CFO Future Proofing: AI Budget

CFO Future Proofing: AI Budget
This IDC Perspective focuses on finance leaders' AI budget, as well as future proofing the organization, including autonomous finance, investment in AI, barriers of AI, and some evolving processes and finance use cases. In fact, the CFO and their office are vastly overworked, helping the business make the right performance decisions. Finance leaders recognize that they need to invest more into technology to help the team with data insights and projections, taking some of the burden off the finance team. With the right application of AI, ML, and robotic process automation (RPA), the business can significantly shift. Moreover, the sky is the limit with generative AI (GenAI), although there are biases, regulations, and work that go with proving out GenAI is still in the early stages."The future of finance is about more autonomy in workflows. However, traceability and auditing will be critical for organizations as they invest in AI, ML, RPA, and GenAI," says Heather Herbst, research director, Worldwide Office of the CFO. "Organizations need to move beyond thinking about not only digitally transforming into the digital world, but also changes in the nature of work as technology is leveraged even more. Understanding the greater reliance on innovative technology will be critical to maneuvering the organization forward. The future has arrived, but the pace of innovation and its application can be a huge factor in creating competitive advantage," adds Mickey North Rizza, group vice president, Enterprise Software.

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