Despite nearly half of CFOs (45%) saying they plan to invest in AI to drive growth this year, nearly double (89%) have doubts about their company’s ability to successfully implement an AI strategy.
CFOs have had to make tough choices in the last year and a new global CFO survey from Coupa finds that many are still wrestling with economic uncertainty and complexity as they look to the future. Nearly all (90%) remain concerned about hitting growth and revenue targets within the next 6-12 months – unchanged from last year – specifying that high interest rates, rising energy prices, and supply chain disruptions are among the greatest external threats to their business. In addition, two in five CFOs (39%) say their biggest obstacle is keeping up with AI advancements as the rate of innovation outpaces human scale and traditional process efficiency.
CFOs are AI Hungry, but Hesitant
CFOs are grappling with a contradicting reality. They’re eager to use AI, but don’t trust it and don’t want to risk infringing on strict privacy laws. Yet, they’re captivated by AI’s potential to transform their operations for the better.
CFOs see AI’s value to cut costs, increase productivity, and grow efficiency. Specifically, they’re keen to make AI investments in the following areas this year: AP automation (34%), procurement (31%), third-party risk management (29%), and contract management (28%).
They’re also planning on investing in generative AI (GenAI) solutions to improve: frauddetection (37%), workflow process optimization (36%), supplier evaluation (35%), and contract development (32%).
Successful AI adoption requires cross-functional collaboration, responsible deployment, and access to the best data. CFOs play a pivotal role in fostering a culture of accountability, transparency, and ethical decision-making to navigate AI’s complexities, while unlocking its full potential for competitive advantage.
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