There’s a dichotomy between what companies want artificial intelligence to have the ability to provide and what it actually does provide – as far as executives see the issue.
Take a recent Deloitte survey that shows 72% of technology, media, and telecommunications firm decision-makers “strongly believe” AI “will be very important” for their companies to stay ahead of the competition through the rest of the decade.
Even so, just 21% of company executives say “they were confident” in their ability to actually use AI tools to make informed, real-time decisions in a separate Workday study.
“AI- and ML-driven insights are so powerful because technology companies are sitting on the greatest amount of data out there. They just haven’t been able to tap into it,” says Justin Joseph, senior director of industry product strategy at cloud software technology provider Workday.
It’s a unique issue that shines a light on the best ways to use AI in the workplace and industry experts have ideas on how financial executives can best leverage the technology.
The recent Workday Rising conference in San Francisco has some answers for chief financial officers who wonder about the success rate of their own AI program implementations. Rohit Gupta, CEO of finance software company Auditoria.AI. told the conference audience that the CFO suite is “ripe” with everything from “scenario planning to cash performance analysis”.
In doing so, Gupta calls for a new “paradigm” for financial department officers bound and determined to make their AI rollouts succeed.
“We’re moving to a world with massive amounts of data, massive complexity of data, and data that is continuously changing, and that’s where AI comes in,” Gupta said in comments recorded by CFO Dive.
Testing Real World Finance Scenarios – In Real Time
In one scenario, Gupta describes a scenario where CFOs could leverage AI to simulate the recent wave of supply chain disruptions triggered by the pandemic-related business lockdowns.
Gupta told the Workday audience that the corporate finance department can now use artificial intelligence to run supply-chain scenarios for future planning purposes.
“That’s an example of technology that is available today that you can pilot,” Gupta noted.
CFOs can also use AI more common finance department tasks like invoice processing and for detecting errors and misrepresentations on record transactions, Gupta added
Brian O’Connell, a former Wall Street bond trader and best-selling author, is a prominent figure in the finance industry. With a substantial background as an ex-Wall Street trader, he has authored two best-selling books: ‘The 401k Millionaire’ and ‘CNBC’s Creating Wealth’, demonstrating his profound knowledge of finance and investing.
Brian is also a finance and business writer for esteemed national platforms and publications, including CNN, TheStreet.com, CBS News, The Wall Street Journal, U.S. News & World Report, Forbes, and Fox News.
