Artificial intelligence (AI) is here. It’s not some futuristic technology that’s just over the horizon. You likely used AI today. If you talked to Siri or Alexa, searched Google or browsed social media, you officially have experience with artificial intelligence. Feel free to update your resume accordingly.
The Story of Intelligent Talent ManagementSaba Software
Most talent management solutions aren't all that different from each other. But this one is: it’s built around a machine-learning brain—technology that quickly digests incoming workforce data, evaluates it, and learns from it. Correlating diverse inputs to deliver ideas and options you didn't know you had.
See the tangible difference this makes. Download our LookBook to learn how Saba Intelligent Talent Management:
Delivers relevant, personalized recommendations
Provides answers to critical HR questions—before you even ask
Individually mentors every employee
Advises you of problems before they materialize
To get the LookBook, register here.
It’s not a secret that the need to modernize traditional finance operations and evolve into a “Digital Finance” organization has become a key priority for finance leaders.
In this video recap of the webinar held on 12/11/ 2019; Raul Vega, Auxis CEO, discussed the key risks and challenges organizations typically face as part of their transformation journey, and how to develop and execute a strategy that provides the business case and outcomes you expect based on your specific company size and needs.
What was covered:
- What does Modern Finance really mean?
- Digitization as a Key Element of the Modern Finance Organization
- Most Common Tools you should be implementing as part of your Digital Finance journey
- What’s driving RPA’s growth?
- Implementation Strategies & Alternatives
- How Outsourcing can help finance executives self-fund their Digital Finance Strategy and drive faster outcomes
Transforming finance through digitally-based systems is a priority for business leaders. Learn about how RPA, while important, is really just the beginning of digital transformation.
The Story of Intelligent Talent ManagementSaba Software
Most talent management solutions aren't all that different from each other. But this one is: it’s built around a machine-learning brain—technology that quickly digests incoming workforce data, evaluates it, and learns from it. Correlating diverse inputs to deliver ideas and options you didn't know you had.
See the tangible difference this makes. Download our LookBook to learn how Saba Intelligent Talent Management:
Delivers relevant, personalized recommendations
Provides answers to critical HR questions—before you even ask
Individually mentors every employee
Advises you of problems before they materialize
To get the LookBook, register here.
It’s not a secret that the need to modernize traditional finance operations and evolve into a “Digital Finance” organization has become a key priority for finance leaders.
In this video recap of the webinar held on 12/11/ 2019; Raul Vega, Auxis CEO, discussed the key risks and challenges organizations typically face as part of their transformation journey, and how to develop and execute a strategy that provides the business case and outcomes you expect based on your specific company size and needs.
What was covered:
- What does Modern Finance really mean?
- Digitization as a Key Element of the Modern Finance Organization
- Most Common Tools you should be implementing as part of your Digital Finance journey
- What’s driving RPA’s growth?
- Implementation Strategies & Alternatives
- How Outsourcing can help finance executives self-fund their Digital Finance Strategy and drive faster outcomes
Transforming finance through digitally-based systems is a priority for business leaders. Learn about how RPA, while important, is really just the beginning of digital transformation.
The role of the CFO has evolved from accountant to forward-thinking business partner. Today, they are the CEO’s most trusted advisor, steering companies towards sustainable growth.
It's important for accounting firms to transcend technology and deliver innovative services to their clients. This presentation looks at innovations in audit, tax, and bookkeeping and what firms should be doing to ensure they are able to transcend technology disruption in these areas.
As the complexity of workforce challenges continues to rise, so has the demand for more quantitative approaches to solving tough people-related challenges in organizations. To better understand the state of affairs in workforce analytics, we spoke with over 40 game changers to discover the problems they are trying to solve, the approaches they are using and the pitfalls they’ve encountered.
When growing a company, any number of small tasks have the potential to snowball into a mountain of work if not handled in a timely manner. One area you definitely don't want to ignore? HR. From onboarding and compliance to benefits and beyond, letting these tasks fall by the wayside means risking an avalanche of problems.
