CohnReznick Executive Advocates for Strategic AI Implementation in Business

Mel Walker, Managing Director and Data & AI Practice Leader at CohnReznick, recently discussed with Benzinga the critical approach companies should take when implementing artificial intelligence technologies. As businesses increasingly seek guidance on AI adoption, CohnReznick's expertise in accounting, risk management, and digital transformation positions the firm as a key advisor in this evolving landscape.

Walker noted a significant shift in client needs, with companies expanding their requirements for support beyond traditional services. "Given the knowledge that we have on the tax, audit and finance side it really made us the perfect partner to come in to help them and advise them in other parts of their practice," Walker explained. This expansion includes helping clients navigate the complexities of AI integration, particularly as organizations prepare for widespread AI adoption.

The company assists clients in understanding AI capabilities within existing applications and ensuring proper policies, processes, and data optimization are in place before implementation. Walker cautioned that companies often overestimate their data readiness, stating there is always room for improvement when preparing for AI integration. This preparation phase is crucial for successful AI deployment and maximizing the technology's potential benefits.

While enthusiastic about AI's potential for enhancing productivity and efficiency, Walker advocates for a measured approach to adoption. "Use AI where it makes sense, don't use AI for the sake of AI," Walker advised, using the analogy "kill a fly with a fly swatter, not a sledgehammer." She recommends businesses begin their AI journey by exploring capabilities already embedded in tools they currently use, such as Hubspot for customer relationship management or Salesforce for sales leads, before implementing new AI solutions.

Walker predicts AI adoption will follow a slow and steady trajectory, particularly among C-suite executives who will cautiously test AI applications before full implementation. Trust and security concerns will significantly influence adoption decisions, with companies only rolling out AI solutions that prove reliable and secure. This cautious approach reflects the need for businesses to balance innovation with risk management in their AI strategies.

Addressing common concerns about AI's impact on employment, Walker argues that fears about job displacement are exaggerated. She believes AI will primarily augment human work rather than replace workers, ultimately making work life easier and potentially leading to innovations like the four-day work week. "AI certainly is not going away," Walker stated, emphasizing the technology's permanent role in the business landscape while advocating for a positive perspective on its potential benefits.