02 Sep As generative AI models become more adaptable and accessible to organizations of all sizes, their uses in many managerial functions will increase
Using Generative Artificial Intelligence in Budgeting and Planning
As generative AI models become more adaptable and accessible to organizations of all sizes, their uses in many managerial functions will increase. Since the models provide the ability to easily analyze large datasets and to capture and replicate patterns and structures found in the data, their use in operational planning, forecasting, budgeting, and reporting seems to be a natural fit.
In this Discussion, you will consider the subjects of the past 2 weeks, strategic planning, forecasting, budgeting, and balanced score cards, and how generative AI can be utilized in these managerial accounting functions.
To prepare for this Discussion:
- Review this week's Learning Resources.
- Conduct a search of the Walden Library for more information on generative artificial intelligence.
- Consider the subjects from the past 2 weeks and the methods used to produce artifacts needed for each.
Post an analysis of the role of generative AI in strategic planning, budgeting, forecasting and balanced scorecards in an organization, to include the following:
- Provide a detailed example of how generative AI might be used in the strategic planning, budgeting, and forecasting processes or in the development and reporting of a balanced scorecard.
- Describe an advantage and disadvantage an organization might experience when using generative AI for either of these functions.
Account for Management Decision Making
Week 3 Learning Resources
Generative Al in Business
Generative AI is continually evolving and finding new applications in various industries. Its ability to automate tasks, enhance creativity, and provide data-driven insights makes it a valuable tool for businesses looking to stay competitive and innovative in today's rapidly changing digital landscape.
· Arrowsmith, R. (2020). The AI-human connection: The first step in making the most of this new technology is for accountants to learn to start trusting itLinks to an external site. . Accounting Today , 34 (3).
· Edelman, D. C., & Abraham, M. (2023, April 12). Generative AI will change your business. Here’s how to adapt . Harvard Business Review Digital Articles , 1–9. http://hbr.org
· El-Wakeel, F. (2021). Ethics and data analytics go hand in handLinks to an external site. . Strategic Finance , 103 (6), 11–12.
· McKinsey & Company. (2023, January 19). What is generative AI? Links to an external site. https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-generative-ai#/
· Olear, C. M., & Peatross, J. (2024). ChatGPT and the accounting profession: A transformation in the early stagesLinks to an external site. . Pennsylvania CPA Journal, 94(4), 20–23
· Ransbotham, S., Kiron, D., Candelon, F., Khodabandeh, S., & Chu, M. (2022, November). Achieving individual—and organizational—value with AILinks to an external site. . MIT Sloan Management Review , 1–19.
· Schrage, M., Kiron, D., Candelon, F., Khodabandeh, S., & Chu, M. (2023). Improve key performance indicators with AILinks to an external site. . MIT Sloan Management Review , 1–7.
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