A study by Gartner has found that CFOs are getting more involved in shaping their firms’ AI strategies.
The research, which quizzed 822 bosses, found that 34 per cent of them thought CFOs had a say in their AI plans. CTOs came top with 55 per cent, followed by CIOs with 48 per cent and CEOs with 45 per cent.
Chief bean counter at Gartner, Alexander Bant, said most CFOs are unhappy with how their digital projects are going.
“AI spending is set to soar by five to eight times this year at most firms, and many CFOs are playing a key role in ensuring these investments pay off and don’t cause too much risk.”
Bant said CFOs know that AI plans need teamwork, including working with CIOs, CISOs and other bigwigs.
But many CFOs are not just partners but leaders in developing their firm’s AI strategy to match their business and financial goals and what their backers, like boards, investors and regulators, want.
Bant stressed that CFOs need to lead talks to ensure AI is used cheaply and reasonably.
To help CFOs with this trend, Gartner said there are three likely stages of AI use in firms: defend, extend and upend.
In the defence stage, Gartner said firms must go for the “easy wins” offered by AI and ensure their staff know how to use it properly.
This should involve using tools that are simple to get and finding quick results with specific tasks.
For example, give staff access to helpers, such as Microsoft Copilot and Google Workspace, so that AI can be safely and controlled for relevant work.
“These kinds of tools may seem very new, but the easy way to get them means they will soon become normal for doing business,” said Bant.
“They will not give a firm a lasting edge over rivals.”
The extended phase will cost more but will have more significant returns. This is where a firm would spend on more custom-made uses of AI technology suited to its situation and value.
AI could boost the skills of money advisers in wealth management. This could widen a service that is now only for the very rich and offer it to a bigger market.
Lastly, AI could “upend” a firm and shake up its whole industry.
“This is the game-changing stuff that can get very pricey, very fast. But it also comes with much higher rewards,” Bant said.
This is likely to involve changes in staff output or business performance and lead to new products, services and markets as well as new rivals in a similar way that tech giants have changed other markets in recent years.
