AI is proving to be more than a buzzy technology fad and one of those rare advancements—like the internet and cloud computing—that promise to revolutionize the business landscape. For CFO’s and their teams, it couldn’t have come at a better time.
“An omnipresent challenge finance leaders face is growing revenue while also expanding margins,” said Matt Stirrup, Oracle’s executive vice president of global business finance, in an interview with The Wall Street Journal. “This requires running businesses more effectively and leveraging technology like AI to find growth opportunities and spot inefficiencies.”
Looking toward the future of finance, Stirrup sees a large shift in store for the finance function. While AI will likely never fully replace finance team members, it may become a significant part of their day-to-day work.
“Looking forward, we see artificial intelligence not only advancing automation of repetitive tasks but also assisting with more value-added activities,” said Stirrup. “Finance staff augmented by AI tools can focus their time on the most complex analysis and strategic decision-making. The combination of workforce skills and artificial intelligence will propel greater financial insights and impact.”
What can companies do now to prepare for increasing AI use over time? First, aggressively automate processes to reduce transactional work. Second, train staff so they have the skills to effectively interact with AI tools, building analytical capabilities that capitalize on the technology. Giving finance staff increased understanding of AI will also be critical in ensuring the proper security, controls, and appropriate use of the technology.
“As businesses are under pressure to grow revenues while expanding margins, it’s clear that finance teams will be a driving force in that effort,” said Stirrup. “The world runs on data, and organizations that can quickly learn from and execute on it—through the right planning and analytical tools, cloud technologies, and the efficient application of AI—will be the ultimate winners.”