In today’s rapidly evolving business landscape, the role of the CFO is undergoing a transformative shift. As highlighted in a recent discussion on the Digitally Curious podcast with Chris Juneau, Head of Market Strategy for SAP Concur, CFOs are increasingly turning to AI to drive strategic growth and innovation.
Many of you may already be using SAP Concur without realising it. When you book a trip, submit your expenses, or you use the brilliant traveller app Tripit, you’re using SAP Concur services.
I spoke with Chris about a couple of recent reports from SAP Concur, one which looks at how CFOs are embracing AI, and another about how to measure and maximise the returns from AI.
You can watch a short summary below of our discussion, and the reports and links to the full episode are in the comments below.
Key Insights from the CFO Insights Report:
- Rising Investment in AI: Despite 58% of CFOs admitting limited understanding of AI, investment in AI technologies has surged from 15% to 51% since 2023. This reflects a growing recognition of AI’s potential to revolutionise financial processes.
- AI Applications in Finance: CFOs are leveraging AI for various applications, including journaling and bookkeeping (65%), financial planning (59%), and risk scenario planning (53%). These technologies are not only enhancing efficiency but also enabling more strategic decision-making.
- Bridging the Knowledge Gap: Education is key. SAP Concur is committed to educating financial leaders on AI applications, helping them ask the right questions and implement AI responsibly within their organisations.
AI adoption is not just about cost reduction; it’s about unlocking productivity gains and fostering innovation. By automating mundane tasks, CFOs can focus on strategic initiatives that drive business growth.
Tools like Concur Verify are already enhancing compliance and user experience by validating transactions in real-time via a partnership with @Mastercard.
So what can you do next?
Educate and Empower: Continuously educate your teams on AI’s potential and collaborate with technology partners to harness its full capabilities.
Collaborate Across Functions: Partner with HR and IT leaders to ensure a holistic approach to digital transformation.
Challenge the Status Quo: Always seek better ways to optimise business processes and drive strategic outcomes – start exploring your existing platforms and see if they can be enhanced by AI.
Join us in exploring how AI is reshaping the role of the CFO and driving businesses towards a more innovative future.
Resources Mentioned
CFO Insights report: Repositing for Growth
CFO Insights report: How to Measure and Maximise AI Returns
Concur Expense
Chris Juneau on LinkedIn
