By 2023, 50% of large finance organisations will use AI to create short-term financial forecasts.
AI promises to deliver new insights and automate finance decision-making, but the reality of applying the technology is a struggle. Finance leaders do not know how to identify the processes that will benefit the most from AI, leaving AI ambitions shelved in favour of other priorities and exposed to technical obsolescence as competitors gain traction.
It is critical to create a culture that embraces and trusts AI. CFOs must actively participate in strategic decisions about when, where and how much AI to use throughout the organisation, rather than just treating it as another technology in the stack.
Four key actions to drive AI success:
Leading AI finance organisations are not always the ones investing the most in AI, or the ones that have used AI the longest. Instead, they invest in specific ways or specific capabilities and more readily experiment with the following actions:
- Acquire new AI-specific talent.
- Purchase technology with embedded AI capabilities.
- Experiment broadly with the use of AI.
- Choose an analytically savvy leader to realise the benefits of AI.