While more and more companies are integrating AI (Artificial Intelligence) into their internal processes, their orchestration by CFOs (Finance and Administration Departments) remains essential for effective deployment.
How is AI likely to impact businesses?
AI aims to free the workforce from non-productive tasks
Despite the “disaster” science fiction scenarios would suggest (such as in the Netflix series “Black Mirror” series), AI, like mechanical automation in the era of the industrial revolution, aims above all to free the workforce from repetitive tasks with low added value.
According to a study by Accenture, AI could increase productivity and profitability in companies by almost 40% by 2035.
AI works like the human brain
Based on the mimicry of the human brain, from which it borrows its learning and memorising capacities, AI restores its knowledge (or data) in an analytical manner with a power and processing speed that will enable humans to free themselves from repetitive and time-consuming tasks in order to create even more value.
How can AI impact CFOs?
CFOs are the departments most likely to benefit from AI advances
CFOs are most likely to be impacted by AI as they concentrate the most vital data collection and analysis functions in the company.
Thus, management control, risk analysis and management or the steering of the entities’ performance indicators should be the most affected by this revolution where the latest technologies offer not only unlimited storage capacity (cloud) but also calculation, processing and analysis.
Thanks to AI, financial directors can thus arbitrate in favour of a deeper analysis of the data made available to them in a qualitative manner, being freed from a quantitative management of performance indicators and other reporting tables.
Let’s take the example of the monitoring of invoices or the management of expense reports: the “intelligent” automation of these tasks from the user and/or service provider to the CFO allows for a simple and fluid monitoring of the entire process.
AI as an indispensable ally in the explosion of data
One of the major advances enabled by AI for the benefit of the CFO, undoubtedly concerns the phenomenon of the explosion of data to be processed.
Many are those who are “subjected” to this avalanche of information, to the detriment of the company because they do not have the means to process or analyse it.
AI, on the other hand, has the capacity to process this mass of data and to extract value from it through its analytical capacities and the expertise that it reinforces as it processes this information… just like human intelligence.
Thus, Artificial Intelligence technologies provide companies with real value-generating tools while freeing them from unproductive tasks, allowing them to concentrate on their core business and gain in agility.