Navigating the AI Frontier: Finance Leaders Embrace Transformation

Finance leaders are grappling with the challenge of balancing cutting-edge innovations with practical implementation. As the finance landscape evolves, professionals must navigate the complexities of AI adoption, talent management, and the changing role of the finance function. The Gartner CFO and Finance Executive Conference promises to delve into these critical topics, offering finance leaders valuable insights and strategies to shape the future of their organizations.

Unlocking the Potential of AI in Finance

The AI Revolution in FinanceThe finance industry has long been captivated by the promise of artificial intelligence (AI), but the recent advancements in technology have shifted the conversation. While past discussions centered around process automation in shared services or accounting, the focus has now shifted to leveraging generative AI within finance settings.However, this shift comes with its own set of challenges. Before deploying generative AI, organizations must navigate a complex process of data modeling, building large language models, and machine learning. This can be particularly time-consuming for larger organizations with intricate legacy systems.Bridging the Gap Between AI Possibilities and Practical Realities"We end up running before we can walk because actually before I can deploy generative AI, I need to go through all kinds of data modelling," reflects Luke Bailey, CFO TUI Musement at TUI. This sentiment encapsulates the current state of AI adoption in finance – full of potential, yet complex in execution.As finance professionals grapple with this challenge, the evolving roles within the function are also transforming. Bailey highlights a growing divergence between accounting functions and business-driving roles, challenging the traditional career path where accountants transition into finance business partner roles without adequate training.Building Balanced Finance TeamsTo navigate this shifting landscape, Bailey emphasizes the importance of structuring finance teams to balance technical and commercial strengths. He suggests that CFOs should consider their own strengths when building their teams, potentially compensating for areas where they might be less strong.

Talent Management in a Changing Landscape

Expanding the Talent Pool, Increasing CompetitionThe conference will also address the critical issue of talent management. Bailey notes that remote work has dramatically expanded the talent pool, but also increased competition for skilled professionals. This shift is forcing organizations to rethink their attraction and retention strategies.Diversity and Inclusion: From Agenda to ActionDiversity and inclusion remain key topics, but Bailey observes that the conversation has matured. Rather than being a "plaster" on the agenda, these discussions are now more action-oriented, with some organizations implementing programs that reach into the education system.Modernizing Commercial FinanceOne area Bailey feels deserves more attention is the modernization of commercial finance. He notes that while there's much discussion about the evolving role of the CFO as a strategic partner, there's less focus on how finance teams need to upskill to support this shift.Bailey raises important questions about the future of commercial finance: What role will it play in AI and analytics strategies? How can organizations develop multidisciplinary finance professionals who are adept at both technical accounting and business driving?

Networking and Peer Learning Opportunities

Connecting with Peers, Challenging AssumptionsA key benefit of the Gartner conference, according to Bailey, is the opportunity to connect with peers at various levels. He appreciates Gartner's approach of facilitating peer communities for different roles within finance, allowing attendees to connect with like-minded professionals facing similar challenges.However, Bailey also values opportunities to step out of his comfort zone, engaging with professionals at different levels or from different backgrounds. These diverse interactions can trigger new thoughts and perspectives, challenging assumptions and shaping the future of finance.Shaping the Future of Finance TogetherAs finance continues to evolve at a rapid pace, events like the Gartner CFO and Finance Executive Conference provide crucial platforms for learning, sharing, and networking. For finance leaders looking to navigate the complexities of AI adoption, talent management, and the changing role of finance, this conference promises to offer valuable insights and strategies.In Bailey's view, the conference isn't just about absorbing information – it's about engaging in debates, challenging assumptions, and leaving with actionable insights. As he puts it, the challenges finance leaders face may be similar, just at different scales. It's through events like these that leaders can find common ground, share solutions, and shape the future of finance together.