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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.
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.
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.
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:
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.
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