Many CFOs Support AI for Business, But Hesitate to Adopt It in Finance Teams
Companies are investing heavily in AI, yet many finance leaders remain cautious about integrating AI into their own departments. A recent Gartner survey highlights that organizations often find it challenging to translate AI investments—both traditional and generative—into meaningful productivity improvements.
Similarly, a survey by Emburse of 1,000 U.S. and 500 U.K. finance professionals shows that two-thirds have invested in AI. But AI innovation is far from the top priority for most finance teams. Only 16% of respondents named AI innovation as their department’s main focus. Instead, 39% prioritized cost-cutting and efficiency, while 24% concentrated on compliance and risk management.
Why the Hesitation?
Concerns about AI in finance center around data security and privacy, the risk of AI errors, and the potential impact on finance roles. Despite this, many expect AI to bring the biggest changes in planning and forecasting over the next five years. This suggests finance leaders recognize AI's growing influence but want to manage its risks carefully.
Successful AI adoption in finance requires finance leaders to be fully engaged in AI strategy and to work closely with other departments. This cross-functional collaboration helps ensure AI tools are implemented safely and effectively.
Insights from Finance Leaders
Zachary Wasserman, CFO of Huntington Bancshares Inc., shared his perspective on AI’s role in finance. He leads both finance and strategy functions, emphasizing that AI is part of the company’s overall strategy. Housing data and analytics within the CFO’s office allows for better alignment across functions.
Workday's CFO, Zane Rowe, also highlights AI’s practical use. He points to AI agents assisting finance teams by analyzing thousands of contracts to identify vendor discounts when contracts come up for renewal. This shows how AI can work alongside finance professionals to enhance decision-making.
Balancing Opportunity and Risk
Introducing AI into finance demands careful planning. Experts recommend identifying clear use cases and avoiding AI implementation for its own sake. Adequate hardware and software infrastructure are key to supporting AI tools effectively.
Finance teams must prepare for continued change. According to McKinsey, generative AI and digital technologies are changing how finance roles function, making adaptation essential.
Next Steps for Finance Professionals
- Engage actively in your company’s AI strategy to ensure finance needs and risks are addressed.
- Focus on practical AI applications like planning, forecasting, and contract analysis.
- Invest in the proper infrastructure to support AI tools securely.
- Stay informed about AI developments relevant to finance roles and tasks.
For finance professionals looking to build AI skills and stay ahead, exploring specialized courses can be valuable. Resources like Complete AI Training's finance-focused AI tools offer practical ways to learn and apply AI effectively within finance teams.