Want to sidestep the perfect HR storm? Keep reading to find out how.
Building for the future: Why predictive analytics matter nowWilliam Gaker
The field of people analytics is growing rapidly, but the majority of teams have been started within the last 5 years. As the field continues to grow, there is a need for a unified vision across the field for what the end product looks like. It is crucial to build a vision for your team centered around predictive analytics as you lay the foundation in the early days of your team. A unified team vision will give you a greater impact by creating role clarity, prioritizing your efforts, and building you brand within your organization.
This AI business checklist is a tool that provides an easy-to-use structure for strategic discussions, goal setting and critical decisions in your leadership team. A structure that you can use as a business leader to guide your decisions towards getting full value out of AI technology in your organisation. It is meant to be a tool that you can return to to guide your progress.
Close the AI Action Gap in Financial ServicesCognizant
Banks and financial institutions are making strides with artificial intelligence -- but they've been slow to scale it. Here are four steps to realize AI's full potential throughout the enterprise.
Incorporating artificial intelligence into your business systems and processes is a journey unlike any other digital technology implementation. Here is a five-step process for navigating it successfully.
We’ve worked with Executives and IT leaders for over 30 years, and the single most common complaint we hear from them is their profound frustration with the lack of results and transparency from their never-ending IT investments.
To add further complexity, the demand for digital products and services has made it increasingly difficult for organizations to make ongoing investments and balance the need for innovation with optimization.
The latest data, combined from global enterprises, big consulting and research firms, makes the case that companies need to urgently act to address the digital disruption of their business and their related skills gaps. The data shows that 70% of digital business initiatives are likely to fail to deliver business growth, due to lack of business process and product innovation, as well as poor organizational adaptability.
Poor governance and legacy product management processes to align business and IT initiatives, coupled with insufficient leadership engagement across the organization, are the main reason most companies are wasting money on IT.
This thought paper speaks to these challenges and how optimizing both technology innovation and cross-organizational engagement will accelerate the positive business outcomes that organizations are looking to achieve especially in lieu of increasing digital disruption.
Authors - Alex Adamopoulos and Bob Kantor
Don’t rage against the RPA machine. Why the real robotics revolution requires...OEE Consulting
Robotic Process Automation (RPA) is a powerful tool which will undoubtedly play a key role in the future of the service industry. So what is stopping organisations from maximising the benefits of this so-called digital workforce?
The role of the CFO has evolved from accountant to forward-thinking business partner. Today, they are the CEO’s most trusted advisor, steering companies towards sustainable growth.
It's important for accounting firms to transcend technology and deliver innovative services to their clients. This presentation looks at innovations in audit, tax, and bookkeeping and what firms should be doing to ensure they are able to transcend technology disruption in these areas.
As the complexity of workforce challenges continues to rise, so has the demand for more quantitative approaches to solving tough people-related challenges in organizations. To better understand the state of affairs in workforce analytics, we spoke with over 40 game changers to discover the problems they are trying to solve, the approaches they are using and the pitfalls they’ve encountered.
When growing a company, any number of small tasks have the potential to snowball into a mountain of work if not handled in a timely manner. One area you definitely don't want to ignore? HR. From onboarding and compliance to benefits and beyond, letting these tasks fall by the wayside means risking an avalanche of problems.
Want to sidestep the perfect HR storm? Keep reading to find out how.
Building for the future: Why predictive analytics matter nowWilliam Gaker
The field of people analytics is growing rapidly, but the majority of teams have been started within the last 5 years. As the field continues to grow, there is a need for a unified vision across the field for what the end product looks like. It is crucial to build a vision for your team centered around predictive analytics as you lay the foundation in the early days of your team. A unified team vision will give you a greater impact by creating role clarity, prioritizing your efforts, and building you brand within your organization.
