Author: Liz Peuster, CAE
This article originally appeared in the Summer 2024 issue of the South Carolina CPA Report

The ongoing impact of generative AI cannot be understated. This technology is on a growth trajectory unlike anything we’ve experienced. While some believe generative AI is no more than a fad that will fizzle out, it’s here to stay and will continue to influence how we live and work. Just as the Internet, websites, and social media have forever impacted how we do business, generative AI is changing how we interact with our stakeholders. Generative AI has led to an increase in consumer expectations. As consumers, we are becoming accustomed to seemingly realistic chatbot interactions over touchtone menus.

With heightened consumer expectations, business leaders, including CPAs, must rise to the challenge of providing frictionless experiences, streamlining repetitive tasks, and leaning into relationship development.

The next question then becomes….how to get started? What’s the first step?

With a vast array of tools available and seemingly limitless possibilities, those critical first steps can be hard to take. You may know you need to get started, but the question is, “how?”

Taking the First Step: Overcoming the AI Hurdle
Adopting new technologies can be intimidating, especially in a field that values precision and accuracy.

When tools like ChatGPT first emerged in the commercial space (around November 2022), our internal team had its fair share of skepticism. We evaluated the potential risks, security issues, and ethical implications. However, we also recognized that we needed to understand this technology to serve our members better and stay ahead of the curve.

Before starting any chats, we established clear ground rules to ensure responsible and ethical AI use. We prioritized data security, insisted on human review of all AI-generated content, and committed to transparency about our use of AI.

With these safeguards, we began experimenting with generative AI tools, starting with small, manageable tasks like wordsmithing emails, freshening up marketing copy, and organizing data. The results were impressive. We quickly discovered that even seemingly simple AI uses could save us valuable time and energy.

These small wins quickly added up, freeing our team to focus on more strategic and creative initiatives. This time allows our team to enhance the membership experience.

Our early uses were not overly complicated or high-level. We started small to understand the tools’ capabilities and built from there.

You can practice this by garnering assistance in writing an engagement letter, reporting on financials in a way a non-financial professional will understand them, or hunting for contract anomalies.

Choosing the Right Tool for the Job
The world of generative AI is vast and constantly evolving, with new tools and platforms emerging regularly. When selecting an AI tool, it’s important to consider your specific needs and goals.

Some factors to consider include:

  • Ease of use: How intuitive is the interface? Is it user-friendly for non-technical users?
  • Features: What specific capabilities does the tool offer? Does it align with your intended use cases?
  • Cost: Is the tool affordable for your budget? Are there free trials or demos available?
  • Security and privacy: How does the tool handle data? Does it comply with relevant regulations?

Remember, there’s no one-size-fits-all solution. The best AI tool for you depends on your needs and preferences. Don’t be afraid to try different options to find the perfect fit. Most tools are free or low-cost (around $20-$50 per month), a very palatable investment for test-driving tools.

AI Adoption Strategies: A Roadmap for Success
To successfully integrate AI into your workflow, consider the following strategies:

  • Operational Excellence: Use AI to streamline repetitive tasks, automate workflows, and enhance communication.
  • Staff Empowerment: Encourage your team to explore AI tools and provide training and support to help them develop their skills.
  • Strategic Investment: Allocate resources for AI initiatives and stay informed about the latest developments in the field.
  • Professional Development: Invest in training programs to upskill your team and ensure they can leverage AI effectively.
  • Robust Data Management: Establish clear data policies and practices to ensure ethical and responsible AI usage.
  • Seamless Integration: Explore APIs and integrations to connect AI tools with your existing systems.
  • Lead by Example: Demonstrate the value of AI by actively using it in your own work and sharing your successes with your team.
  • Cultivate AI Curiosity: Foster a culture of learning and curiosity around AI, encouraging your team to explore its potential.

Your AI Journey Begins Now
If you’re feeling overwhelmed by the prospect of adopting AI, remember that you don’t have to become an expert overnight. Start small and have fun with it. Ask yourself, “Can AI help me with this task?” If the answer is yes, give it a try! You might be surprised at how quickly you become comfortable with these powerful tools and start to see the benefits in your own work.