Businesses Need More Tech-Driven CFOs. Here is Why?
Disruptive technologies have been impacting the CEO and CFO offices with equal vigor. While CEOs are known to be the fast movers when it comes to strategic tech adaptation, CFOs too are witnessing renewed focus in their KRAs vis-à-vis technology. FP&A, a key focus of CFOs, has seen radical technological elevation with the emergence of data. In recent years, powerful data management and machine learning technologies have changed the decision-making game for finance teams.
Through accurate predictions and forecasts (thanks to big data technologies), modern CFOs can be invaluable assets for the enterprise C-suit in all industries.
However, one question still prevails – have CFOs accepted being a strategic tech-partner for businesses?
Venturing into the CTO territory can be daunting, especially for veteran CXOs who are great at managing their core KRAs, but shy away from anything ‘technical.’ Well, the digital landscape and advent of AI is converging at only a single possibility (which is happening as you read) – all CXO roles must be tech-driven to understand the imperatives of new-age business systems, technologies, and their ROI. CFOs must lead this change, given their power to influence investment decisions for key technology assets.
‘It Costs Too Much. What is the ROI On This Tech Investment?’
That question is all too familiar to the salesperson pitching to a CFO, or a change-maker wanting to transform an industry. The case with more tech-savvy CFOs is that they remain in touch with the latest innovations and technologies that can elevate their own performance and decision-making, making them an invaluable asset for any enterprise. They understand the viability and ROI of new technologies intrinsically – a positive habit that other CFOs can adopt.
Take Generative AI technologies for example. ChatGPT has been out for only a few months, and businesses are in awe of its capabilities, yet far from exploiting its true potential. There are many stories of CEOs using this novel Generative AI model to generate case studies, summarize data, etc. But a famous press story or experimental model for business use case by a CFO with ChatGPT-like technology is yet to make the headlines.
AI is the New Convergent Point for CFOs and CEOs
As per a 2022 survey by a prominent analyst firm, Digital transformation objectives remain high on the CFO priority list, with 94% of respondents reporting the need to maintain or accelerate the already-intense pace of transformation incited by the pandemic.
However, chasing digital and technological transformation relentlessly also comes with worries. The same survey by Gartner also stated that Inflation is a growing concern, with 52% of CFOs citing a persistent and sustained rise over the next couple of years and 30% predicting a significant transitory rise.
While digital transformation objectives were underway, AI has created a new disruption – forcing C-suite leaders to rethink the course of their efforts.
AI-based products and services are taking over the business world by storm. Understanding the fundamentals, applications, and implications of this novel technology can put many businesses ahead of their competitors.
For instance, an innovative product like Rezolve.ai, which is an OpenAI-powered helpdesk for IT and HR can save tons of money and precious hours for any enterprise. It integrates with MS Teams and provides ChatGPT-like interface to support employees. Rezolve.ai ingests all the documented knowledge to provide genius support to any employee in Real-time – a shining asset to boost employee experience as well as engagement. It is a single AI bot that unlocks knowledge living in an organization’s documents.
This single tool, for instance, can save any CFO up to 70% of overhead costs on service desks, enhance productivity by more than 50%, and allow personnel on the floor to auto-resolve IT tickets, queries, and much more. In fact, this Generative AI Helpdesk has been implemented at many large enterprises by the CFOs who saw value in this cutting-edge product.
Disruptive technologies may just be hiding real gold nuggets for modern CFOs!
‘Tech’ May Just Be Better Friends with CFOs
An Outlook survey revealed that 75% of the CFOs planned to increase tech spend to modernize their operations and decision-making. While the will is evident, the way is different. Gartner’s finance research team highlighted in a webinar what 64% of Finance Chiefs believed in an autonomous state of finance in the next six years. But only a fraction of them (just 21%) used technologies like Machine Learning, Prescriptive Analytics, NLP, and Blockchain to empower their organizations and stay ahead of the curve.
We believe that more and more CFOs should be tech driven to add a strategic advantage to their businesses. It does not entirely mean focusing deeply on the emerging technologies and all their bells and whistles. All that matters is being ‘in touch’ which the technology that matters. CFOs can pick their cherries of information by participating more in technology events, conferences, conclaves, and webinars.
Not only will they find technologies and products that save them money, but also the ones that can elevate their business performance significantly.
The key here being participating with curiosity to discover the wonders of new-age innovation. And using this information to control costs and gain financial advantage.
This new-found focus may just make tech-savvy CFOs the most valued asset for any enterprise in 2023 and beyond.
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