CFOs predict increased use of AI and other digital technologies
A new survey of chief financial officers (CFOs) by tax and advisory firm Grant Thorton finds that they are in surprisingly good spirits to start the year and that companies are embracing artificial intelligence (AI). is expected to be used most frequently.
It was only recently that record inflation and rising interest rates fueled dire predictions of a recession. Currently, about a third of CFOs surveyed in Q1 2024 say they are optimistic about the U.S. economy.
Grant Thorton said 34% of respondents were “very optimistic”, the highest in 11 quarters in the survey, while 12% of respondents were pessimistic, the lowest in 11 quarters, same as the previous result. .
Meanwhile, a survey of 273 senior U.S. financial leaders across industries continues to show strong confidence in meeting workforce needs, meeting increased demand, and controlling costs. There is.
How CFOs view teams using AI
Increasing the scale and scope of AI is also a top priority for CFOs. The percentage of respondents using generative artificial intelligence (AI) is at an all-time high (47%). This may be related to a 10 percentage point increase in the proportion of CFOs who say their cybersecurity costs will increase, the company said.
CFOs plan to continue increasing spending on IT/digital transformation (55%, up from 49% in Q4 2023) and cybersecurity (55%, up from 45% in Q4 2023) .
“In our tax services space, we see that despite limited budgets, clients are open to, even willing, to spend money on focused processes and technology that improve efficiency. “Okay,” said Jim Whitner, National Managing Partner. , Tax Growth in Grant Thorton. “That may apply to other business functions as well.”
Ensuring responsible use of AI
CFOs are also gearing up to help their organizations use technology responsibly. A record 64% of CFOs using generative AI have clearly defined usage policies. Furthermore, 64% are defining and monitoring the risks associated with this innovative technology, says Grant Thorton.
Specific findings include CFOs who said their organizations are using AI to:
- AI for data analysis and business intelligence (66%)
- Financial operations and processes (54%)
- Cybersecurity and risk management (47%)
- Customer relationship management/customer experience (45%)
- Product/Service Development (37%)
“Companies are using this technology internally before introducing it into customer-facing processes because it’s easier to manage internally,” said Paul Melville, CFO Advisory National Managing Principal at Grant Thornton. ” he said. “If something goes wrong when you deploy the technology to your customers, it becomes much more difficult to manage.”
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