AI’s Impact on the Future of CFOs: Insights from the Emerging CFO Event

Good morning! During a recent virtual event titled Emerging CFO of Fortune, hosted in collaboration with Workday, finance executives discussed how artificial intelligence (AI) is dramatically transforming the finance sector and the evolving roles of Chief Financial Officers (CFOs).

The Strategic Role of AI in Finance

James Glover, director and head of financial transformation AI at Deloitte, highlighted the importance of integrating AI into a company’s core strategy. According to Glover, CFOs must clearly define their objectives—whether they prioritize efficiency, control, effectiveness, or engagement. He warned that businesses that implement AI without a cohesive strategy struggle to realize its full potential. “Companies that deploy AI use cases one at a time, without a broader plan, often fail to capture significant business value,” he remarked.

Training and Implementation Challenges

While CFOs are exploring Agentic AI platforms to enhance operational efficiency, Glover emphasized the necessity of training employees on these tools. “If not properly trained, users may treat these platforms like a Google search,” he cautioned. He recommended the early introduction of simple AI productivity tools to build comfort among staff before embarking on more complex initiatives, along with implementing governance frameworks in tandem.

Common Questions CFOs Ask About AI

During discussions, CFOs often posed three key questions to Deloitte: What is the ROI of AI? Where should we start? And is it better to buy or build AI solutions? Early-adopting companies have begun to see “green shoots” of ROI, showcasing the value that well-planned AI initiatives can deliver.

Real-World Use Cases of AI in Corporate Finance

A panel of CFOs shared insights from their experiences, discussing the positive impacts of AI on accuracy, forecasting, and cross-functional collaboration. Craig Mestel, CFO of Webflow, noted how his finance team automated responses to common policy inquiries using large language model applications, allowing the team to focus on higher-value tasks. This automation has enabled non-technical analysts to interact with data using natural language, improving their insights significantly.

CFO Perspectives on AI Integration

Thadd Stricker, CFO of INRIX, described how AI is transforming his company by utilizing extensive mobility datasets for actionable insights and enhancing reporting accuracy to nearly 95%. Meanwhile, Michelle Cheung, CFO of Greenlight, illustrated how AI fortifies risk management, streamlines operations, and fosters better collaboration. Cheung emphasized the importance of holding hackathons to deepen understanding of AI across the organization.

Resilience Through Challenges

CFOs acknowledged that not every AI initiative succeeds, underlining the necessity of human oversight. Mestel reflected on initial setbacks with early ChatGPT experiments, reinforcing the message that persistence is key. “If you fail the first time, it’s okay—don’t give up, keep going,” he advised colleagues, emphasizing the importance of iterative learning in the AI journey.

With AI increasingly shaping the finance landscape, it is essential for CFOs to adapt, implement thoughtful strategies, and foster a culture that embraces technological advancements. As organizations navigate this transformative era, the insights shared at the Emerging CFO event provide valuable guidance for leveraging AI effectively in the finance sector.

Have a great weekend!

Sheryl Estrada
sheryl.estrada@fortune.com