AI captured the zeitgeist of the past 12 months, generating endless headlines worldwide. For treasurers, AI has the potential to offer a new level of automation and to be a new co-worker on the team. Still, treasurers must also navigate challenges around data management and privacy.
While AI has been on the treasury technology radar for many years, nascent generative AI tools such as ChatGPT have opened up a new range of potential use cases. But for treasurers looking at taking advantage of AI in their daily tasks, there is much preparation work to do.
Bob Stark, Global Head of Market Strategy, Kyriba, comments: “The core issue for treasurers to understand is that you don’t have an AI strategy until you have a data strategy. You can’t plug in this tool without having access to a broad range of information to train the model.”
A key piece of technology that goes hand in hand with AI in this situation is the API, which plays a vital role in unifying data across the enterprise. Whether it’s a data warehouse, data lake or TMS, treasury teams must utilise APIs to ensure access to all relevant data.