From machine learning and artificial intelligence (AI) to robotics, more and more companies are embracing automation to drive process improvements across their business. Unfortunately, they’re falling short of achieving that result. The leading factor holding them back is data accuracy.
A new study released by Tata Consultancy finds that a majority of companies see artificial intelligence (AI) as “essential” to competitiveness with widespread adoption expected across job functions by 2020 in areas such as finance.
With finance leaders serving as the data stewards at many companies, we see a transformation of the Office of Finance. The promise of AI, cloud adoption, new technologies and the trend towards self-service has also influenced the evolution of the CFO role. They are becoming more of a strategic leader. CFOs now spend more time optimizing the business and less time on finance administration. A recent McKinsey study cites that four in 10 CFOs say they spent the majority of their time in the past year on activities other than traditional and specialty finance. Read more