Floating Icons on Left Border

Redefining AI Leadership in the C-Suite

  • 18th Jun'21

Who decides whether or not to invest in artificial intelligence(AI) tools within companies?

CEOs and CIO’s are generally the ones who make the decision but we believe CFOs should be present when CIOs conclude AI investments, combining financial analysis with technological strategy. 

While AI is anticipated to have a significant impact on business operations in the future across the C-suite, it is having an influence now. At present, leadership from the CFO is critical whether a company wants to change its finance department with AI skills, or if it wants to invest wisely in AI in general.

 

AI Leaderhip in C-Suite 

 

Opportunities for AI Within Finance Functions

The financial period closure is one of the most common places to use robotic process automation (RPA) because it requires data extraction from numerous systems, journal consolidation and reconciliation throughout the business, and data transfers from internal groups to regulators. AI is also well suited for tax, audit, and compliance tasks. Other types of AI may be used for forecasting, predicting demand, and analyzing risks, such as undertaking brand damage assessments as a result of issues like security breaches. wWith growing use of AI in our lives, we can now see the Impact of AI on leadership and the workforce.

 

Opportunities for AI Within Finance-Related Functions

In the procurement area, AI solutions such as expenditure classifications, supplier risk evaluations, automated contract reviews, and chatbots for regular supply buying can all be used. Even if procurement does not report to the CFO, finance executives should be aware of this area and demand some of these skills because of the potential impact on the company's financial health.

 

The AI-Oriented C-Suite Executives: Key Tactics

CFOs and other C-suite executives who focus on AI now will start to transform the divisions they lead. There are five distinct strategies for achieving this goal:

  • Set personal examples for other senior executives. 
  • Arrange meetings with AI companies. 
  • Select AI projects to advocate for as executive sponsor. 
  • Create particular positions to enhance AI in the department, and consider establishing a small center of excellence.
  • Establish an educational initiative for team members to learn more about AI. 

These actions, taken together, can make the CFO one of the most significant executives in a company's AI journey. Introducing AI in leadership and the C-suite is a perfect example of how AI will shape the leaders of the future.  

 

Read the below article to learn more about redefining AI leadership in the C-suite:

We contend that while CFOs may not think of themselves as leaders of artificial intelligence for their companies, they can make a bigger leadership impact when it comes to AI strategy and adoption. Read More

 

Shellye is committed to helping people from diverse backgrounds to achieve their aspirations in careers and life. The content published above was made in collaboration with our members.

Shellye Archambeau is determined to help you with all possible strategies to climb the ladder of success. She values your feedback. Do mention them in the comment section below.

Post Your Comment