Artificial intelligence (AI) is reshaping the finance function, automating routine tasks, enhancing decision-making, and driving strategic value. However, as AI transforms how organisations operate, the role of the Chief Financial Officer (CFO) is evolving to focus not only on technology adoption but also on empowering people and fostering a culture of continuous learning. Here’s why top CFOs are prioritising people and learning in the age of AI.
1. People Are Key to Maximising AI’s Potential
Why It Matters
AI enhances productivity and efficiency, but its full potential can only be realised when it works in harmony with skilled and adaptable professionals. Finance teams must be equipped to leverage AI effectively and interpret its outputs.
CFO Strategies
- Upskill Teams: Provide training on data analytics, AI tools, and interpretation of insights.
- Bridge the Gap Between Technology and Strategy: Empower employees to connect AI-driven insights with broader business objectives.
- Foster a Collaborative Culture: Encourage cross-functional collaboration between finance, IT, and business units to maximise AI’s impact.
Example
A multinational corporation implemented an AI-driven analytics platform and complemented it with a robust upskilling programme for finance teams, enabling faster and more strategic decision-making.
2. Continuous Learning Drives Adaptability
Why It Matters
As AI tools evolve, so do the skills required to use them effectively. Continuous learning ensures that finance teams stay ahead of the curve and adapt to new tools, regulations, and business models.
CFO Strategies
- Create a Learning Ecosystem: Establish platforms for ongoing training, including online courses, workshops, and mentorship programmes.
- Encourage Lifelong Learning: Cultivate a mindset where employees proactively seek knowledge about emerging technologies and trends.
- Invest in Leadership Development: Train finance leaders to navigate the intersection of AI, strategy, and human resources.
Example
A financial services firm introduced a continuous learning initiative focused on AI and machine learning, resulting in a 25% improvement in productivity and faster adoption of new tools.
3. People-Centric AI Enhances Employee Engagement
Why It Matters
AI can automate repetitive tasks, freeing employees to focus on high-value, strategic work. However, its implementation must be thoughtful to ensure employees feel supported, not replaced.
CFO Strategies
- Communicate the Value of AI: Emphasise how AI will augment roles rather than replace them, building trust among employees.
- Use AI to Support Well-Being: Implement AI tools that help manage workloads and identify signs of burnout.
- Empower Decision-Making: Enable employees to focus on analytical and strategic contributions, leveraging AI-generated insights.
Example
A retail CFO used AI to automate routine data entry, allowing finance staff to concentrate on customer analytics and strategic initiatives, which improved job satisfaction and engagement.
4. Learning Enables Strategic Use of AI-Driven Insights
Why It Matters
AI generates vast amounts of data and insights, but the ability to interpret and apply those insights strategically requires human expertise.
CFO Strategies
- Teach Data Storytelling: Train teams to present AI-driven insights in ways that influence decision-making across the organisation.
- Focus on Critical Thinking: Develop employees’ analytical and problem-solving skills to use AI outputs effectively.
- Integrate AI Into Strategy: Align AI insights with business goals, ensuring data-driven decisions lead to tangible outcomes.
Example
An energy company’s CFO used AI to identify cost-saving opportunities in procurement. The finance team’s analytical skills translated these insights into actionable strategies, saving millions annually.
5. Focusing on People Ensures Ethical AI Implementation
Why It Matters
AI introduces ethical considerations, such as data privacy, bias, and transparency. A people-focused approach ensures these challenges are addressed responsibly.
CFO Strategies
- Promote Transparency: Ensure employees understand how AI systems make decisions and the data they rely on.
- Monitor for Bias: Train teams to identify and mitigate potential biases in AI models.
- Embed Ethics in AI Training: Make ethics a core part of employee training to align AI practices with organisational values.
Example
A global bank developed an AI ethics framework and trained its finance team to ensure compliance with data privacy regulations and ethical standards.
Bullet Points: Why CFOs Focus on People and Learning in the AI Era
- Empowered Teams: Skilled employees can maximise AI’s potential and interpret insights effectively.
- Adaptability: Continuous learning ensures finance teams stay relevant in a rapidly changing landscape.
- Engaged Workforce: Thoughtful AI implementation enhances employee satisfaction and well-being.
- Strategic Application: Human expertise aligns AI-driven insights with organisational goals.
- Ethical Use: A people-focused approach ensures responsible and transparent AI adoption.
Conclusion
In the age of AI, top CFOs understand that technology alone is not enough. By prioritising people and fostering a culture of continuous learning, they can empower their teams to unlock the full potential of AI, drive strategic value, and navigate the future with confidence.