This AI business checklist is a tool that provides an easy-to-use structure for strategic discussions, goal setting and critical decisions in your leadership team. A structure that you can use as a business leader to guide your decisions towards getting full value out of AI technology in your organisation. It is meant to be a tool that you can return to to guide your progress.
Close the AI Action Gap in Financial ServicesCognizant
Banks and financial institutions are making strides with artificial intelligence -- but they've been slow to scale it. Here are four steps to realize AI's full potential throughout the enterprise.
Incorporating artificial intelligence into your business systems and processes is a journey unlike any other digital technology implementation. Here is a five-step process for navigating it successfully.
We’ve worked with Executives and IT leaders for over 30 years, and the single most common complaint we hear from them is their profound frustration with the lack of results and transparency from their never-ending IT investments.
To add further complexity, the demand for digital products and services has made it increasingly difficult for organizations to make ongoing investments and balance the need for innovation with optimization.
The latest data, combined from global enterprises, big consulting and research firms, makes the case that companies need to urgently act to address the digital disruption of their business and their related skills gaps. The data shows that 70% of digital business initiatives are likely to fail to deliver business growth, due to lack of business process and product innovation, as well as poor organizational adaptability.
Poor governance and legacy product management processes to align business and IT initiatives, coupled with insufficient leadership engagement across the organization, are the main reason most companies are wasting money on IT.
This thought paper speaks to these challenges and how optimizing both technology innovation and cross-organizational engagement will accelerate the positive business outcomes that organizations are looking to achieve especially in lieu of increasing digital disruption.
Authors - Alex Adamopoulos and Bob Kantor
Don’t rage against the RPA machine. Why the real robotics revolution requires...OEE Consulting
Robotic Process Automation (RPA) is a powerful tool which will undoubtedly play a key role in the future of the service industry. So what is stopping organisations from maximising the benefits of this so-called digital workforce?
Companies need to complement their AI initiatives with governance that drives ethics and trust or these efforts will fall short of expectations, our latest research findings suggest.
CEO Best Practices for Information Technology - Bruce McCullough, CIO AdvisoryBruce McCullough
I've been fortunate in my career to have direct exposure to successful CEOs through CIO consulting advisory, speaking to CEO peer groups such as Vistage and Renaissance Forums, participating in prestigious CEO summits, serving as a member of executive steering committees, as a certified corporate director and as a former member of the National Association of Corporate Directors (NACD).
For most CEOs that have come up through the CFO and COO ranks, IT can be viewed as an overly complex, hard to understand cost only center. IT is incredibly complex to lead and technology continues to change at a dizzying pace. IT can sometimes be seen as an inhibitor and not a partner that drives innovation for top line results while improving processes and that positively impact the bottom line.
I've noticed some common IT management problems that occur for CEOs that can be easily addressed through the use of best practices. I can't cover all the best practices in this article but I can highlight some key observations based upon my experience reporting to and collaborating with CEOs.
- Bruce McCullough, CIO Advisory
How To Start Your Journey To Become An AI Enabled Enterprise?Infrrd
Keeping up with a fast-paced technological world is now a necessity. Questions like: How to initiate automation? and Where they fit in an organization? are being asked among entrepreneurs. This infographic is meant to give some clarity on these queries. Other than that, they also inform you what steps you can take in order to make your company AI enabled.
Digital disruption has affected almost every department of an organization, but the finance department is still far away from digital transformation. However, it is not too long when the finance department will rely on digital assets to make their operations faster, better, and less expensive. The finance department will become fully automated in the near future.
Finance Crunsh Time Reporting | Deloitte Indiaaakash malhotra
Reporting is an essential function of every organization because it tracks an employee's performance. But superiors are wasting a lot of time in creating and updating reports; rather, they should use that time to communicate with subordinates. This can be possible only when the whole reporting function gets automated in the organization.
