The key to a successful AI project is to start with focused, measurable uses and resist the urge to pursue AI for its own sake, Cheek says.
“Form a hypothesis, define criteria, and make it measurable and quantitative,” Cheek suggests. “Otherwise, it’s very hard to measure success.”
Every project will be different, and Truist payments specialists can help you customize a plan for using AI in treasury. But you’ll generally:
- Define a specific use case, such as reconciliation or forecasting.
- Ensure data used is accurate and relevant.
- Set measurable success metrics.
- Test and refine the process before scaling.
Implementation can also require complex data integrations across systems; ongoing coordination among finance, technology, and other departments; and leadership buy-in to manage the change for their teams.
More data is not always better, Cheek adds. Consistent, structured information that reflects actual cash behavior is more valuable than complexity without a clear benefit.
To make the most of AI, track improvements and results. A company might target better forecast accuracy or fewer payment exceptions, for example. Starting with one application that can show measurable results helps organizations build confidence and learn what is required to scale.