While AI has fueled exciting opportunities, it has also been the catalyst for fear in the workforce. The companies who will thrive in this era are the ones with a clear plan to leverage AI to empower their people and enhance culture instead of detracting from it. This will become a key competitive differentiator for attracting talent. The right AI strategy will improve your team’s day-to-day, enabling them to focus on the exciting and value-driving aspect of their jobs while automating tedious or unnecessary tasks.

How to Properly Leverage AI to Build an Award-Winning Culture

As technology continues to develop, businesses will have no choice but to adopt and adapt to prominent new tools on the market. But how can you do so without completely disrupting the day-to-day of your employees? It is crucial to consider your workplace culture as part of a successful AI adoption plan.

How the AI Evolution is Currently Impacting Workplace Culture

AI has already been adopted by many businesses across industries and is utilized in real business scenarios. Those businesses are already reaping some of the benefits of AI but are also beginning to experience the negative side effects that can arise when implementing artificial intelligence within the workplace.

Current Cons of AI

Doubt remains surrounding AI and its potential impact on businesses in the long-term. Some of the current drawbacks of AI in the workplace include:

• Fear Around Job Security – One of the largest concerns surrounding artificial intelligence is job security. Employees are fearful implementing AI tools will make their job obsolete, and that they will be replaced by technology.
• Confusing, Unclear Policies – Not establishing a clear-cut policy surrounding the utilization of artificial intelligence in the workplace often results in hesitancy, or even the unsafe application of AI solutions.
• Cybersecurity Threats – AI-fueled cyber-attacks have become more common as technology advances. Generative AI has created more realistic phishing scams than ever before, as well as greater capacity for hackers to create malicious code.
• Inaccurate Information – There are major concerns surrounding artificial intelligence retrieving inaccurate information due to errors in the system or source data. AI can also be prone to “hallucinations” where it generates inaccurate information, making it difficult to put full trust in these solutions.
• Lack of Obvious (or Immediate) ROI – Many businesses are hesitant due to a lack of direct return on investment currently being demonstrated by AI. Investing in AI tools can be expensive, and if an immediate return on investment is not achievable, it is more difficult to justify and riskier for the business.

Current Pros of AI

However, concerns over monetary and operational returns are being combatted by businesses who have improved leaps and bounds by implementing artificial intelligence into their operations.

• Automation of Tasks & Employee Empowerment – Historically tedious and manual tasks have been further automated by AI, freeing your employees to redefine their duties.
  • Ongoing Completion of Real-Time Tasks – On top of the automation of manual processes, tasks such as financial close, trend monitoring, and inventory tracking are seeing increased automation, leading to improved productivity.
• Employee Empowerment - AI tools have empowered employees with additional time for innovation and more value-add tasks. Tools have also enhanced employees’ abilities to complete tasks, allowing for greater productivity.
• Bottleneck Detection & Process improvement – Internal process monitoring has improved through greater data visibility, empowered by artificial intelligence. Artificial intelligence can highlight workflows for improvement, ultimately increasing efficiency across the organization.
• Better Reporting & Decision-Making – AI tools have provided businesses with improved reporting capabilities and data visibility. These improvements allow leadership to make more informed, data-driven decisions for the organization.

How Businesses Should Respond to New AI Tools and Advancements

One of the largest challenges while adopting artificial intelligence tools within your organization is keeping up with major advancements and the release of new tools. In fact, the market appears to change every day. So how should you approach addressing new AI tools and advancements?

1. Optimistic Skepticism – Maintain a healthy amount of “polite paranoia” when considering new artificial intelligence functionality.
2. Avoid Complacency – Don’t become complacent with what your organization is doing now! Look for how your organization can utilize AI responsibly and safely.
3. Keep up with Current News – Vendors are announcing new tools daily. Stay in the loop on new announcements being made to stay at the forefront of technological advancements.
4. Evaluate Vendor Strategies – It is crucial to consider a vendor’s strategy for data privacy, innovation, and security policies. Make sure they have your best interests in mind.
5. Make Calculated Decisions & Temper Expectations – Look at utilizing AI tools for processes such as core accounting functions, AR & AP automation, and inventory automation. Do not fall for “fantasy” offerings that have no real, proven results yet.
6. Ask Questions – Experts are here to guide and ground you, so your expectations remain realistic. Do not be afraid to ask questions of your vendor and your partners!

