During Fortune’s Emerging CFO virtual event, Joseph Fuller, a professor at Harvard Business School, discussed the emerging role of advanced artificial intelligence and machine learning in finance. He highlighted the use of “decision intelligence” tools that leverage AI to make predictions and create multiple scenarios for decision-makers to consider. This allows CFOs to combine financial and operational data to detect problems early and reduce operational risk.
CFOs from companies like Cisco Systems, ServiceRocket, and Checkr also shared their perspectives on the impact of AI in the finance function. They discussed the potential for AI to increase productivity, improve fraud detection, enhance forecasting, and automate processes. Companies like Checkr have been using AI, particularly in the form of machine learning, for years to streamline processes like background checks. Emerging technologies like generative AI are further enhancing their capabilities.
ServiceRocket is also exploring AI use cases in financial analysis and planning, lead generation analysis, and predictive revenue analytics. The CFOs emphasized the evolving nature of AI in the tech industry, likening it to the early days of the film industry where technology has significantly advanced over time.
Overall, the integration of AI and machine learning in finance is poised to transform how CFOs make decisions and manage risks. As these technologies continue to evolve, CFOs must adapt and leverage them to drive innovation and efficiency in their organizations.
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https://finance.yahoo.com/news/cisco-servicerocket-checkr-cfos-ai-113209772.html
