Gartner - CFOs Should Embrace AI as an Organizational Role, Not Just a Technical Skill

Sheryl_Wharff

June 6, 2023

To build an AI-driven finance organization for the future, it will require a combination of technical and business skills that many finance teams do not have today, according to Gartner.

Gartner analysts discussed the new AI-focused roles and skill sets finance leaders will need to incorporate into their teams, the importance of keeping people in the loop when using AI-based solutions, and other AI best practices today during the Gartner CFO & Finance Executive Conference.

“We’re seeing a profound shift in how finance teams work based on the accelerating use of AI to help them handle the increased complexity of their daily activities and become more productive,” said Mark D. McDonald, senior director analyst in the Gartner Finance Practice. “Just like any disruptive technology throughout history, AI will inevitably displace and replace some roles and skills, but new roles, skills, and opportunities will also emerge."

“Leading finance teams will learn to position AI-driven tools and solutions as co-workers that help them do their jobs better. Using AI as a co-worker instead of a replacement also ensures that finance leaders avoid delegating responsibility to machines that should be owned by a person.”

Mark D. McDonald, senior director analyst at Gartner shared insights on AI in finance with an audience of CFOs and finance leaders at the Gartner CFO & Finance Executive Conference

High-Priority Roles for Effectively Leveraging AI

In the future, Gartner analysts expect finance and accounting teams to look more like software development organizations, and finance leaders should begin introducing aspects of this paradigm shift into their teams.

There are three roles that will play an integral role in finance teams in the future:

Citizen Data Scientists - These are current finance and accounting staff that will learn basic data science skills to help them automate tasks and make better decisions. Citizen data scientists will not have the expertise to build complex solutions that extend beyond their immediate scope of work. They will need help building a professional-grade solutions.

Center of Excellence – These are roles new to an organization and are comprised of technical professionals who can build and maintain technically-solid AI solutions. These include professional data scientists, software engineers, data engineers, statisticians, and other non-traditional finance roles. A center of excellence often starts with a single professional data scientist and grows with demand.

Company Leadership - Building teams of the future requires leaders to balance the challenges of introducing new skills and processes while making sure that the organization continues to support daily business operations.

The Human-Machine Learning Loop

Felix Hoddinott, the Chief Analytics Officer, Analytical Innovation with Quantexa added, “Quantexa agrees that leveraging AI & ML fully requires a blending of people, process, and technology. Quantexa believes decisions at strategic, operational, and tactical levels which are enriched by context create greater insight and confidence. Context on what the data means. Confidence that your data is meaningful. And the ability to connect that data from siloed and scattered points and turn it into a trusted, reusable resource. AI & ML can’t instantly automate all your decisions, but with the right data, in the right context, with the resulting connections, it can make decision making easier, quicker, and more informed. We see the world’s leading organizations turning to Quantexa to use the speed and accuracy of its Decision Intelligence Platform to establish confidence in their data, reach new levels of organizational efficiency, and build business resiliency. AI and ML are just a part of the overall solution required.”