“CFOs and Controllers who use AI will replace the ones who don’t.”

In a CFO.com newsletter last week we have this quote/perspective:

“Every CFO tells me nowadays they have a great controller ... but the question is, can AI replace a controller one day? No. But will CFOs and controllers who use AI replace the ones who don’t? Yes.”

Jack McCullough, president of the CFO Leadership Council, spoke extensively about AI’s furthering impact on finance during his opening remarks at CFO Brew’s event in New York City today. According to him, contrary to recent data from CFO and others, AI will continue to be the most impactful thing for finance leaders and their teams moving forward.

“The pace of change [for technology] is so quick today. Six months in 2024 is five years in 2015.”

I agree with the above perspective. Artificial Intelligence will transform the finance/accounting functions and provide far greater productivity. It will promote controllers and CFOs from a “record and report” function to providing actionable insights and pro-active decision making. With the advent of micro computers it became more productive to utilize applications for computations and reporting than using manual processes such as written calculations and/or calculators. Now with AI we have the ability to use deep machine learning to perform complex functions like reconciliation, applications of cash, and normalization of data. All of these functions are done by AI and using it will speed up the period close which is imperative to the health of the organization. We don’t want a human acting like a robot by continuing to do reconciliations. We want a human providing AI training and AI overview so the human can step out of nuts and bolts and provide the oversight and perspective that is important to improve the organization.

Professionals that embrace AI will be able to accomplish more in less time and provide more accurate results. Period. And the speed at which this occurs is about to hit the proverbial “hockey stick trajectory”. There are simple, risk free ways of embracing AI and it will provide your organization serious ROI. You should reach out now and we will work with you to understand your unique needs and help you chart a path forward. There is nothing to fear except inaction. All the best…Chris Carrigee, PE, CPA

info@AIadvisorsUSA.com