In the ever-evolving world of finance, CFOs are increasingly at the intersection of strategic decision-making and technological transformation. The latest 2024 CFO Study from the IBM Institute for Business Value highlights a pivotal moment for finance leaders as they navigate the generative AI era. The study provides deep insights into how CFOs can embrace technology as a core enabler, driving modernization and unlocking new avenues for growth.
The Era of AI: A Time for Bold Moves
As organizations face an era of rapid digital transformation, generative AI stands as a once-in-a-generation opportunity. According to the study, 72% of leading CFOs view their CTOs as critical partners in driving their business forward, underlining the importance of technology in shaping future strategies.
But what does this mean for CFOs today? As the guardians of financial stability and the architects of transformation, CFOs must align with tech leaders to ensure that technology becomes an integral part of every decision. It’s no longer enough to view technology as a tool—CFOs must champion it as the core engine of innovation and strategic growth.
Six Power Moves to Modernize Financial Operations
The study outlines six critical “power moves” CFOs must make to seize the generative AI opportunity:
Champion Technology as Core
Technology isn’t just an enabler; it’s the foundation for innovation. CFOs need to work hand-in-hand with CTOs to ensure that tech investments align with long-term strategic goals.
Make Execution the Yin to Strategy’s Yang
Aligning strategy with execution is essential for organizational success. CFOs who balance innovation with agility and discipline can better navigate the tensions of short-term and long-term objectives.
Show Me the ROI
With 65% of CFOs facing pressure to accelerate ROI on technology investments, it’s crucial to connect technology spend with tangible business outcomes, from cost efficiencies to growth.
Determine Risk Tolerance & Place Big Bets
In a time of rapid technological change, CFOs need to navigate risk intelligently. This includes making calculated investments that balance short-term pressures with long-term value creation.
Make Data Your AI’s Oxygen
Data is the fuel driving AI’s transformative potential. Leading CFOs use advanced data management strategies to create a robust foundation for AI initiatives, enhancing decision-making and driving enterprise success.
Ignite Your Talent Revolution
As finance becomes increasingly tech-driven, the skills of tomorrow’s finance teams will look different. CFOs must foster a data-driven culture and invest in upskilling their teams to embrace AI and automation.
How IBM Solutions Can Help
IBM offers an array of cutting-edge technologies and services to support CFOs in their modernization journey:
IBM Cloud and IBM Watson provide scalable platforms for AI integration and cloud-based ERP systems, giving organizations the agility and data-driven insights they need to stay competitive.
IBM Envizi ESG Suite helps organizations meet evolving sustainability reporting requirements by simplifying complex data capture and providing transparency in ESG metrics.
IBM Guardium and IBM Security solutions ensure that as organizations scale, they do so securely, with proactive risk management that integrates seamlessly with business strategy.
CFOs who collaborate closely with their technology teams can better position their organizations to capitalize on AI’s potential. By partnering with IBM, they can align financial operations with tech strategy, driving both innovation and measurable business outcomes.
Moving Forward with IBM
The path to success for CFOs in 2024 and beyond requires bold leadership and a strong partnership with technology. With IBM’s suite of solutions, CFOs have the tools to transform their operations, drive growth, and maintain a competitive edge in the AI-driven future. As the 2024 CFO Study highlights, those who embrace the six power moves and leverage the right technologies will thrive, while others risk being left behind.