Wie sie ihre Mitarbeiter in der Finanzfunktion auf kommende Modernisierungen im Zuge einer digitalen Welt optimal vorbereiten können. Lesen Sie jetzt die aktuelle Ausgabe unserer Crunch-Time-Publikationsreihe: https://deloi.tt/3a4Dj6E
With a fundamental shift in the CFO mission, the finance function has become a critical change agent across organizations. The role of financial leaders such as CFOs is evolving, from a traditional financial controller, to one that drives performance improvements across the organization.
How to set up an artificial intelligence center of excellence in your organiz...Yogesh Malik
Setting up a COE ( Center of Excellence ) for AI ( Artificial Intelligence ) could be a daunting task. Lack of skills and quality data sets could hold you back. But still you should not wait any longer and start with what you have, build skills by training people, and move ahead in gettering executive approval for building an artificial intelligence center of excellence
Artificial Intelligence in Financial Services: From Nice to Have to Must HaveCognizant
AI is moving beyond experimentation to become a competitive differentiator in financial services — delivering a hyper-personalized customer experience, improving decision-making and boosting operational efficiency, our recent primary research reveals. Yet, many financial services companies will need to accelerate their efforts to infuse AI across the value chain while preparing for the next generation of evolutionary neural network technologies to keep pace with more forward-thinking players.
If you’ve played any of those candy-colored smartphone
games, you know how addictive they can be. There’s
something deeply satisfying about planning ahead and lining
things up to score a game-beating combo.
Effective workforce planning can be difficult because of the challenges associated with determining overall headcount. Decision makers need greater insight into resource demands and costs associated with personnel planning. A strategic workforce plan will help your organization avoid under-staffing, over-staffing, or misallocating employees, which can severely halt growth.
Ken Fick, of Pierce The Fog, will discuss how many high-performance organizations manage to conduct workforce planning to ensure agility and success effectively. He will explain how their approach can be broken down into several strategies that will help you gain an edge over competitors and increase revenue for your organization.
Learning Objectives
After this webinar, you will be able to:
1. Discuss ways to forecast attrition and workforce demand planning.
2. Describe how to leverage workforce planning scenarios.
3. Develop a workforce plan to gain a productive advantage.
4. Give examples of how to reduce the impact of workforce fluctuations on strategic, operating, and financial plans.
Like any good finance professional, you understand that budgeting is the lifeblood of any company and there are times when by the time the budget is complete, it’s already stale.
Changing the process can feel like a daunting task, it seems easier to keep doing what you’re doing. The good news is: there’s an easier way to budget.
Enriched Insights in Finance: Blending Data, Boosting PerformanceProphix Software
Join Prophix and Aberdeen Group’s VP and Principal Analyst Michael Lock for a webinar. We will cover:
• Top data challenges companies face today
• Best-in-Class strategies for data management and integration
• The strategic and operational impact of analytics in the finance department
Customer experience is essential to adopting a CPM solutionProphix Software
Recent industry analyst studies focused on user satisfaction and usage of
Corporate Performance Management solutions shows a strong correlation
between ease of use and overall satisfaction with CPM tools.
The Complete CPM Readiness Checklist helps CFOs/Controllers answer their question, “Are we ready for a CPM solution to help us achieve the benefi ts of Integrated Financial Planning?”
Interstates Companies moved beyond their reliance on
spreadsheets and purchased corporate performance
management (CPM) software from Prophix to automate
their budgeting, forecasting, and reporting. Today, the
organization also conducts a wide range of planning
activities with Prophix, allowing them to answer
important questions for their fast-growing business, to
grow their profi tability, and to increase their competitive
advantage.
Automating Financial Processes to Improve Performance for your Not-for-Profit...Prophix Software
Webinar slides from “Automating Financial Processes to Improve Performance for your Not-for-Profit Business”, featuring Tim McCarthy, Finance Manager, at Feeding America.
