There are four major investments you’ll need to make to use AI successfully in your business.
1. Develop an AI Strategy: This investment is about learning how to apply AI to your activities and selecting your best course of action. Consider using outside experts to help augment your thinking in this area if you are just starting your AI journey.
Now that we know what AI is and its benefits for finance, how can a CFO develop a plan around how to apply it in their business? To borrow a phrase from Stephen Covey, Begin with the end in mind. Visualize where you want to be and work backwards, considering what is preventing you from realizing your future today. This step will help prevent you from building AI around current systems and processes that are encumbering your digital transformation.
The potential applications of AI are varied and being considered in virtually all sectors and industries. Today, companies are using AI algorithms to predict start up success, block spam messages and comments on social media, and boost webpage ranking. Lawyers are leveraging the same AI software to speed up legal research, and Financial Advisors have recently been piloting AI to monitor huge data sets and provide data-driven decisions. This handful of uses points to an exciting AI-driven future.
In their role as curator of critical information for their company, Chief Financial Officers must create processes and develop systems that filter out noise and focus only on the most important, actionable information. The plethora of data being created is growing at astronomical rates making this role much more crucial and much more difficult. In this article we’ll explore how CFOs can take a practical approach to integrating artificial intelligence (AI) into their operations.
Successful business owners preparing for a sale are quickly introduced to words they may not be familiar with: “EBITDA” and “Adjusted EBITDA.” Suddenly, why are these the only numbers that seem to matter?
