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.