A recent survey by SAP Concur reveals strong adoption of artificial intelligence (AI) in finance among Chief Financial Officers (CFOs). The majority (82 percent) praise AI for its ability to streamline business operations. Additionally, 28 percent highlight AI’s effectiveness in generating higher-quality financial data and insights, while 24 percent credit it with improving the accuracy of financial forecasting.
However, this enthusiasm is tempered by concerns about AI’s long-term impact on finance professionals. Two-thirds (68 percent) of CFOs believe that AI could threaten their positions, and an additional 31 percent see it as a risk to their teams.
A powerful ally for finance leaders
João Carvalho, managing director of SAP Concur in Southern Europe, Middle East, and Africa, believes this perception needs to change. “When used correctly and responsibly, with full attention to data privacy, AI can be a powerful ally for overcoming financial challenges, transforming the role of finance leaders, and giving the business a competitive edge.”
Navigating uncertainty with AI
Carvalho highlights uncertainty as the biggest challenge CFOs face today, with nine out of ten finance leaders agreeing their main task is preparing for the unexpected. Forecasting remains a hurdle due to unpredictable markets, pricing risks, and outdated data. Consequently, CFOs are turning to technology, increasing market monitoring (57 percent) and investing in innovation (40 percent). Over half are already using data analytics, and AI can be a powerful addition to this mix.
Automating finance tasks with AI
“By leveraging AI, CFOs can become tactical guides, navigating uncertainty and providing valuable insights,” says Carvalho. AI can revolutionize finance by automating tasks like invoice processing, freeing people up for more strategic work. It can also improve data quality, reduce mistakes, and enhance compliance, mitigating potential sources of uncertainty.
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Empowering CFOs with AI-powered insights
Carvalho emphasizes that AI offers exciting opportunities for CFOs, providing real-time insights that can help with forecasting, demand planning, and generating tailored financial plans. “Armed with AI-powered data, CFOs can make better decisions and guide the business to be more proactive.”
Beyond compliance, AI allows CFOs to leverage operational data for broader business guidance, helping sales, marketing, and other departments. “Overall, AI empowers CFOs to move beyond traditional roles and become strategic partners, driving innovation across the organization.”
However, Carvalho cautions that working with a responsible and experienced partner who understands the importance of ethical AI practices is crucial. “It is for this reason that strong security and privacy measures are crucial prerequisites to using the technology well.”
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