Artificial intelligence is transforming businesses, but only those that bring together diverse expertise can unlock its full potential. Finance teams play a critical role in making informed decisions about AI investments.
Unlocking the Full Potential of AI: Why Finance Teams Matter
Artificial intelligence (AI) has become an essential tool for businesses to stay competitive in today’s fast-paced landscape. However, despite its growing importance, many companies struggle to realize the full potential of AI due to a lack of understanding and expertise.
The Role of Finance Teams in AI Decision-Making
Finance teams play a critical role in making informed decisions about AI investments. With their ability to ascertain value, ensure accountability, and provide an objective perspective, finance professionals can help mitigate risks and maximize returns on investment. By involving finance teams early and often, companies can transform AI from an exciting possibility into a reliable growth engine.
The companies that succeed with AI aren’t necessarily those with the most advanced models or the largest data sets — they’re the ones that bring together diverse expertise to make the smartest decisions. Finance, with its ability to provide an objective perspective, is an indispensable partner in this process.
The Gap Between Enthusiasm and Results
Despite the growing interest in AI, there remains a significant gap between enthusiasm and results. A recent survey of 750 executives found that:
-
65% believe they have an advanced understanding of AI and its benefits
-
18% claim to have a cutting-edge understanding
-
Only 6% can derive value and P&L impact from the technologies
This lack of practical expertise is a major obstacle to realizing the full potential of AI. Finance teams that are not involved in the decision-making process may struggle to identify opportunities, assess risks, and make informed investments.
The Importance of Collaborative Decision-Making
Finance teams should work closely with other stakeholders to ensure that AI investments align with business objectives and provide a strong return on investment. By leveraging their expertise in value creation, risk management, and strategic planning, finance teams can help companies unlock the full potential of AI and drive sustainable growth.
Involving finance teams early and often is critical to making AI investments truly pay off. Companies that prioritize collaborative decision-making will be better equipped to navigate the complexities of AI and realize the benefits that this technology has to offer.
...