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Empowering the Data Analytics Ecosystem: A Laser Focus on Value
The data analytics ecosystem thrives when every component functions at its peak, unlocking the true potential of data. Here's a laser focus on key areas for an empowered ecosystem:
1. Democratize Access, Not Data:
Granular Access Controls: Provide users with self-service tools tailored to their specific needs, preventing data overload and misuse.
Data Catalogs: Implement robust data catalogs for easy discovery and understanding of available data sources.
2. Foster Collaboration with Clear Roles:
Data Mesh Architecture: Break down data silos by creating a distributed data ownership model with clear ownership and responsibilities.
Collaborative Workspaces: Utilize interactive platforms where data scientists, analysts, and domain experts can work seamlessly together.
3. Leverage Advanced Analytics Strategically:
AI-powered Automation: Automate repetitive tasks like data cleaning and feature engineering, freeing up data talent for higher-level analysis.
Right-Tool Selection: Strategically choose the most effective advanced analytics techniques (e.g., AI, ML) based on specific business problems.
4. Prioritize Data Quality with Automation:
Automated Data Validation: Implement automated data quality checks to identify and rectify errors at the source, minimizing downstream issues.
Data Lineage Tracking: Track the flow of data throughout the ecosystem, ensuring transparency and facilitating root cause analysis for errors.
5. Cultivate a Data-Driven Mindset:
Metrics-Driven Performance Management: Align KPIs and performance metrics with data-driven insights to ensure actionable decision making.
Data Storytelling Workshops: Equip stakeholders with the skills to translate complex data findings into compelling narratives that drive action.
Benefits of a Precise Ecosystem:
Sharpened Focus: Precise access and clear roles ensure everyone works with the most relevant data, maximizing efficiency.
Actionable Insights: Strategic analytics and automated quality checks lead to more reliable and actionable data insights.
Continuous Improvement: Data-driven performance management fosters a culture of learning and continuous improvement.
Sustainable Growth: Empowered by data, organizations can make informed decisions to drive sustainable growth and innovation.
By focusing on these precise actions, organizations can create an empowered data analytics ecosystem that delivers real value by driving data-driven decisions and maximizing the return on their data investment.
As Europe's leading economic powerhouse and the fourth-largest hashtag#economy globally, Germany stands at the forefront of innovation and industrial might. Renowned for its precision engineering and high-tech sectors, Germany's economic structure is heavily supported by a robust service industry, accounting for approximately 68% of its GDP. This economic clout and strategic geopolitical stance position Germany as a focal point in the global cyber threat landscape.
In the face of escalating global tensions, particularly those emanating from geopolitical disputes with nations like hashtag#Russia and hashtag#China, hashtag#Germany has witnessed a significant uptick in targeted cyber operations. Our analysis indicates a marked increase in hashtag#cyberattack sophistication aimed at critical infrastructure and key industrial sectors. These attacks range from ransomware campaigns to hashtag#AdvancedPersistentThreats (hashtag#APTs), threatening national security and business integrity.
🔑 Key findings include:
🔍 Increased frequency and complexity of cyber threats.
🔍 Escalation of state-sponsored and criminally motivated cyber operations.
🔍 Active dark web exchanges of malicious tools and tactics.
Our comprehensive report delves into these challenges, using a blend of open-source and proprietary data collection techniques. By monitoring activity on critical networks and analyzing attack patterns, our team provides a detailed overview of the threats facing German entities.
This report aims to equip stakeholders across public and private sectors with the knowledge to enhance their defensive strategies, reduce exposure to cyber risks, and reinforce Germany's resilience against cyber threats.
Opendatabay - Open Data Marketplace.pptxOpendatabay
Opendatabay.com unlocks the power of data for everyone. Open Data Marketplace fosters a collaborative hub for data enthusiasts to explore, share, and contribute to a vast collection of datasets.
First ever open hub for data enthusiasts to collaborate and innovate. A platform to explore, share, and contribute to a vast collection of datasets. Through robust quality control and innovative technologies like blockchain verification, opendatabay ensures the authenticity and reliability of datasets, empowering users to make data-driven decisions with confidence. Leverage cutting-edge AI technologies to enhance the data exploration, analysis, and discovery experience.
