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CFOs Should Embrace Gen AI’s Potential and Encourage Innovation, Not Obsess Over Its Cost or Likely Scale of Impact

  • CFOs should embrace the potential of Generative AI and encourage innovation within their organizations, instead of worrying about the cost of AI adoption or its scale of impact.
  • CFOs are expanding their roles in enterprises and Gen-AI will play a critical role in the next wave of enterprise transformation, from productivity to innovation.
  • The business case for Gen-AI adoption has improved, with the dollar cost of pilot projects relatively low in relation to the benefits of testing Gen-AI’s potential.
  • Recent surveys have shown that CFOs who have adopted Gen-AI tools are already seeing significant, measurable impact, including gains in efficiency, process speed, accuracy, and error reduction.
  • Not embracing Gen-AI now could lead to competitive risk, as the technology could quickly evolve from a novelty to a necessity, similar to how Cloud technology did in the past.
  • Success factors for a Gen-AI initiative include motivation and methodology, such as encouraging pilot projects, funding useful innovation, and finding an experienced partner to provide skills.
  • CFOs must be mindful of their duties to stakeholders but an unconventional approach to Gen-AI can drive innovation and growth and serve as a bridge for their expanding roles in enterprises.

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