Noah Riley’s Post

🚀 Is your finance team harnessing the power of AI? 📊 One in three finance organizations are leveraging **generative AI** for game-changing benefits like process automation and accurate financial forecasting. But here's the kicker – to succeed, CFOs need to step into the spotlight. 👉 It's not just about tech; it's about **expertise**. 💡 **Why this matters**: Understanding AI can revolutionise decision-making, optimise workflows, and drive growth. Don’t let your competition outpace you! 🔗 Dive deeper into the crucial intersection of AI and finance expertise. Click the link to discover how you can stay ahead in this evolving landscape: [Read More](https://lnkd.in/gCpS-Zw9) #Finance #AI #CFO #BusinessGrowth #TechTrends #Automation

For businesses, the jury is still out on artificial intelligence – at least in the sense of how to measure a return on investment in the evolving technology. The latest component of our CFO Insights Series, Solving the ROI Puzzle: How to Measure and Maximize AI Returns, incorporates research and input from finance leaders to provide perspective and insights for businesses seeking to gain and measure the benefits of AI technologies.

Good article on AI for all finance leaders!

For CFOs, AI presents an opportunity for strategic investments. According to Extreme Networks CFO Kevin Rhodes, the fastest path to AI ROI is finding business processes that can be easily automated so employees can focus on more complex tasks.

"Today, Finance teams are using AI to create value and save time across a multitude of use cases. AI can generate accurate forecasts in minutes, handling millions of lines of data across complex models. It can automate processes, significantly reducing the time needed for monthly close cycles, reporting, and ad hoc analyses, thus speeding up decision-making" Additionally, AI can quickly detect anomalies in large datasets, identifying outliers and highlighting questionable numbers for finance teams to review. 3 reasons why it is time to get on board with AI for growth 1) AI delivers more accurate insights through conversational experiences enabled by generative AI 2) AI enhances growth and competitiveness by using it across all departments of the business 3) AI is a requirement for medium to long-term success, and companies must use it as an offensive advantage. Companies are leveraging AI to improve customer experience, enhance sales effectiveness, accelerate product development, optimize marketing targeting, and more. The possibilities are endless. For the full article: https://lnkd.in/gcSPxera

While the benefits of Generative AI today is very much still at the process level to improve efficiencies and productivity, over time, it has the potential to generate tremendous value for the finance function and broader enterprise. Here’s how the transformative power of Generative AI can be applied to complement human skills across four key responsibilities of your role as a financial executive, as well as additional considerations as you explore: Steward – With a foundational responsibility to meet compliance mandates and financial reporting regulations, Generative AI can be applied to improve efficiency and adaptability. For example, Chief Accounting Officers may leverage Generative AI on top of existing documentation to support accounting research by responding to questions, summarize guidance, and determine compliance with regulations and policies. Operator – Financial planning and analysis is one of the highest use cases of Generative AI today according to a recent Deloitte survey of CFOs. One interesting application growing in interest from CFOs is leveraging Generative AI to prepare for quarterly earnings calls. The technology can be applied to analyze previous call transcripts to identify key themes, plan for various scenarios, and anticipate and prepare for questions from the investor community. Strategist – Preparing to present to the board or other internal stakeholders related to long-term investments, or M&A activity, can be augmented by understanding how Generative AI can be applied to these types of decision-making. The technology can help predict and pre-empt strategic macroeconomic developments and provide quick answers to evolving questions. Catalyst – Agents of change accountable for results want the execution on agreed upon strategic initiatives to be successful. Generative AI can aid in the monitoring and assessment of those initiatives as well as help in determining optimal strategies from assessing corporate development deals, and running due diligence, to identifying opportunities for capital optimization.

Artificial intelligence is all the rage these days. But rushing into AI too quickly and without a cohesive plan can lead to bad investments in tools and services as well as other problems. CFOs need to be just as involved in decision-making as CIOs and other business and technology executives — if not more so. These suggestions offer CFOs ways to make informed decisions around their organizations’ AI plans to ensure success, in the latest article from CFO Dive. #cfo #csuiteimpact #ai #digitaltransformation #leadershipmatters #strategy #cio #financefunction #executive #2024trends https://lnkd.in/gzTPzbX2

Below are the key takeaways from the article “Artificial Intelligence and the Future of Finance” by FEI SF Bay Area (Financial Executives International): ✔️AI Productivity and Cost Reduction: Artificial Intelligence (AI) has the potential to increase productivity and reduce costs in finance. Finance leaders should explore how AI can add value to existing workflows. ✔️Criteria for Success: Finance leaders must define measurable key performance indicators (KPIs) aligned with business goals. Beyond quantitative metrics, tracking employee comfort, confidence, and adoption is crucial for a sustainable AI strategy. ✔️Governance and Security: Finance leaders should prevent unauthorized use of AI by integrating it within enterprise resource planning (ERP) or enterprise performance management (EPM) applications. Ensuring data privacy and domain expertise is essential.

Generative AI is disrupting industries, but measuring its ROI isn't always straightforward. CFOs are at the heart of this challenge, balancing potential gains with financial risks. This insightful article delves into how finance leaders can: ✅ Measure and manage AI investments: balancing short-term costs with long-term benefits. ✅ Create a strategic AI roadmap: aligning AI initiatives with overall business goals. ✅ Build an AI-savvy culture: empowering employees to embrace and leverage the technology. ✅ Mitigate risks: addressing potential challenges and ensuring responsible AI usage. https://hubs.la/Q02Mj9sq0 #AI #CFO #ROI #generativeAI #businessinsights #businesstrategy #finance #technology #businesses

For CFOs, AI presents an opportunity for strategic investments. According to Extreme Networks CFO Kevin Rhodes, the fastest path to AI ROI is finding business processes that can be easily automated so employees can focus on more complex tasks. Read the full interview in CFO: