CFO.University’s Post

💡 According to a recent Sage #CFO survey, finance leaders in 2024 spend up to 4 hours a day on non-finance activities, including talent management and leading tech strategy. With their workloads growing and intersecting with other departments, how can CFOs continue prioritizing #finance without overstretching themselves? We unpack the survey findings, top skills for CFOs in 2024, and the parts #AI, #machinelearning, and #automation are playing in the evolving role of finance leadership on our blog: https://lnkd.in/enBNJCYw #funding #budget #taxcredits #SRED #research #development #capital #strategy

EY survey of over 1,000 financial executives, found that while 16% of respondents rate their finance function as “best-in-class,” only 14% plan to “pursue a bold transformation agenda in the next three years.”. Company boards must demonstrate the courage to acknowledge, assess and address finance function readiness for an AI push that will definitively either elevate or expose executives’ competency.   This article outlines three bold questions that will help boards assess finance AI’s success odds: https://lnkd.in/dEAizQGX Omiros Stamelos Marko Matic Daniela Ekholm Anita Ratkovic Andric Ivana Luketic Kostic #Finance #AI #future #leadership 

Curious about AI's impact on finance? Dive into the insights from the Gartner CFO & Finance Executive Conference. Explore actionable strategies to enhance efficiency and spur growth. These essential tips are a must-read! #finance #strategy #ATHENA

EY's global CFO survey found that even though 16% of finance executives rate their functions as “best-in-class”, only 14% plan to pursue a bold transformation agenda over the next three years. Generative AI implementation is a major appeal to automate what people cannot or will not sufficiently do, but it requires sophisticated change management, strong oversight, and culture-shaping leadership. Boards must assess the readiness of finance functions for an AI push to ensure that real leaders are in charge, and address the accountant shortage and other issues. This Forbes piece argues that they should start with three diagnostics to determine whether AI implementation serves transactional or transformational priorities, who the trusted partners are, and how AI tools will speed and boost business resilience. How much impact will generative AI eventually have on the finance function? #AIfinance #cfo #changemanagement #finance

There is increasing evidence that Finance leadership is the most likely route to a CEO role. Here is Phil's blog from February about the changing role of CFO and the challenges Finance leaders face in 2024. https://lnkd.in/eMTVtYZi #cfo #ceo #finance #ai #peoplestrategy #businesspartner

Let's grow, CFO's. You want to know what I think? I think AI is the biggest threat to Fractional CFO's and it's not even close. It's only a matter of time before CFO experts team up with AI creators to put their knowledge and experience into bots, which will then just be part of software. So what is the answer? The answer is more questions. In my pursuit of becoming the best FCFO, I came across this tasty morsel from the MIT Leadership Center. https://lnkd.in/grDyVZnf Hal Gregersen is giving us some brilliant advice here: #1 - People don't know what they don't know. Stop focusing on efficiency and processes, focus on innovation #2 - Catalytic Questioning; a systematic process to re-frame and solve an issue - Ask nothing but questions - Number them - Write them down - Answers are not allowed - Preambles and explanations are not allowed - Determine which questions are worth your time to answer personally #3 - Employees are expected to provide brutally honest feedback, without being brutal (this is a common theme among winning Leadership philosophies) #4 - The average kid asks one question per month. The average teacher asks 50 - 100 per hour. We are promoting that only answers matter. Let's use his Catalytic Questioning strategy to reframe what I think is the biggest threat to FCFO's, "How will AI impact CFO's?" Only questions are allowed as responses to this thread. I'll start: How much of a priority will finance tools like Xero or QBO place on AI tools? How long before AI finance tools become accurate all the time? How easy will it be to use AI finance tools? How much of the work will be cut using AI? Are companies prepared to layoff their workers? Are any PBO (projected benefit obligations) in jeopardy when this happens? What kind of training will workers need? What kind of budget will companies need to provide employees? How will job requirements change for accounting/finance? What is the potential liability from a personal identifiable information perspective? We need to learn new tools to keep our value. Mahalo!

Emerging technologies like AI are changing the core of financial services and redefining the role of finance leaders. The 2023 Global EY DNA of the CFO survey reveals that tech transformation is the top priority for CFOs over the next three years. This shift requires CFOs to become technological leaders, leveraging predictive analysis and informed decision-making to unlock new value for their organizations. For CFOs unsure where to begin, start by establishing a clear vision, cleaning up existing data, and understanding that investing in the right technology will drive finance transformation. https://lnkd.in/eQ5McdK3 #Finance #Transformation

Swagger: Employ new technologies and focus on cash! I have spoken with several of my CFO peers and these skills, along with being able to answer 'how to manage post-COVID work structures' have been hot topics. How are you doing it? Please send me a message and let me know. We use an AI application to reduce the time we spend coding A/P. It has worked so far, reducing processing time in the department by 50%! #CFO #Innovation #management #future #retainedsearch #leadership

📊 Finance Leaders, Listen Up! The Future of Finance is Human-Centric 🤝 In today's AI-driven world, the human touch remains irreplaceable in finance. Here's why: 🧠 Critical thinking and judgment are uniquely human skills 🗣️ Effective communication builds trust with stakeholders 🔮 Strategic foresight helps navigate uncertain markets 🤖 AI complements, not replaces, human expertise 💡 Key Takeaway: Embrace technology, but don't underestimate the power of human skills!🚀 🚀🚀 Call to Action: Invest in developing your team's 'power' skills alongside technical expertise before you implement new technoloigies like #GenAI. Our research shows thus will increase the odds of a successful transformation dramatically! The future of finance belongs to those who can blend both seamlessly.What steps are you taking to maintain the human touch in your finance operations? Share your thoughts below! 👇 #FinanceLeadership #HumanTouch #FutureOfWork #FutureofFinance #CPA #CGMA Here is the full article from my colleague Peter Spence https://lnkd.in/e6DW2jy8

Over the last few decades, the role of the CFO has undergone a profound shift. From their traditional focus on numbers and compliance, CFOs have emerged as visionary partners, steering strategies across diverse domains. Here is an engaging and thought-provoking conversation with Ramaseshan K., our CFO, on ET Insights, delving into the dynamic nature of the modern CFO's responsibilities. Ramaseshan's insights shed light on how the CFO role has transformed into a driving force, guiding organizations through digital transformation and change. The article covers compelling topics such as, harnessing data for insights, championing ESG initiatives and embracing Generative AI. It emphasizes how CFOs are indeed becoming future makers in the corporate world. Read the full article to discover how CFOs are embracing change, leveraging data, and shaping strategies that will define the corporate landscape of tomorrow: https://lnkd.in/gKnYD3Cq #CFOInsights #Article #FutureOfFinance #CorporateLeadership #DataDrivenStrategies #ESG #LeadershipEvolution #GenerativeAI #FinanceInnovation #CorporateStrategy #DigitalTransformation #CSSCorpIsNowMovate #Movate