Artificial Intelligence is impacting all kinds of jobs – and can help you to do yours even better.
As AI applications sweep through our workplaces creating unprecedented change, some will merely survive, while others will thrive. Read on to learn about five new CFO superpowers.
1. Gaze into the financial future with an AI-enhanced crystal ball
On Wall Street, portfolio managers are already utilizing AI for ticker data analysis, to respond faster to market fluctuations. As a CFO, you need to see further into the future than simply this week or this month.
Thankfully, AI can now help you to detect anomalies, pinpoint inefficiencies, and correlate real-time against historical financial data. CFOs can efficiently orchestrate multiple financial processes and deliver deep financial and business insights with visibility, transparency, control and confidence, with the CCH Tagetik Finance Transformation Platform. Simply weave in a few algorithms that can identify and track a vast array of patterns, and your new crystal ball is good to go. Use it to make smarter forecasts and to define more robust economic strategies.
2. Put customer negatives, as well as positives, to competitive advantage
As a CFO, when customers enjoy and purchase your company’s products, you’ll notice. Same applies when customers drift away from, or abandon your products. These days every kind of behavior is useful for giving us both product and customer-related data.
How do customers experience the use of our products? What would they prefer to be different? If product problems reoccur, which ones are they? By harnessing AI-processing and machine learning, executive leaders are uniquely positioned to recommend swift courses of action to respond to answers. Whether those courses require detours around trouble zones, or trend-related bursts of speed, the winners will be those with AI-powered agility.
3. Profile potential customers faster. Leverage results sooner
As AI starts shifting customer behaviors, CFOs need to keep informed and stay ahead. Current customer-retention takes on greater urgency, and new lead generation becomes vital.
Fortunately, AI-driven predictive analytics can help to profile potential customers far more accurately to identify how they want to interact with your company. These analytics deliver rich, complex layers of information that, as CFO, you can interpret into better forecasts with barely a wave of your wand.
4. Use optimized recruitment to help streamline your HR spending
Obviously the ins and outs of recruitment are not your daily concerns, but the costs that relate to HR activities might well be.
AI is being used to analyze resumes and identify high-potential candidates for senior positions at a variety of companies. AI-assisted processes can also help HR to optimize employee retention, which in turn improves workforce productivity.
Could AI help your HR department reduce a few costs today? Investigating the possibilities might provide your moment to shine.
5. Untangle red tape and reduce legal spend
If you’re a CFO for a large corporate legal or insurance claims department that processes millions of dollars in legal expenses each month, you know that invoice reviewing is no simple matter. Due to the sheer volume of documents, quality can be inconsistent, and non-compliance can become an issue.
AI-powered products like the LegalView Bill Analyzer are already helping to simplify this type of work. Through a combination of advanced technology, machine learning and compliance-related expertise, AI helps streamline the invoice review process to control and reduce legal spend, improve work quality, and shorten case lives.
Curious to learn how business leaders are teaming up to bring advanced technology innovations to their organizations? Read how a CFO and a CIO work with each other to develop and utilize AI in their organization.