Table of Content
What's in the article: AI Best Practices for Finance Leaders
As digital transformation accelerates, CFOs stand at the crossroads of innovation, overseeing financial health while also guiding strategic initiatives that drive business growth. With artificial intelligence (AI) transforming industries across the board, finance leaders are facing increasing pressure to leverage modern technologies to enhance financial performance, reduce costs, and bring teams together.
Despite the potential benefits, a majority of CFOs admit they don’t fully understand AI, according to a recent article by Fortune. Yet, finance departments are often overwhelmed with data and deadlines. AI applications help to automate routine tasks, freeing up your team to work on more strategic work. They also enhance financial forecasting to better predict future trends while increasing accuracy and efficiency. This benefits daily tasks and improves the auditing process.
In our best practices guide, The CFO’s Guide to AI and Digital Transformation, you’ll learn what AI is, explore the potential, and get practical steps to integrate responsible AI practices into your company’s financial operations.
Nine out of 10 people want simpler ways to automate daily tasks so they can focus on the work that matters, according to a recent survey by Microsoft.
The question is no longer whether to implement AI and digital tools but how to do it effectively.
AI adoption is skyrocketing across industries, and finance is no exception. But why is this shift so crucial for CFOs?
The finance function has always been data-driven, but the sheer volume of data in today’s business world requires a new approach—one that AI is uniquely positioned to address.
Overall, experts suggest that about 40-60% of the entire accounting and finance function could be automated with advanced AI and enterprise resource planning (ERP) integration.
McKinsey & Company estimates that about 42% of finance activities can be fully automated with current technology, while Deloitte suggests that up to 50-60% of accounting tasks can be automated in certain contexts.
AI, combined with modern business tools like ERP and Business Intelligence (BI), helps CFOs see the big picture, make informed decisions faster, and automate functions to reduce costs. And, for every $1 a company invests in AI they get $3.50 average return in 14 months, according to a recent study by research firm IDC and Microsoft.
While the potential benefits of AI are clear, many CFOs still feel uncertain about how to integrate these technologies into their operations. The CFO’s Guide to AI and Digital Transformation offers a comprehensive look at how you can integrate AI into your financial strategy to unlock new levels of efficiency and profitability.
—————————————————
With more than 30 years of experience, Velosio specializes in modernizing applications, simplifying operations, and unlocking the potential of business data. We help organizations achieve greater success by reducing the complexities associated with modern business operations through the design, deployment, and support of innovative technology solutions and services. Our experts guide you through every step, ensuring smarter decisions and lasting success.
