CFOs in the age of AI: becoming process experts to ensure long-term success
Artificial Intelligence (AI) is redefining the business landscape, and its adoption by Chief Financial Officers (CFOs) has become not only a necessity but also a major source of strategic transformation. As AI captures widespread attention, the ability of CFOs to master this technology and derive sustainable strategic and financial benefits is crucial. In this article, we will explore how CFOs can position themselves as architects of their organization’s success by becoming not just guardians of finances, but also true strategists and AI experts.
AI: a crucial lever for CFOs in organizational transformation
We are living in a time when expectations around AI are at their peak. International studies by OneStream, as well as PwC and DFCG’s annual surveys in France, clearly show that CFOs are increasingly incorporating AI into their priorities. These leaders see AI as an unprecedented opportunity to improve data processing, automate processes, make informed decisions, and proactively manage risks.
The numbers speak for themselves: according to PwC, productivity has grown nearly five times faster in sectors where AI exposure is highest. This underscores the importance of adopting AI for companies looking not only to keep pace with the competition but to outpace it. For CFOs, this means they must quickly master this technology and understand its implications for the entire organization.
The strategic role of CFOs in AI adoption
While 60% of CEOs are pushing for rapid AI adoption, the question arises: who will be the true winners and losers in this AI-dominated landscape? Organizations that can link productivity gains to continuous innovation and increased profitability from the early stages will stay ahead of the competition. CFOs, with their deep understanding of how businesses function, are ideally positioned to guide their organizations in leveraging AI’s potential to transform operations and improve outcomes.
To achieve this, CFOs must move beyond their traditional role as financial guardians and embrace a broader role as process experts. In startup companies, where the CFO often also serves as Chief Operating Officer (COO), this dual skill set becomes even more critical. In an environment dominated by SaaS solutions, where traditional IT operations have lost their role as gatekeepers of technological flow, it is vital for CFOs to understand process automation and integration. This enables them to connect the scattered solutions within the company, preventing inefficiencies that could compromise the long-term success of AI initiatives.
Understanding AI beyond the hype
With the current excitement surrounding AI, CFOs and other influential budget decision-makers must have a deep understanding of AI’s real capabilities. It’s not enough to follow the trend; it’s crucial to define key organizational outcomes that any AI initiative must target to bring real, measurable value to the business. For instance, a CFO is well-positioned to define what AI success might look like for the finance team or how AI can help improve efficiency in areas of the business that are ripe for optimization.
Take the example of Nintex, a company that focused on using AI to efficiently structure unstructured data. AI tools can now analyze cloud deployment structures, provide insights into spending, and identify inefficiencies. However, this level of understanding of how the business operates can only happen if the CFO masters internal processes and workflows. For AI to deliver on its promises, the CFO’s role can be a crucial element of this organizational transformation.
Automation and data quality: the foundations of AI success
Automation and improving data quality are areas where AI is already showing tangible results. According to the OneStream study, companies already using AI cite data correction (69%), cleaning (60%), and mapping (59%) as the main benefits. These traditionally time-consuming processes are now optimized through AI, allowing finance teams to focus on higher-value tasks.
Automating repetitive tasks is also a top priority for French CFOs, according to the PwC-DFCG survey. An overwhelming majority (77%) of respondents see automation via Robotic Process Automation (RPA) as a key lever for gaining efficiency. For example, automating bank reconciliations or financial closing processes not only reduces errors but also significantly speeds up these tasks. Another concrete example is using AI to analyze large amounts of financial data, enabling the identification of market trends or financial anomalies, enhancing CFOs’ ability to anticipate and respond quickly.
Generative AI: a revolution for CFOs
Generative AI, in particular, is proving to be a major asset for CFOs. Not only does it help synthesize and enrich complex information, but it can also extract essential data from financial documents. For example, AI can analyze contracts to identify specific clauses, potential risks, or deviations from company standards. It also facilitates contract comparison, which is crucial when negotiating new agreements.
Moreover, AI, in its current form, is extremely beneficial for providing a clearer view of an organization’s financial performance through data normalization and cleaning. This ability to transform unstructured data into actionable insights gives CFOs a more accurate and transparent financial dashboard. However, this is only possible if the CFO ensures that data collection and management processes are optimized.
The impact on human resources: opportunity or threat?
The increasing integration of AI in financial services has sparked mixed reactions regarding human resources. According to the OneStream study, 46% of respondents see AI as a threat to finance jobs, fearing that automation will replace certain traditional functions. However, a majority (72%) believe AI will create new opportunities by freeing up time for teams to focus on more strategic and creative tasks.
An illustrative example is the evolving role of financial analysts. Instead of spending time on data entry or account reconciliations, analysts can now focus on analyzing complex scenarios, developing financial strategies, or managing risks. This shift in skills could transform the finance function, making it more proactive and oriented toward strategic decision-making.
Conclusion: the evolving role of CFOs in an AI-dominated landscape
The role of the CFO is rapidly evolving with the emergence of AI. Those who embrace this change, becoming not only financial managers but also process experts and AI strategists, will play a key role in their organization’s success. By focusing on process optimization, data quality, and the effective integration of AI into their operations, CFOs can fully exploit AI’s potential to transform the organization and ensure a lasting competitive advantage.
The true winners in this AI-dominated landscape will be those who successfully integrate AI into their operations while keeping an eye on long-term innovation and profitability. The CFO, as the architect of AI success, is at the heart of this transformation, ready to guide their organization toward a future where AI is not just a tool, but a key factor of strategic differentiation. The question then is: is your CFO ready to seize this opportunity and become the pillar of your company’s digital future?