Unlock the Potential of AI with Strategic Leadership

Strategic Steps in AI Implementation

Business leaders are now thinking more strategically about integrating AI across their companies. Two years after the launch of OpenAI's ChatGPT, the potential of AI is in the spotlight. The first step, as Ryan suggests, is to determine the fastest and smartest path to growth. This involves identifying use cases that can drive business forward at scale.

For example, in a recent survey by Seismic of over 300 financial services professionals, 93% reported that their company had launched “AI-focused training programs for new employees.” This shows the growing recognition of the need for AI literacy among businesses.

The Role of Finance Chiefs in AI Strategy

As leaders consider where to best utilize AI, a robust change management strategy is essential. The finance chief plays a significant role in drafting the company's AI strategy, including technology spend and rollout across the organization. CFOs are taking on more responsibility in determining technology investments and are optimistic about AI's potential.

According to David Le Strat, chief product and technology officer for file transfer service ShareFile, finance chiefs are now being asked to defend more technology investments. There is a focus on streamlining the technology stack to maximize ROI from each piece of technology.

Developing AI Literacy for Employees

To drive the ROI expected from technology investments, providing employees with the time and resources to develop “AI literacy” skills is crucial. In the Seismic survey, 91% of respondents said they were focusing on improving their own AI literacy skills.

When presenting new technology solutions to finance chiefs, it's important to align them with the measurements they hold dear for reporting to the board and investors. This ensures that the technology is relevant and valuable to the organization.

The Impact of AI on the Finance Function

Today's CFOs are facing the challenge of how AI implementation will affect the future of the finance function and their own roles. Over half of finance chiefs expect their teams to shrink by 2026 due to AI adoption, while others anticipate that automation will change the way financial processes are conducted.

Ryan believes that AI will become an integral part of daily work, but its future use cases will become more specialized. This requires continuous learning and adaptation by finance professionals.