CFO Series: Big data and the AI revolution

There’s no doubt, AI is here to stay. It’s impact is increasingly being felt on the traditional finance function.

So, how can you best navigate this new data-driven world as a CFO and capitalise on the opportunities AI presents in order to drive growth and affect positive change?

This was the topic discussed at one of our recent CFO Series event. Some great insights were shared:

Opportunities and challenges in building a data-driven future

• Two of the most common challenges when it comes to the “data” is who owns it and how do you best segment your market so that you can understand your customers’ drivers, needs and wants and then tailor your services to suit those needs.
• This is where the leadership team, finance function, operations and marketing team need to work together to ensure that there is a consistent strategy, approach and shared goals when it comes to your digital strategy.
• To get the best value our of the data, you need to have the correct structure. Think about how you create an asset out of the data that generates revenue. Consider privacy, cyber security and cost as potential challenges/risks and how you will best navigate them.
• Spending time analysing the data is important – use the experts to help or consider allocating dedicated resources to own the data strategy.

Aligning your digital strategy to the business strategy

• When looking at your digital strategy, think about what data you already have, what gaps you see and what your vision is. Then, consider how to set it up in a way that allows you to be the most effective. It’s important to do the planning and the thinking up-front so that your strategy is as targeted and as valuable as possible.
• Customers’ expectations are changing. They are becoming savvier and want more visibility into the service you provide. This is where it’s important to figure out what data will be most valuable to your business and your customers..
• You can have great systems; however they are only as good as the information that is fed into them.

Impact of technology on the role of the CFO

You can’t just bury your head in the sand – AI is here to stay. Your role as a CFO will be to understand it, use it to your advantage and continually learn from it.

Investing in a digital data strategy can be a lengthy process and a big investment. It’s important to get it right. Adapt your thinking and look at what will work best for your organisation.

For more insights on AI, it’s impact on the finance function and how you can best capitalise on the opportunity new technologies present, check out our in-depth report here.