From intelligent search and recommendations to automated data productisation and quotation, Opendatabay AI-driven features streamline the data workflow. Finding the data you need shouldn't be a complex. Opendatabay simplifies the data acquisition process with an intuitive interface and robust search tools. Effortlessly explore, discover, and access the data you need, allowing you to focus on extracting valuable insights. Opendatabay breaks new ground with a dedicated, AI-generated, synthetic datasets.
Leverage these privacy-preserving datasets for training and testing AI models without compromising sensitive information. Opendatabay prioritizes transparency by providing detailed metadata, provenance information, and usage guidelines for each dataset, ensuring users have a comprehensive understanding of the data they're working with. By leveraging a powerful combination of distributed ledger technology and rigorous third-party audits Opendatabay ensures the authenticity and reliability of every dataset. Security is at the core of Opendatabay. Marketplace implements stringent security measures, including encryption, access controls, and regular vulnerability assessments, to safeguard your data and protect your privacy.
Levelwise PageRank with Loop-Based Dead End Handling Strategy : SHORT REPORT ...Subhajit Sahu
Abstract — Levelwise PageRank is an alternative method of PageRank computation which decomposes the input graph into a directed acyclic block-graph of strongly connected components, and processes them in topological order, one level at a time. This enables calculation for ranks in a distributed fashion without per-iteration communication, unlike the standard method where all vertices are processed in each iteration. It however comes with a precondition of the absence of dead ends in the input graph. Here, the native non-distributed performance of Levelwise PageRank was compared against Monolithic PageRank on a CPU as well as a GPU. To ensure a fair comparison, Monolithic PageRank was also performed on a graph where vertices were split by components. Results indicate that Levelwise PageRank is about as fast as Monolithic PageRank on the CPU, but quite a bit slower on the GPU. Slowdown on the GPU is likely caused by a large submission of small workloads, and expected to be non-issue when the computation is performed on massive graphs.
Data Centers - Striving Within A Narrow Range - Research Report - MCG - May 2...pchutichetpong
M Capital Group (“MCG”) expects to see demand and the changing evolution of supply, facilitated through institutional investment rotation out of offices and into work from home (“WFH”), while the ever-expanding need for data storage as global internet usage expands, with experts predicting 5.3 billion users by 2023. These market factors will be underpinned by technological changes, such as progressing cloud services and edge sites, allowing the industry to see strong expected annual growth of 13% over the next 4 years.
Whilst competitive headwinds remain, represented through the recent second bankruptcy filing of Sungard, which blames “COVID-19 and other macroeconomic trends including delayed customer spending decisions, insourcing and reductions in IT spending, energy inflation and reduction in demand for certain services”, the industry has seen key adjustments, where MCG believes that engineering cost management and technological innovation will be paramount to success.
MCG reports that the more favorable market conditions expected over the next few years, helped by the winding down of pandemic restrictions and a hybrid working environment will be driving market momentum forward. The continuous injection of capital by alternative investment firms, as well as the growing infrastructural investment from cloud service providers and social media companies, whose revenues are expected to grow over 3.6x larger by value in 2026, will likely help propel center provision and innovation. These factors paint a promising picture for the industry players that offset rising input costs and adapt to new technologies.
According to M Capital Group: “Specifically, the long-term cost-saving opportunities available from the rise of remote managing will likely aid value growth for the industry. Through margin optimization and further availability of capital for reinvestment, strong players will maintain their competitive foothold, while weaker players exit the market to balance supply and demand.”
Explore our comprehensive data analysis project presentation on predicting product ad campaign performance. Learn how data-driven insights can optimize your marketing strategies and enhance campaign effectiveness. Perfect for professionals and students looking to understand the power of data analysis in advertising. for more details visit: https://bostoninstituteofanalytics.org/data-science-and-artificial-intelligence/
2. “Hi, I’m Penny, the Prophix AI Digital
Assistant. I’ll be providing extra information
and expert advice throughout this guide.
