What I'd Tell My Pre-AI Self:
Words of Wisdom from Seasoned CFOs

07.27.2023

In the rapidly evolving world of finance, technology is an inevitable force driving change. Artificial Intelligence (AI) has taken center stage, offering a transformative way of approaching financial data, strategy, and decision-making. If I were to journey back a decade or so and have a heart-to-heart with my pre-AI self, here's the distilled wisdom I'd impart.

1. Embrace the Wave, Don't Resist It

"Remember when you were skeptical of cloud computing?"
Tech trends can be overwhelming, but approach AI with an open mind. Before the AI revolution, we were number-crunchers, but now we're poised to be strategic architects. Recognize the potential of AI early on. Like all transformative changes, there's a learning curve, but the sooner you start, the steeper your trajectory of growth.

Takeaway: Modern CFOs aren't just about balance sheets; they're about leveraging technology for foresight, agility, and innovation.

2. AI Doesn't Diminish Your Value; It Amplifies It

"You always said finance was as much art as it was science. This still holds true."
AI will handle data, but the interpretation, the strategy, and the vision? That's all you. The core softer element – intuition, ethics, and relationship-building – remains central. Think of AI as your superpower, amplifying your capabilities and allowing you to focus on the high-value aspects of your role.

Takeaway: Introducing AI in finance doesn't overshadow the CFO; instead, it empowers them.

3. Collaboration is Key

No technology operates in isolation, especially not AI. Collaborate with Sales, IT, HR, operations, and other departments. Breaking silos ensures the smooth implementation and integration of AI into your financial processes.

Takeaway: A holistic approach, where tech and business functions merge, optimizes the real-world applications of AI.

4. Educate to Empower

Invest time in understanding AI's core principles. You don't need a PhD in computer science, but a foundational understanding will empower you to make informed decisions and converse with your tech teams more effectively.

Takeaway: Grasping the basics demystifies AI, making it a tool rather than an enigma.

5. Real-World Implications Over Theoretical Acumen

While AI's theoretical aspects are fascinating, prioritize its business implications. What does a predictive model mean for your quarterly projections? How can machine learning optimize asset allocation?

Takeaway: Align AI capabilities with business goals. Practical application trumps theoretical prowess.

6. Consider the Long Game

Every decision you make about AI integration today has long-term implications. AI isn't about instant transformation; it's about evolution. The power of AI in finance isn't just in automation but in the layer upon layer of insight it offers, the patterns it reveals, and the predictions it enables. Think about scalability, adaptability, and future integration. As the saying goes, "The best time to plant a tree was 20 years ago. The second-best time is now."

Takeaway: Strategically incorporating AI today will set the foundation for future business growth and resilience.

7. Ethical Implications are Paramount

"The lines can blur in the AI world, but always know where your moral compass points."
With great power comes great responsibility. AI offers immense potential, but it's crucial to consider its ethical ramifications. Ensure transparency, fairness, and data privacy are pillars in your AI strategy. It's not just about what AI can do but what it should do.

Takeaway: An ethically sound AI strategy builds trust internally and with customers.

8. Celebrate the Human Element

AI might be a game-changer, but the human touch is irreplaceable. Use AI to augment human capabilities, not replace them. Value the insights, intuitions, and interpersonal skills of your team.

Takeaway: AI is a tool, not a replacement. People remain at the heart of successful business operations.

Looking back, the journey from traditional finance to an AI-driven landscape has been exhilarating, filled with challenges, learning curves, and immense growth. And while AI continues to shape the financial world in myriad ways, one thing remains constant: the value of experience, human touch, and adaptability. By marrying technological foresight with strategic acumen, CFOs can not only navigate the AI landscape but thrive within it, unlocking unprecedented opportunities for business growth.