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Embracing Change in the Epoch of AI

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According to big data expert Bernard Marr, AI allows finance organizations to “scrub colossal amounts of data — much faster and more accurately than human scientists,” allowing today’s CFO to spend more time focusing on innovation and creating forward-looking business strategies to bring their business to the next level.

From cloud computing and robotic process automation, to machine learning and AI, a new class of digital disruptors is fundamentally transforming the role of the modern CFO. In fact, out of 769 CFOs and finance leaders surveyed by Ernst & Young, more than 64 percent say that automating processes and building agility into business processes will be a top priority for tomorrow’s finance function. This raises the question: Will all the new age technologies that CFOs have at their fingertips replace the need for a traditional finance chief, or will CFOs be able to harness this technology to improve their bottom lines?

CFOs are no longer seen solely as finance managers. They are now expected to be strategic partners within the entire business, advising leaders based on data and insights, while connecting the dots to inform smart business decisions. This new role is a direct result of technology’s impact on the way CFOs can perform their jobs. While automation and other emerging technologies will not replace the need for a traditional finance chief, they will cause the role of the CFO to significantly evolve. Leading financial executives are those than can strike the balance between technology and people, utilizing each team member to complete tasks that fit their unique skill sets.

According to big data expert Bernard Marr, AI allows finance organizations to “scrub colossal amounts of data — much faster and more accurately than human scientists.” In fact, computers detect correlations and patterns that humans might overlook. Not only does this help to remove the potential for human error, it also helps to free up time previously spent looking through massive amounts of data. Now the CFO can spend more time focusing on innovation and creating forward-looking business strategies to bring their business to the next level.

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Article Credit: FEI

 

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