Look for me on the bottom of the page!”
Meet Your Guide
PENNY
3. Ben Murray
Vice President and CFO, Cartegraph
Introduction: Adaptation & Innovation
Artificial intelligence (AI) is here. It’s not
some futuristic technology that’s just over
the horizon. You likely used AI today. If you
talked to Siri or Alexa, searched Google or
browsed social media, you officially have
experience with artificial intelligence. Feel
free to update your resume accordingly.
AI has helped make our private lives
simpler and better organized. It’s helped
us save time, given quick answers to our
questions, helped organize the wealth of
knowledge available via the Internet.
So why are we so afraid of AI in the finance
department? Yes, AI and machine learning
(ML) are here to take some of our work.
But it’s the mindless, repetitive, operational
work we should be eager to let go of.
CFOs are challenged to expand their role in
the organization - to participate in strategic
planning and help steer the business to new
heights of profitability. New technology will
only make it easier to fulfill these new duties
- both by automating operational tasks and
surfacing data insights for strategic planning.
This brief guide will help you and your team
get started with AI and ML.
Okay, here’s what I found on AI and machine
learning in finance:
Accounting and finance technology are no longer just systems to handle
debits and credits. As accounting standards change and the demand
for better financial insight increases, you must incorporate technology to
maintain and improve your relevancy and efficiency.
PENNY
5. 1. The Steward is responsible for base
operational finance functions, like closing
the books and ensuring compliance.
AI and ML can help reduce time spent
on these tasks and reduce human error.
Automated reporting can save hours of
human effort which can be focused on the
other roles.
2. The Operator is tasked with increasing
efficiency and effectiveness in the finance
department and in business operations
at large.
Technology can help with this role in two
ways: First, by increasing efficiency through
automation, and second by surfacing
data to help identify waste and increase
efficiency throughout the organization.
3. The Catalyst is charged with identifying
opportunities for positive change and
helping lead the charge.
A major component of finding
opportunities for change is being able to
see the big picture. AI can consolidate
multiple data streams from across the
organization and analyze it to find
potential for positive change.
4. The Strategist provides data-based
insight to act as an adviser to the rest of
the C-suite.
As with the Catalyst role, AI and ML make
it easier to collect and analyze data in
real-time. The technology can also help
create intelligent reports to persuade other
stakeholders.
Here’s how AI and Machine Learning can help with each of the modern
CFOs four roles.
How AI Complements
the New CFO Role
6. Daniel Newman
Principal Analyst & Founding Partner, Futurum Research + Analysis
OK, here’s what I found on business benefits of AI:
Companies simply are overrun by the volume of data, but companies that use
data well are seeing stronger business performance. So, the key is balance,
and using analytics, machine learning and AI as part of your business strategy
is going to be the first step for many in terms of benefitting from AI by growing
revenue and delivering better customer experience.
Do you rejoice when you have to add
another line item to your budget? It’s safe
to say most CFOs don’t enjoy handing
out capital. The joy comes from making a
strategic investment and seeing it pay off.
Investing in AI and machine learning
has a high probability of positive ROI. And
that’s not to say “it could pay off sometime
in the future.” Companies are already seeing
a return on their investment. A Deloitte
survey found that 83% of the most aggressive
adopters of AI said their companies achieved
moderate to substantial business benefits1
.
A Harvard Business Review study found that
a third of early AI adopters had already
Overcoming AI Obstacles: Budget
achieved increases in revenue. These early
AI adopters were also 3.5 times more likely
to forecast a growth in profit margin up to
five points more than their industry peers2
.
It’s not just about the benefits, though — it’s
also about the potential for lost opportunity.
Forrester predicts that by 2020, business driven
by AI insights will take $1.2 trillion per year from
their peers3
. It’s not hard to choose which side
of that equation you’d rather be on.
