The recent entry of large, well-established companies into the generative AI market has kicked off a highly competitive race to see who can deliver revolutionary value first. The market is pushing the limits of what is possible. But in the rush to exploit this new capability, companies must consider the risks and impacts of using AI-driven technology to perform tasks that, until recently, were exclusively reserved for humans.
As the chief steward for an organization’s financial health, the CFO must balance the risks and rewards of tools like generative AI. Three distinct conversations across leadership circles will help CFOs establish reasonable expectations and ensure that the use of generative AI creates value without introducing unacceptable risks.
Conversation 1: Debunk the hype around generative AI
Despite its remarkable potential to help finance organizations navigate complex, high-volume data, generative AI’s limitations introduce real challenges that CFOs must raise when considering use of generative AI in finance and across the organization. Successful CFOs partner with senior technology leadership (e.g., the CIO, chief data officer, chief information security officer) to distinguish hype from reality, and then share the results of those conversations with other executive leadership team members.
Conversation 2: Define aligned, responsible, actionable use cases for generative AIÂ
With an understanding of generative AI’s limitations, CFOs can responsibly direct a conversation with operational management, executive leaders and representatives from the user community to define the following:Â
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Actionable generative AI use cases that align with their organization’s overall strategy and risk tolerance
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Generative AI’s effect on current strategies, projects or investments
As with any artificial intelligence solution, the best use cases exploit a specific business’s strengths and defend its weaknesses. Aligning generative AI’s fundamental capabilities to your business’s unique strategies and objectives delivers a value that differentiates your company from its competitors.
