For CFOs, time to gather intelligence on GenAI

Introduction

If a generative artificial intelligence (GenAI) chatbot had produced this article, it could have rapidly outlined a path for CFOs seeking to implement and apply the algorithmic tool to reduce costs and improve decision-making. And it would have been able to do so in a tone of absolute certitude—even if it started making up information, detecting unrelated patterns and presenting these so-called “hallucinations” as facts. 

Such inaccurate output, when GenAI departs from any relevant context, occurs because the technology still has learning to do. Despite the froth surrounding GenAI—which differs from traditional AI in that it can create new content, ranging from text to videos to computer code—the models possess roughly the same cognitive aptitude of a kindergartner. GenAI might confidently use words it doesn’t actually understand, and connect ideas with little in common.

But GenAI is maturing swiftly, which may explain why many CFOs are evaluating how they might integrate the deep learning technology into their workflows. In Deloitte’s 3Q23 CFO Signals™ survey, 42% of the 116 respondents say that their organizations are experimenting with GenAI, while another 15% say their companies are incorporating it into their business strategy.¹ The results dovetail with the 2023 CFO Agenda, which cites the pressure on CFOs to wring actionable information from the data finance collects.²

GenAI appears to fit the bill. Indeed, GenAI may ultimately reshape the finance function’s entire value proposition to the business, given the range of its prospective use cases, from automating heavily manual processes to powering real-time predictive models. Understandably, CFOs might feel overwhelmed about where to start. As they prepare to implement their 2024 strategic plans, keeping a close eye on inflation and the risk of recession, many CFOs may also wonder how they can begin to engage GenAI to drive efficient growth.

In this edition of CFO Insights, we’ll explore how CFOs can identify where to deploy GenAI in the finance function. We’ll also look at what leaders can do to prepare their companies for the transition. And we’ll address a very human concern: How much should CFOs and others really worry about losing their jobs to AI-fueled machines?

Endnotes

¹ CFO Signals™ 3Q 2023, US CFO Program, Deloitte LLP.

² The 2023 CFO Agenda, US CFO Program, Deloitte LLP.

³ “The Generative AI Dossier: A selection of high-impact use cases across six major industries”, Deloitte AI Institute, Deloitte Development LLC.

About Deloitte's CFO Program

The CFO Program brings together a multidisciplinary team of Deloitte leaders and subject-matter specialists to help CFOs stay ahead in the face of growing challenges and demands. The Program harnesses our organization’s broad capabilities to deliver forward-thinking and fresh insights for every stage of a CFO’s career—helping CFOs manage the complexities of their roles, tackle their company’s most compelling challenges, and adapt to strategic shifts in the market.

Learn more about Deloitte’s CFO Program.