Become a Leading AI Finance Organization by Adopting These 4 Lessons
Gartner conducted a survey focused on the practices of leading Artificial Intelligence (AI) finance organizations. To classify as a leading AI finance organization for this survey, Gartner required that the following criteria be met:
- AI initiatives moving as fast or faster than expected
- AI initiatives being as impactful or more impactful than expected
- Delivered finance function outcomes (e.g., greater accuracy, shorter process times)
- Delivered business outcomes (e.g., new product introduction, monetization)
Many CFO teams across companies of all regions, industries, and sizes continue to waste significant time managing core processes on disconnected spreadsheets. This means they are managing processes using similar tools to finance teams from 30 years ago. World-class organizations have created massive performance and efficiency gaps by adopting modern platforms to manage their FP&A and accounting automation. These platforms continue to evolve and drive efficiency and automation. This level of efficiency now allows these leading organizations to explore even further gains across more cutting-edge technologies such as AI and Predictive.
Gartner points out two significant findings in their survey:
Finding # 1: Leading AI finance organizations are not always the ones who are investing the most in AI.
Finding # 2: Leading AI finance organizations have not been using AI the longest.
So exactly what is the recipe being used by these leading organizations to optimize their AI strategy?
Here are the 4 AI Best Practices for CFOs highlighted by Gartner:
- Hire External Talent to scale faster
- Purchase AI-enabled Technology to have greater impact
- Experiment with early pilots to drive efficiencies
- Choose an Analytical AI Leader to transform the business
If you’re a CFO and feel your organization is starting to experience a technology gap in comparison to your peers or you are ambitious to become a world-class finance operation, speak to an RVNA Tech expert to help map out a future vision.
Access the report for more detail on these 4 Best Practices as well as additional findings from this survey.