Joseph Fuller, a professor at Harvard Business School, discussed the future of finance in a recent virtual event with Fortune and Workday. He highlighted the rise of “decision intelligence” tools that use advanced AI and machine learning to make predictions and create scenarios for CFOs. These tools allow CFOs to combine financial and operational data to detect problems early and reduce operational risk exposure.
During the event, CFOs from Cisco, ServiceRocket, and Checkr shared their experiences with AI in finance. They discussed how AI can increase productivity, help with fraud detection, and improve forecasting. These companies are leveraging AI technologies like machine learning and generative AI to enhance their processes and stay ahead of emerging challenges.
The CFOs emphasized the importance of AI in the finance function and how it will continue to evolve in the future. They compared the current stage of AI development to the early days of the film industry, highlighting the potential for further growth and innovation in the field.
In other finance news, several notable CFO appointments and departures were announced, including Jason Bengel’s promotion to CFO at LendingTree, Samantha L. Stoddard’s appointment as financial director at JELD-WEN Holding, and Mark Harris’ decision to leave Heidrick & Struggles International. These changes reflect the ongoing shifts in leadership within the finance industry.
Additionally, a new podcast episode from Wharton explores how executives can manage geopolitical risk in the era of globalization. Witold Henisz, vice dean of the Wharton School’s ESG Initiative, discusses strategies for creating long-term value in a competitive global landscape.
Overall, the discussion around AI in finance, recent CFO appointments, and strategies for managing geopolitical risk highlight the dynamic nature of the finance industry and the ongoing need for innovation and adaptation in today’s global economy.
Article Source
https://fortune.com/2024/06/21/cisco-servicerocket-checkr-cfo-ai-changing-their-jobs/