Developing an Approach That Enhances Your Culture

More than ever before, job candidates are considering employers’ potential AI strategies; not just the potential for their job to be replaced by aggressive or unrealistic strategies, but how it will improve their day jobs. For your business to thrive and continue to grow, you should create a culture that effectively (and realistically) embraces and applies AI.

Address Current & Future Employees’ Pain Points

It is important to first address current pain points being felt by your employees. Identify how artificial intelligence can make their jobs easier and improve their quality of life on the job. No one wants to spend hours fixing spreadsheets, entering their time from their calendar each day, or combing through data to manually create reports! Improving and automating current tedious processes with AI tools will improve your employees’ day-to-day, and overall, bolster your company’s culture.

Potential job candidates are looking for stable companies that still push innovation. Innovating within your business without creating instability is the key to success in the AI era and requires a strong policy and approach to adopting emerging tools. Just like your current employees, prospective employees are looking for organizations that will advance their skills and increase what they can do without being bogged down in traditionally manual tasks or unnecessary administrative work.

Your goal should be to minimize manual, undesirable tasks. Some real, applicable examples already being applied by businesses TODAY include:

• “Zero-Day” close is becoming increasingly realistic with AI agents for account and bank reconciliation, anomaly detection, and pushing through approvals.
• Automated Invoice Processing – Invoice processing with tools like OCR for accounting, automated approval workflows that are routed based on department and dollar amount, and data validation and matching across the GL through detect discrepancies are just some ways businesses are innovating. Others include invoice capture through payment approval and even predictive invoice development and suggestions.
• Accounts Receivable – AI provides tools for credit risk management, payment reminders, predictive analytics, automated cash application, improved communication, and intelligent collections for risky accounts.
• AI-Powered Planning and Analysis – Predictions for greater decision-making utilizing data retrieval from internal and external resources.
• AI-Powered Reporting – Instant reports with data citations, all generated through natural language requests.

Tips for Fostering an AI Positive (And Empowered) Culture

In order to create an AI positive culture for your organization, you must put transparency at the forefront of your approach. Focus on the positive aspects of artificial intelligence by highlighting the benefits but remain transparent with your team regarding the risks. You can do so by educating your workforce and ensuring your employees are safely and effectively using AI.

Do what you can to improve the daily lives of your employees! Make their jobs easier by implementing tools to increase time efficiency in their roles. Doing so and showing them REAL benefits these tools provide in their day-to-day jobs will create a culture of innovators. Your employees will be more inclined to continuously improve their processes in the future and will be free to perform more value-added tasks. This will create an overall more positive workplace culture.

How to Address Common Objections and Win Over AI Naysayers

Unfortunately, no matter how you approach the adoption of AI into your organization’s processes, there will be people who will be resistant to change. Some of the more common objections include:

1. AI is going to take all our jobs.
   1. With the right strategy, AI will not steal employees’ jobs but will instead change their role. There are tasks that AI tools will automate for the better. But instead of replacing employees, a focus must be placed on tools opening the door to new possibilities within their roles. By replacing tedious tasks, employees will be capable of performing new tasks that your organization was previously incapable of completing!
2. AI has proven zero ROI for the companies investing in it.
   1. This is no longer true, as companies are beginning to reap the benefits of utilizing artificial intelligence. While returns may not yet be astronomical, they are growing. The existing returns also may not quite be quantifiable at this time, with some of the ROI coming in saving employees time and optimizing your existing workflows.
3. AI presents a MAJOR cybersecurity risk.
   1. All new technology poses some level of risk, but leading vendors are investing heavily into securing their platforms. The proper controls are being built in, and in some cases, vendors are utilizing AI to combat AI. (See our cybersecurity blog with James McQuiggan)

Conclusion

AI tools are only going to extend business opportunities as investors continue to pour resources into the development of emerging technology. The time to consider your business’s artificial intelligence strategy is now. Don’t fall behind your competitors! If you have questions or concerns regarding how to approach AI for your organization, we can help. Schedule your free consultation with our team today!