2024 Data, Analytics and AI Predictions and Prescriptions for CFOs - Full Production
Demystifying 2024: Data Analytics & Governance - A Blueprint for CFOs
The future of finance was vividly illustrated at the “2024 Data, Analytics and AI Predictions and Prescriptions for CFOs” LinkedIn Live event, guided by host Steve Rosvold with deep insights from industry experts - Prashanth Southekal, Tobias Zwingmann, Arun Marar and Sanjeev Chib.. Each offered compelling predictions and practical prescriptions for CFOs to navigate the evolving landscapes of Data, Analytics and AI.
The following is a summary of each expert’s predictions and prescriptions
1. Prashanth Southekal’s Blueprint for Data Management: (Here is Prashanth’s Presentation)
Predictions:
- KPIs and Transactions Take Center Stage: A renewed emphasis on fundamental business performance metrics.
- Data Governance as Business Enabler: Movement towards utilizing data governance as a tool for business enablement, not just compliance.
- Impactful Use Cases for Data Analytics and AI: Focusing on strong use cases that enhance business revenue, reduce costs, and address risks.
Prescriptions:
- Adopt Continuous Data Governance: Maintain ongoing security processes to fortify and minimize the organization’s data footprint.
- Capture Data Responsibly: Implement strategies to lower environmental and economic impacts by capturing only essential data.
- Empower Business Growth via Governance: Craft a data governance strategy that focuses on facilitating business decisions and growth.
2. Tobias Zwingmann’s Forward-Looking AI Strategies: (Here is Tobias’ Presentation)
Predictions:
- AI Augmentation Ascendant: Prioritizing AI augmentation where AI supports and enhances human decision-making.
- Open Source Ecosystems Flourish: Increased dependency on adaptable open source technologies for AI development.
- Human-Centered AI: Stressing the importance of integrating human input within AI-assisted workflows.
Prescriptions:
- Provide AI Safety Nets: Build an effective supervision system for AI outputs, with a keen eye on predictability and safety.
- Develop Foundational Skills: Reinforce education and preparedness for utilizing open source AI technologies and managing AI collaborations.
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3. Arun Marar’s Synthetic Data Vision: (Here is Arun’s Presentation)
Predictions:
- Synthetic Data for AI Development: Greater reliance on synthetic data to enhance the development and performance of AI models.
- Reducing Bias and Compliance Risks: Use of synthetic data will help address the critical issues of bias and compliance within AI applications.
- Innovation through Synthetic Data: Exploring the potential of synthetic data in driving innovation and idea generation.
Prescriptions:
- Benchmarking Against Real Data: Rigorously compare synthetic data with real data sets to ensure accuracy and reliability of AI models.
- Strategic Utilization of Data: Capture and employ synthetic data judiciously to protect privacy and streamline training of AI models.
4. Sanjeev Chib’s Insights on AI-Powered Solutions: (Here is Sanjeev’s Presentation)
Predictions:
- Ubiquity of AI as a Service: Integrating AI models into existing products and democratizing access to AI innovations.
- Rising Tide of AI-Driven Fraud: An expected increase in sophisticated AI-powered fraudulent activities.
- Enhanced Regulatory Scrutiny: A focus on enacting new regulations and guidelines concerning AI and data privacy.
Prescriptions:
- Implement Purpose-Driven AI: Introduce AI solutions with specific, measurable objectives tied to operational improvements.
- Combat AI Threats with Intelligence: Utilize robust risk intelligence measures to pre-empt AI-assisted fraud and deploy additional controls.
- Preparedness for Regulations: Prepare the organization to swiftly adapt to new regulatory requirements while maintaining effective AI utilization.
Steered by thought leadership and grounded in practicality, the event shed light on essential strategies for CFOs to champion data, analytics and AI initiatives while safeguarding their organizations’ ethical, regulatory, and fiscal responsibilities.
Watch or listen to the full episode - video above or ‘LISTEN ON’ button below - to enhance your strategies and actions around Data, Analytics and AI.
In gratitude to all panelists for their strategic acumen, and a special thanks to Arcalea, Grihasoft Technologies and CFO.University for supporting this project and to Gary Cokins, the godfather of EPM, for his valuable feedback on this research.
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