Industry Trends AI Opportunities and Risks
In the constantly evolving business world, artificial intelligence is perhaps one of the biggest trends driving change. The technology is quickly moving from the experimental to the operational, and CFOs are uniquely positioned to lead a broader organizational shift into the use of AI-powered tools. As stewards of the most important data in any organization, including operating costs and financial performance, CFOs are positioned to bring AI to the enterprise. As EY reports, many finance chiefs also serve as chief compliance officers, taking responsibility for financial and regulatory requirements. The role includes a wide range of repetitive and routine tasks ripe for disruption by AI. “The expectations of shareholders, regulators and audit committees have been increasing, specifically in the areas of financial and non-financial reporting, transparency, and governance. All of these functions can benefit from AI.” The benefits of implementing AI include increased efficiency, enhanced decision-making, talent and skills development, revenue growth, and operational efficiencies. However, according to Forbes, the opportunities of bringing AI to the enterprise also include critical considerations and risks, such as data security and privacy, ethical implications, regulatory compliance, cybersecurity, and algorithmic bias.
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