Thursday, September 28, 2023

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How generative AI is placing CFOs at the forefront of company strategy - Fortune   

Generative AI and large language models will give companies a way to use certain data sets they couldn’t before, according to Brynjolfsson, who is also the co-founder and co-chairman of Workhelix, a startup that consults with companies on generative AI use cases. CFOs have always been at the forefront of working with data, he said. “And I suspect that they can help lead that revolution as we use these new kinds of data to make better decisions,” Brynjolfsson said.

“I think the chief financial officer is now no longer a financial officer alone,” Agrawal said. “They’re asked to do a lot more. And that’s part of the reason why the digital and technology evolution is so powerful because it allows them to enable the organization to do many things. CFOs are driving and shaping the agenda for companies. I would argue this is a very exciting time to be a CFO.” He predicts that more CEOs will come from the ranks of CFOs. Along with driving the strategy, data analysis is a strong skill for finance chiefs, Agrawal said. Boards that are looking for CFOs of the future are asking for those skills along with an aptitude for technology, like generative AI, he said. 

Automation is freeing up time for functions like financial planning and analysis to really focus on creating value, Agrawal said. “Clients of mine who were not thinking about automation, are now thinking about it because automation is a prerequisite for enabling a lot more generative AI,” he said. 

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