Finance Leaders at the Forefront of AI Innovation
Tom Hood, CPA,CGMA,CITP
EVP Business Engagement & Growth @ AICPA | High-Performance Training & Strategic Partnerships
It’s time to dive headfirst into the transformative tide of artificial intelligence (AI) and generative AI. These forces are completely reshaping the finance landscape, making it an incredibly exciting time to be CFOs and CAOs. But the big question is, how do we navigate this new frontier?
On a recent episode of my #FutureReadyLive show, I explored this topic with Claire Bramley , CPA, CGMA, CFO at Teradata, and Rachael A. Crump, CPA, NACD.DC, CGMA, CITP , CAO at Insight. Their firsthand experiences with AI in the finance function are more than just food for thought – they can be a guide for navigating this uncharted terrain.
Leading the Charge
Our conversation kicked off with reflections on the Executive Platforms North America Finance Executive Summit (#NAFES24), an event that brought together financial leaders focusing on the future and sharing real-world solutions. Claire and Rachel took the stage as part of a panel discussion on “How Finance Professionals Can Adapt Now to Working with Gen AI,” highlighting the pivotal role finance leaders play in steering AI initiatives. Their contributions really showcased the critical role finance leaders have in this AI-driven transformation.
This aligns with the dialogue within our Future of Finance Leadership Advisory Group where generative AI is quickly becoming a hot topic for CFOs and CEOs, just behind the overall digital transformation. Claire then highlighted the group’s commitment to tackling cutting-edge issues like generative AI. This diverse community of finance professionals fosters innovation and collaboration, encouraging us to rethink traditional approaches and catalyze change within our teams.
Fostering Innovation
We also delved into Rachel’s innovative “Shark Tank” initiative, showcasing the significant impact of engaging teams in AI initiatives. By inviting her team to suggest AI solutions, which led to an impressive 250 submissions, Rachel fostered a culture of creativity and demonstrated AI’s transformative potential within finance operations.
This initiative serves as an outstanding example of how we can inspire and motivate our teams to actively engage in our AI journey, turning innovative ideas into actionable strategies.
This led us to an essential question:
Are we industry pathfinders, accelerators or savvy fast followers in AI adoption?
Our conversation revealed a hesitance among finance professionals to fully engage with AI, highlighted by NAFES attendee statistics: 28% were just beginning their AI journey and 25% had not started. These figures reveal the diverse spectrum of AI engagement within our industry and underscore the crucial role finance leaders play in guiding our teams through this transformation.
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Overcoming Challenges
We also tackled the challenge of quantifying AI’s return on investment (ROI), a common hurdle for businesses. This is where finance professionals can shine, helping board members and C-suite leaders understand their investments and the best ways to measure returns.
Claire pointed out the importance of incorporating AI analytics into our reviews, allowing us to act as an early warning system for strategic adjustments and positioning ourselves as an invaluable part of the decision-making process.
Another significant challenge in adopting Gen AI is the evolving compliance and regulatory standards. Here, Claire shared Teradata’s approach to simplifying internal AI governance policies, showcasing how organizations can embrace generative AI responsibly. We agreed that the collective wisdom of the Future of Finance Leadership Advisory Group is invaluable, offering a platform to share risk mitigation strategies and regulatory adherence.
Finance Leadership in the AI Revolution
We wrapped up our conversation by saying that it’s up to us to lead the charge on innovation, empower our teams and foster an environment where AI can help advance our respective goals. There’s no time like the present to step into the AI arena, whether we’re innovators, accelerators or fast followers. By pooling our knowledge and experiences, we can navigate the challenges of AI together, transforming potential obstacles into opportunities for growth and innovation.
AI is set to redefine our roles and elevate our strategic importance, leading our organizations into an exciting future. The path ahead is ours to define, and together, we’re more than ready to lead our organizations through this transformative era.
If you're interested in learning more about our 2024 Future of Finance events, send me a direct message.
Resources to jump-start your gen AI journey:
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6 个月Have you ever dived head first without the use of your hands… look forward to listening inn
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7 个月Love the question, are we pathfinders or fast followers!
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7 个月Thank you for sharing
Exciting times ahead for finance leaders diving into AI innovation! #FutureofFinance #AIInnovation Tom Hood, CPA,CGMA,CITP