m finding that it’s more important than ever to navigate these changes cautiously and mindfully. As business leaders, we need to ensure that we preserve the core values of our teams, that we don’t fall deeper into AI silos, that we continue cross-departmental collaboration, as well as maintain the human elements that drive our business success.
Cross-department collaboration today
Cross-department collaboration and business success are synonymous — ask any executive. It allows for diverse perspectives to bridge the problem gap, and it fosters a deep understanding of the organization and its goals. Collaboration is more than just a process, it’s more than just some cumbersome colleague input session, and it’s more than a motion we must go through. Collaboration is the part of any successful company’s culture that encourages original insights, nuanced approaches to problem-solving, innovation, and a shared vision. The contributions of different departments — from finance to operations to customer success — contribute to a richer mosaic of understanding of the business landscape. The value of diverse insights cannot be understated, nor should they be underestimated.
AI and the future of collaboration
AI, as I understand it, is a self-improving technology, so inevitably I find myself asking: how will this technology impact the collaborative processes at my company? Well, AI can indeed facilitate conversations and streamline processes. For example, it can analyze data at a speed and scale previously unimaginable for humans. It can identify trends and anomalies that might otherwise go unnoticed—in finance, this can be incredibly useful. In the vehicle reimbursement industry, AI can enhance tier-one support, offering tailored and accurate responses to customer queries by quickly processing huge amounts of data rapidly.
That being said, it’s important to recognize that AI is just a tool, one only as effective as the human using it. AI is not, and should not, be a replacement for human interaction and judgment. Risk lies in allowing AI to take over these collaborative processes. If we only rely on AI-generated insights without human verification or validation, we risk losing the true understanding that comes from diverse human insights and perspectives. AI can provide a data-driven foundation upon which we build, but it lacks that contextual understanding that human experience brings.
Risks and opportunities to integrating AI
One of the obvious risks of integrating AI into at-work collaboration is the potential to lean too heavily on its outputs. There’s a danger, I think, in assuming that AI-generated data and insights are infallible. This can lead to slacking in the critical review process, a decrease in rigorously validating the information provided by the AI tool. It’s much like having a junior staff member who, while capable and efficient, still requires oversight and coaching, it’s obviously necessary to ensure their work aligns with the company’s standards and values.
On the flip side, AI presents huge opportunities for stepping-up efficiency and accuracy in certain tasks. In finance, for example, AI can assist with simple tasks like templating and drafting initial reports. This means that we can focus on more complex, strategic activities that require a deep understanding of the business. However, we must remember that AI is currently in a ‘crawl, walk, run’ phase. While it can assist with basic tasks, it’s not yet ready to fully replace human roles—at least, not in finance.
Successful integration of AI
Working AI successfully into collaboration practices requires some delicate finessing. It’s important to strike the right balance between using AI’s capabilities and preserving human fact-checking and oversight. AI should be seen as an accelerator—a tool that can speed up processes and provide valuable insights, but not as the sole solution. This balance can ensure that we continue to benefit from the diverse perspectives and collaborative spirit that define a healthy workplace culture.
Leaders must also be proactive and consistent in defining how much they depend on AI. Outlining these details in a project’s critical path can be helpful for all involved. By setting clear guidelines for when and how AI should be used, the project managers can ensure that AI complements rather than replaces the team’s input. Additionally, regular training and updates on AI capabilities and limitations can help teams stay informed, better utilizing the tool.
Conclusion
As we adopt and integrate AI into our workflows and processes, let’s do it with a clear understanding of its strengths and limitations. AI can do so much to enhance efficiency and provide invaluable insights, but it should not replace the human elements that are fundamental to the success of the businesses we all seek to grow. Always use a balanced approach; harness the power of AI while preserving the collaborative culture that drives innovation and growth.
As VP of Finance at Cardata, I’ve seen how a mindful approach to AI integration can improve our workflows without compromising the values that define our organization. As we move forward, it’s essential to keep this perspective in mind, ensuring that AI serves as a tool to aid and support, rather than replace, our human capabilities.
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