As we move further into 2024, our purpose is to prepare CFOs facing a landscape of rapid technological change and increasing expectations. We make CFOs AI-ready by driving transformation and getting data organized. Two key priorities have emerged for CFOs this year: getting finance transformation back on track and rethinking finance capabilities, strategy, and roles. At the heart of these priorities lies a critical area for improvement: leveraging data to drive business decisions.
The Data Imperative
Despite having access to a wealth of data across multiple systems and processes, the Office of the CFO often lags behind other departments in utilizing these data effectively. This presents a significant opportunity for quick wins and easily achievable improvements. As companies increasingly look to generative AI (GenAI) to boost productivity, we empower CFOs to take a leading role in preparing their organizations for an AI-driven future. What does this mean?
Assure Making Data AI-Ready
aking CFOs data-AI-ready involves:
Data Aggregation: Bringing together data from various sources within the organization. Your data should be the guide to creating contracts, managing legal processes, understanding profitability, managing costs, etc. Aggregating these data and getting it to the right people who can take action on it are all part of this step.
Capability Advancements: Understanding the current state of data and analytics capabilities within the finance function. As we transform, it’s important to understand where the organization’s capabilities can be improved and then develop those capabilities that directly affect the bottom line.
AI Readiness Evaluation: Determining what steps are necessary to prepare data and systems for AI integration. This may or may not be relevant at this time, but is an important step for us to think through.
Identifying High-Impact Areas
To maximize the return on investment in data and AI initiatives, we help CFOs:
Analyze which areas under their purview offer the biggest "bang for the buck"
Prioritize projects that can deliver tangible value back to the organization
Use these initiatives as opportunities to digitize and modernize the finance function
The Dual Benefits of Finance Transformation
Rest assured, our work will enable CFOs to lead their teams through this data-driven transformation and achieve two critical objectives simultaneously:
Delivering Organizational Value: By leveraging data and AI to provide deeper insights and more accurate forecasts, finance can become a true strategic partner to the business. The right data will be at the fingertips of the right people who can act.
Modernizing Finance: The process of preparing for AI adoption naturally leads to the digitization and reimagining of finance processes, setting the stage for a more efficient and effective function.
Conclusion
The path forward for CFOs in 2024 is clear: embrace the power of data and AI to drive finance transformation. We can help you get there by focusing on making data AI-ready and identifying high-impact areas for implementation. We also focus heavily on helping CFOs catch up in the realm of data-driven decision-making but also position their organizations for future success in an increasingly AI-powered business landscape.
As CFOs navigate this journey, they must keep in mind that the goal is not just to adopt new technologies, but to fundamentally rethink how finance operates and contributes to the organization's success. By doing so, they can ensure that finance remains a critical strategic partner in driving business growth and innovation.
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