ChatGPT, AI & the CFO: Now & Next

Apr 5, 2023

As Artificial Intelligence (AI) and Machine Learning (ML) continue to shape the business landscape, CFOs are being charged with understanding the opportunities and concerns these technologies offer. In particular, ChatGPT, a natural language processing tool, has the potential to revolutionize the way CFOs work. Today we’re exploring the impact of AI and ML in business and on CFOs.

Impact of AI on Day-to-Day Business

To understand the impact of AI and ML on CFOs, it is important to first consider how these technologies are affecting day-to-day business operations. AI and ML can be used to streamline operations by automating mundane tasks and freeing up business leaders to focus on more strategic work. For example, AI can be used to analyze large datasets to identify trends and make predictions about the financial health of a company. This allows CFOs to make informed decisions quickly and accurately.

In addition to streamlining operations, AI and ML can be used to develop valuable insights into customer preferences, industry trends, and competitive strategies. By leveraging this information, CFOs can make smarter business decisions that lead to increased profits and market share. 

It’s useful to note that AI isn’t new, in business or to CFOs. Machine Learning has been part of how accounting, investing, project management and process management function for a long time. Each time we interact with Siri on our iPhones, we’re benefiting from Machine Learning. ChatGPT has uniquely opened the conversation about AI because of its ease of use, accessibility, uncanny capabilities and concerning shortcomings. Thus, AI in business is a new conversation, different from where it was even a year ago. 

Additionally, AI is progressing and advancing rapidly. ChatGPT-3 and ChatGPT 4 articualte the difference of trillions of data points. AI is integrating into the work and productivity tools we know and use, like Microsoft Office and browsers. To be sure, we’ve reached a tipping point.

CFO Responsibilities and Shifting Roles

As AI and ML become more prevalent, CFOs must be prepared to adapt their plans and processes to take advantage of these technologies. CFOs need to watch for changes in the financial landscape and understand how AI and ML can help them meet their goals. 

For instance, CFOs should consider how AI and ML can be used to automate routine tasks, such as data entry and analysis. This can help CFOs save time and resources, and focus on more strategic work. Additionally, CFOs should be aware of the potential implications of AI and ML technologies on their role. For example, AI and ML may reduce the need for some manual labor, and CFOs must be prepared for this shift in the workforce and be ready to take on new roles and responsibilities. 

Finally, CFOs need to plan ahead for the impact of AI and ML on their organization. As more organizations adopt these technologies, CFOs must be prepared to keep up with the competition and remain relevant in the market.

In the very near future what we measure and how we measure may change as a result of AI and ML. We’ll be able to plan ahead for inventory changes. Automate more manufacturing. Understand and even communicate with customers better. Technology investments may increase, but so could profibabilty as labor needs shift. The point is, there are many unknowns and possibilities. The more business leaders can educate themselves on AI and its potential, the more prepared for its impact they’ll be.

The Human Element

It’s been said that AI won’t replace your job anytime soon, but somebody who understands how to use AI might. At ProCFO Partners we take a measured stance – AI is extraordinary and exciting. But seeing AI as a “threat” eliminates it from serious investigation or consideration. For now, the CFO’s strategic and agile abilities to think, respond, plan and react can’t be duplicated or even imitated well by a machine. But the processes of information and data that informs that thinking can certainly be streamlined and made more efficient with AI. The most successful businesses and leaders in the future will have a keen understanding of these elements: where their strengths are and can be used most and best, and how AI can complement or supplement those capabilities.


AI and ML technologies will continue to shape the business and  financial landscape – we’re at the beginning of the beginning.. CFOs, like all business leaders,  must understand the opportunities these technologies provide and be prepared to adapt their plans and processes to maximize their potential. 

As AI and ML technologies like ChatGPT become more prevalent, CFOs must remain informed about the changing landscape and be prepared for the implications of these technologies on their role. AI is unlikely to present an either-or scenario, but rather a both-and. The future of executive leadership will require an understanding and implementation of the right technologies to complement and augment the unique strengths of the human mind.


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