New research concludes that Chief Financial Officers (CFOs) in the US are increasingly integrating generative AI into their financial strategies, but education is needed more than ever.
The report, ‘Generative AI & The Office of the CFO’, took in the views of 375 CFOs across the United States, to give a comprehensive look into the adoption and impact of generative AI in the financial sector.
The findings signify a major shift from exploration to implementation, with 65% of CFOs now incorporating generative AI into their strategies, a notable increase from 42% in the previous quarter of 2024 as reported by Deloitte.
Despite this progress, a substantial knowledge gap persists: just under half of CFOs polled consider themselves “very knowledgeable” about generative AI’s capabilities, highlighting an urgent need for enhanced education and training. Additionally, one third of respondents believe that fully scaling the implementation of generative AI will require the next generation of finance leaders.
Despite these challenges, the tangible benefits of generative AI are becoming evident. Organisations report an average efficiency gain of 32% in areas where the technology has been applied. Moreover, 61% of CFOs have noted improvements in the quality of financial reporting and decision-making.
Further key insights include
- Strategic Impact Areas: Generative AI is primarily used for financial transaction processing, buyer behaviour analysis, and risk assessment and reporting, resulting in unprecedented levels of operational efficiency.
- Commitment to AI Innovation: A significant 77% of CFOs plan to increase investment in generative AI technologies for financial operations over the next year to drive further innovation.
- Overcoming Hurdles: Despite the optimism, data privacy, system integration, and workforce training remain critical challenges in maximising the potential of generative AI within finance teams.
Ahsan Shah, Senior VP Data Intelligence, Billtrust, said:
“Generative AI is revolutionizing the strategic landscape for CFOs, driving unprecedented operational efficiency and decision-making intelligence.
“However, the report also brings to light a significant knowledge gap among CFOs regarding generative AI’s full capabilities, emphasizing a critical need for further education. Despite these challenges, it’s clear that CFOs are keenly adopting generative AI, witnessing substantial efficiency gains and enhanced financial reporting quality, positioning their organizations for resilient and innovative growth.”
Know the risks
As generative AI continues to reshape the financial landscape, it is clear that while progress is being made, there is still a considerable journey ahead to fully harness its capabilities.
The issues are examined in depth this October at #RISK London, where industry leaders debate how companies can navigate AI adoption responsibly, while gaining a significant competitive edge.
#RISK London 2024
We’re excited to share that #RISK is back in London for its third consecutive year, ready to equip attendees like you with the knowledge, insights, and connections crucial for navigating today’s dynamic risk landscape.
Key #RISK London sessions include:
The Future of Privacy: Emerging Technologies and Data Governance
Location: PrivSec Theatre
This session will explore the impact of emerging technologies like blockchain, quantum computing, and the Internet of Things (IoT) on data privacy.
Experts will discuss the need for innovative data governance models to address the challenges and opportunities presented by these technologies.
The Future of the GRC Profession: Skills and Strategies for Success
Location: GRC Theatre
This session will examine the evolving skillset required for success in the GRC profession.
Experts will discuss the increasing need for GRC professionals with expertise in data analytics, technology, communication, and stakeholder management.
The session will also explore strategies for continuous learning and professional development to stay ahead of the curve in the dynamic world of GRC.
These are just two of the exclusive sessions taking place at #RISK London this October
Click here to see the full agenda
Discover more at #RISK London
Taking place October 9 and 10 at London’s ExCel, #RISK London brings high-profile subject-matter experts together for a series of keynotes, engaging panel debates and presentations across four separate theatres:
• GRC Theatre
• RegTech Theatre
• PrivSec Theatre
• Risk Theatre
Each theatre is dedicated to examining the challenges and opportunities that businesses face in times of unprecedented change.
By breaking down silos and aligning systems and workflows, organisations can streamline decision-making, improve efficiencies, and enhance the customer experience.
Attendees will be able to learn how to mitigate risks, reduce compliance breaches, and drive performance.
“#RISK is such an important event as it looks at the broad perspective. Risks are now more interconnected and the risk environment is bigger than ever before.”Michael Rasmussen, GRC Analyst & Pundit, GRC 20/20 Research
Click here to register for #RISK London today!
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