AI in 2025: Cutting Through the Hype

Artificial intelligence (AI) is everywhere—every day, new headlines promise it will revolutionize the accounting industry, with tools like ChatGPT transforming your business. But if you’ve tried AI and found it lacking—great for drafting emails or processing invoices, but not accurate enough for complex tasks—you’re not alone. The reality doesn’t yet match the hype, and that’s causing frustrating. The good news? This is complete normal and it's the Gartner Hype Cycle at work.

The Gartner Hype Cycle: A Tech reality Check

The Gartner Hype Cycle is a simple framework that maps the journey of emerging technologies through five phases:

Innovation Trigger: A breakthrough sparks excitement and early experiments.

Peak of Inflated Expectations: Hype peaks, with unrealistic claims about the tech’s potential.

Trough of Disillusionment: Reality hits as early efforts fall short, leading to frustration.

Slope of Enlightenment: Practical uses emerge, and businesses apply the tech effectively.

Plateau of Productivity: The technology matures, delivering consistent value.

Where AI Stands in 2024

The 2024 Gartner Hype Cycle for Artificial Intelligence positions Generative AI at the Peak of Inflated Expectations, expected to reach the Plateau of Productivity in 2 to 5 years. Meanwhile, Foundation Models (powering tools like ChatGPT) are sliding into the Trough of Disillusionment, with a similar 2-to-5-year timeline to maturity. This explains the current mood in accounting: AI’s hyped-up promise isn’t quite matching its practical impact, and many people are feeling a bit disillusioned.

What to expect in 2025

If this is what your feeling, you’re not alone—and it’s not a failure. The Trough of Disillusionment is a natural phase for every transformative technology, from the internet to cloud computing. It’s where overhyped promises are pruned, and practical applications take root. Better yet, we’re already seeing signs of the Slope of Enlightenment, with platforms like Elfworks.ai and Docyt and beginning to climb this phase.

New platforms will emerge, moving beyond general-purpose AI to deliver targeted, industry-specific solutions. In your industry, expect to see meaningful change across areas like transactional processing, personal productivity, compliance and research.

It's very unlikely that there is going to be one platform that provides and all-encompassing revolution but practical evolutions—steady improvements that add up to transformational impact over time.

Your Path Forward

AI is at a turning point, moving from hype to practical value. As an accountant, you can progress your journey by:

1. Focusing on Quick Wins: Use AI to automate repetitive tasks like data entry or invoice processing, saving hours each week.

2. Building Skills: Train your team on AI tools through short, practical courses to maximize their impact.

3. Choosing the Right Tools: Look for AI solutions built for accounting, not generic platforms.

If you have any questions then don't hesitate to reach out or subscribe to our blog at Elfworks.ai