Time to Act - The CFOs' Guide to Fast-Tracking AI Adoption

 

Written by Jean Fernandes, Group Chief Financial Officer, GxS Bank

2 April 2024 - The recent IBM Global AI Adoption Index 2023 shows that about 42% of enterprise-scale companies surveyed (> 1,000 employees) have actively deployed AI in their business. An additional 40% are currently exploring or experimenting with AI but have not deployed their models.

With studies by McKinsey and others showing AI's potential to revenue gains within the 10-15% range and/or cost savings within the 20-30% range, it's no wonder AI is the
buzzword.

But AI is not about the latest algorithm or flashiest model. It is about building for the future and therefore requires a solid and sustainable foundation of investment. AI is a powerful tool that can be used to improve efficiency, productivity, and decision-making. CFOs need to be aware of the potential of AI, how it can be used to benefit their organisations and the ethical challenges and risks that need to be addressed while adopting AI. Success in AI requires a long-term financial commitment to people, education, resources, and platforms.

This article is not to showcase the latest algorithms, the flashiest models, but to talk about the often-overlooked, yet crucial elements of any successful AI journey which every CFO who is enthusiastic about AI should focus on.

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