If budget is still a sticking point for your
organization, start small with automation
and machine learning for repetitive tasks.
These types of investments tend to show
results quickly and dramatically.
1. https://www2.deloitte.com/us/en/pages/deloitte-analytics/articles/cognitive-technology-adoption-survey.html
2. https://hbr.org/2017/08/a-survey-of-3000-executives-reveals-how-businesses-succeed-with-ai
3. https://www.forrester.com/report/Predictions+2017+Artificial+Intelligence+Will+Drive+The+Insights+Revolution/-/E-RES133325
7. Oliver Christie
Artificial Intelligence Consultant & Speaker
OK, here’s what I found on Is this the right
time to invest in AI?:
“Companies who adopt AI early will have an unfair advantage over the
competition. Catching up later will become increasingly difficult as the
business learnings (of using the technology) are applied and company
thinking evolves.”
From a budget standpoint, it’s easy to
persuade people on the benefits of AI
investment. The trickier part is the human
element. It’s only natural for your team to
feel uncertain about, even threatened by,
technology that can do part of the work
they do.
It’s important to frame the technology as an
enhancement rather than a replacement.
AI and machine learning can take over the
repetitive, mindless, and time-consuming
functions that keep your finance office from
the real work.
For example, who would choose to spend
hours searching a spreadsheet line-by-line
Overcoming AI Obstacles: Buy-In
for errors or fraud? It comes down to a
choice: Fill your day with work a machine
could do, or pursue meaningful work that
requires human intellect and intuition.
When you frame it that way, it’s easy to see
how AI and machine learning can improve
quality of life as well as
the bottom line.
And let’s not forget the business imperative:
Your office of finance has the opportunity
to be a leader in AI — or to play catch-up
later. Being ahead of the pack definitely feels
better than trailing behind.
8. James Meyers
Global Finance Executive and Finance Transformation
Consultant, FP&A Strategy Consulting
Okay, here’s what I found on skills needed for
the next evolution of finance:
“The majority of internal data is touched by the Finance organization –
therefore my one tip for Finance teams are to make data analytics; data
science and insight generation part of their core DNA.”
It’s clear that AI and ML are changing the
role of the CFO, and the entire office of
finance. That means forward-looking CFOs
should be looking to develop new skills in
their teams.
That doesn’t mean every CFO needs a
PhD in data science. The end goal of AI
deployment is a frictionless user interface,
as easy to operate as Siri or Alexa. But CFOs
should seek to develop the following skills in
their team, through training and hiring:
Overcoming AI Obstacles:
Skillset Refinement
Data analysis
Data mining
Insight generation
In addition to learning the hard skills, one
soft skill is of paramount importance: A
willingness to embrace change, new ideas
and processes. Your team’s attitude about
adopting AI will have significant impact on
your success.
9. John Colthart
VP of Growth, MindBridge Ai
OK, here’s what I found on Is this the right
time to invest in AI?:
“Look for a partner that can integrate their solution into your workflow quickly
and with minimal effort. Try it out: Big progress can be made in under a
quarter. AI should not be a future project for financial leaders, but something
they should be taking advantage of now.”
Your choice of vendor partner can make
or break your modernization initiative. AI
and ML is a relatively young industry, and
there are plenty of startups with a lot of
ideas but little field experience. Choose a
partner with these traits:
Well-Established: Look for companies with
a track record of demonstrable success
and plenty of happy customers. You’ll get
better results if you’re not part of someone
else’s learning process.
Overcoming AI Obstacles:
Choosing Partners
Purpose-Specific: Finance is a unique
part of an organization, and it needs
specialized solutions. Look for a vendor
that knows finance inside and out.
Unified Solution: You don’t want to cobble
together a solution piecemeal from
multiple vendors. A single solution is more
efficient and easier to manage.
Easy and Powerful: You shouldn’t have to
trade off capability for ease-of-use. Look
for a partner that can offer both.