How CFOs use AI to optimize processes and make better decisions

BARC's latest trend report, CFO Agenda 2025, reveals that the use of artificial intelligence (AI) is one of the most pressing priorities for CFOs worldwide.

Does this resonate with you?

In this article, we'll explore the challenges and opportunities that AI presents to the Office of the CFO and how you can effectively implement AI to benefit your finance team.

 

Why AI is a top priority for CFOs

For its "CFO Agenda 2025" report, renowned research firm BARC surveyed more than 190 finance executives across industries on the key factors shaping the office of the CFO today and in the near future.

One-third of respondents already see the strategic use of AI as one of their biggest challenges.

Nearly half expect AI to have a significant impact on the work of their finance teams in the future.

But despite the immense potential of AI, many finance departments are struggling to make the transition. So how can you successfully transform your finance operations to embrace AI and unlock its full potential?

 

How to successfully implement AI in the office of the CFO

AI offers tremendous potential in three key areas:

 

1. Automating repetitive tasks

AI can handle tedious, time-consuming tasks, allowing your team to focus on strategic decisions and high-value activities. Here are some areas where AI optimization can make a difference for finance teams:

• Automated data collection and validation
• Seamless integration of data from disparate sources into consolidation systems
• Detecting anomalies in financial data
• Automating XBRL tagging
• Intelligent processing of large volumes of invoices and financial documents

 

2. Optimize processes

Beyond simple tasks, AI can improve and streamline complex financial processes. Consider these examples:

• Robotic Process Automation (RPA) to perform rule-based, repetitive tasks
• Smart automation of complex workflows
• Predictive analytics to optimize resources
• AI-powered co-pilot capabilities for consolidation, financial planning, and disclosure management

 

3. Improve decision making

As a CFO, you want to make informed decisions based on reliable data and deep analysis. AI can help you by 

• Identify hidden drivers
• Accurately simulate scenarios
• Spot risks early

 

With AI, you can: 

• Focus on innovation and strategy
• Identify inefficiencies and opportunities for process improvement
• Gain real-time insights to make more informed financial decisions

How Lucanet helps you unlock the power of AI

Lucanet enhances its CFO Solution Platform with AI co-pilots that handle complex, high-demand tasks. This enables CFOs and finance professionals to focus on strategic initiatives that drive growth, efficiency and innovation.

Here's how Lucanet's AI Copilots support you:

 

Consolidation and planning Copilot:

This Copilot acts as a virtual assistant, analyzing balance sheets and profit and loss statements. Finance teams quickly gain actionable insights and make data-driven decisions.

Automated disclosure management:

The Copilot simplifies reporting according to European Sustainability Reporting Standards (ESRS) or International Financial Reporting Standards (IFRS). It significantly reduces time and effort while ensuring consistency of tone, terminology and style. The result? Credible, professional corporate communications.

Efficient XBRL tagging:

The Copilot automates XBRL tagging, reducing processing time from days to minutes. High automation, speed, accuracy and ease of use make financial reporting faster and more efficient.

 

Shaping the future of the office of the CFO with AI

AI is more than a passing trend – it's a strategic imperative for CFOs who want to stay competitive. Investing in AI now not only streamlines processes, but also strengthens the decision-making capabilities and long-term resilience of the entire finance department.

Discover how Lucanet is taking the office of the CFO to the next level:

 

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