Over the years, the CFOs role has expanded in an organisation. Though finance remains the core activity for their position, they also participate in the strategic planning & decision making process. In order to fulfil the new responsibilities, CFOs become a ‘person of many hats’: In their role they

• Are accountable for basic financial operational functions like monthly end closing and compliance.
• Enhance the efficiency and effectiveness in both finance and business operations.
• Collaborate in identifying possibilities to bring positive change to the structure of conducting business.
• Perform advisory to the management through supporting real time data for decision making and competing in the market.

How do CFOs get help from Artificial Intelligence?

Artificial intelligence (AI) is a software tool tuned to replicate human cognitive behaviour to perform tasks assigned to them in a timely and efficient manner. They are given the option to utilize the input data and deliver results based on it. They improvise over time on their performance adding trust and genuinity to the output.

Artificial intelligence (AI) already has made inroads in all the industries including the finance industry. CEOs prefer an active participation of CFOs in strategic planning roles & prepare for an uncertain future. In reality, CFOs time is dedicated to reporting, compliance and regulatory issues.

Artificial intelligence (AI) has all the ingredients to help CFOs bridge the gap between planning and compliance, through adopting these two paths:

• Improve the functioning process cycle through speed, time and accuracy
• Enhance the decision and planning process through supporting data by generating reports for analysis

Also Read: Role of CFO in implementing robotic automation

How do CFOs benefit from Artificial intelligence (AI)?

Artificial intelligence is the best team player any CFO can hire at this point of time. The benefits can be tangible or intangible, but overall it strengthens a new perspective to the functioning of the CFO office.

1. Access to error free data:
   First and foremost a CFO needs to rely on the accuracy of the data at his disposal for making any form of analysis. For that to happen, the data needs to be free from error. When AI is implemented, it is an assurance the data can be utilized for the decision making process. The data and transactions can be easily audited by the CFO when AI is integrated into the workflow.
2. Prevention from the risk elements:
   AI technology helps CFOs to shift focus on risk management due to increase in cyber theft and compliance regulations. AI helps to identify areas where there is a potential security breach and flags the areas. Through early detection of anomalies CFOs are in a commanding position. Subsequently, the risk pertaining to financial or confidential information is mitigated significantly.
3. Predictive analysis through the support of data:
   Artificial intelligence (AI) technology helps CFOs access and handle a generous amount of data than before. Through this they are able to gain insights from the data and help to draw out a strategic plan. From this knowledge, they are able to understand the weaknesses and strengths. Further, they are able to measure the performance of the assets if maintenance is required or equipment to purchase etc.
4. Optimization of cost:
   Artificial intelligence (AI) technology helps to bring in fiscal discipline to the functioning of the firm. First, the additional recruitment of full time or part time jobs is either reduced or eliminated to a greater extent. Since, the accuracy of data, speed and performance in deliverables helps CFOs to channelize time, resources and invest in other places. In the long run even, operational cost is reduced.
5. An early ROI:
   A well researched Artificial intelligence (AI) technology deployment gives the possibility of early ROI. CFO’s invest a significant amount of funds after convincing both management and stakeholders. Therefore, a quick ROI helps their cause. The returns come from various quarters like customer satisfaction, sales turnover and uncompromised quality, all possible due to Artificial intelligence (AI).

Also Read: How AI is influencing the future of Accounting

If you are an accounting firm interested in introducing AI to your operations, we are readily available to provide you with customizable solutions. Book your free personal demo.