26 Feb 2019
Are CFOs Critical to AI Success?
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CFOs and audit chairs have a critical role to play in helping organizations implement AI.
Along with the Institute of Corporate Directors, we interviewed CFOs, board directors, AI professionals, academics and CEOs from some of Canada's most influential organizations, including Rogers Communications, RBC, Accenture and MILA-Quebec's Institute for AI.Our Key Takeaways:
- AI transformation is a leadership issue that requires bold collaboration and creative thinking.
- The finance leaders’ skill set is critical for digital transformation. It is within their expertise to ensure that the right controls are created around data governance and security, while still driving growth and delivering ROI.
- The partnership between the CFO and CIO has never been more important. Both roles offer complementary skill sets for ensuring a successful AI deployment.
- A focus on talent is essential for driving success. CFOs need to attract specialized talent with expertise in data science and statistical analysis. The management of these teams may require a different approach to leadership, and today’s finance leaders must be both flexible and resilient.
- CFOs will continue to be spread thin but can find bandwidth by introducing leveraging technology to automate key financial and transactional tasks.
- The role of the board, and in particular the role of audit committees, is more important than ever. Boards have a critical role to play in helping their organizations develop a data & AI strategy.