Generative AI Reshapes Finance Function
WEB CFOs Must Embrace Change to Stay Ahead
Timo Grund, Jochen Schmitz, Marc Rodt, Stephan Pierer von Esch, Matthias Krühler, and Florian Rodt authored an article for the BCG website on May 19, 2021, warning CFOs that they cannot afford to stand on the sidelines as generative AI reshapes the finance function.
The authors argue that generative AI has the potential to automate repetitive tasks, improve decision-making, and create new opportunities for CFOs. They urge CFOs to start experimenting with generative AI and to build a team of experts who can help them implement this technology.
The article cites several examples of how generative AI is already being used in the finance function. For example, generative AI is being used to:
- Automate the creation of financial reports
- Generate insights from data
- Create predictive models
- Develop new products and services
The authors conclude by saying that generative AI is a powerful tool that can help CFOs transform the finance function. They urge CFOs to embrace this technology and to use it to their advantage.
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