Do More with Smart, not Less
Do More with Smart, not Less
McKinsey & Company has dubbed 2023 as generative AI’s breakout year and projects that it will “add the equivalent of $2.6 trillion to $4.4 trillion annually” to the economy. They go further and reference a potential doubling of this estimate when AI is applied beyond the 63 use cases they analyzed. That degree of impact says AI is not just the next new wave of tech. It has sea-change power to live up to the word transformative because it will generate barrier-breaking enhancements to market understanding, productivity, quality, service, and growth.
So, not only will AI be big; it will touch every industry and all aspects of their business models. The illustration illuminates the scope of potential impact of AI by function (Source: McKinsey).
Zeroing-in on Finance
As AI redefines the landscape of enablers that CFOs typically consider as strategic across their enterprises, they are discovering use cases that offset the staffing voids and workload multipliers facing their own departments.
Conventional wisdom would opt for filling out finance job requisitions, facing the challenge of justifying them in the context of budgetary constraints, and then trying to find candidates with the crucial skills and intellectual scope required to take on more responsibilities in the future.
Pioneering CFOs have been taking a different route. They’ve been driving early wins with initial AI use cases geared to the low hanging fruit of automating routine tasks and processes. And the more adoptive CFOs are pursuing AI for data analytics, reporting, forecasting, and decision-making within their ERP systems. Their adoption of AI is not a matter of fear of missing out; it’s a matter of necessity. They see AI as an upskill leveler across Finance while simultaneously letting it tackle tedium so that their teams have the bandwidth to do more forward thinking and scenarioizing.
So, for those CFOs already operating with “2 people down” and with no end in sight as business complexity and workloads continue to increase, AI is much more than a pain reliever. They intend to use AI to enable a shift towards more predictive and prescriptive analyses indicative of what a better and more accurate growth planning engine should produce.
De-mystify, Select, and Prep for AI
The CFO Alliance can help CFOs parse out the buzz from the meaningful substance of AI. Following on from the hot topics discussed during the Quarterly Roundtable Series in 2023 to date, AI will be front and center on the Q4 Roundtable agenda.
"AI, Outsource, or Status Quo: Navigating ERP Impact - How AI Applications and New Labor Models Impact Various ERP Systems, Finance Functions, and What CFOs Need to Know to Plan for Disruption."
The Q4 roundtable sessions aim to equip finance leaders with the knowledge and insights to comprehend the impact of AI and new labor models on ERP systems and finance functions, and to strategically plan for the inevitable disruptions in the financial landscape.
An esteemed panel of speakers, including CFOs of leading organizations, AI experts, ERP specialists, and finance transformation thought leaders will facilitate the presentations and interactive discussions. These industry veterans will share their expertise, success stories, and practical insights into the integration of AI, ERP systems, and finance functions.
And besides CPE Credits, roundtable participants will benefit from collaborating and networking with their peers finance who will share experiences and best practices at a scale that would otherwise take much more time to gather and consume.
Instead of the tired “doing more with less” alternative that has CFOs running in place instead of gaining ground, Do more with smart. That’s AI. You will not want to miss the group discussion that AI will stimulate among finance peers. CFOs have got to get AI right and that’s what these roundtables are about.
Use this link: https://thecfoalliance.com/events to check out the roundtable schedule and locations for both virtual and in-person sessions and to REGISTER.
LEAD – LEARN – CONNECT – GROW are the four pillars of value creation underpinning the purpose of The CFO Alliance. We understand the CFO role like no other and continuously innovate to ensure high business value for our Member community. For 12 years running we have facilitated the most trusted and constructive conversations among peers globally. To enable the success of Members’ businesses and personal career growth, we support them with access to hyper-relevant benchmarking data, proven methodologies, meaningful insights, SMEs, and structured learning and personal development opportunities.
Join Us or Upgrade your Membership (here).