Dubai: Did you know that artificial intelligence (AI) is profoundly transforming Chief Financial Officers (CFOs) and revolutionizing the way they manage organizations? Health Magazine, the leading healthcare publication in the UAE, recently organized an event that highlighted key takeaways about this remarkable shift.
AI, a branch of computer science dedicated to creating intelligent systems capable of reasoning, learning, and acting autonomously, is reshaping the role of CFOs. As AI continues to evolve, it is expected that CFOs will increasingly rely on AI to enhance decision-making, risk management, and customer service.
The event showcased AI technologies for automating CFO tasks: Robotic Process Automation (RPA) for streamlined integration, iPaaS for orchestrating software systems, and iBPMSs for agile development. Additionally, a video training tool demonstrated ChatGPT’s features to help the audience better utilize it.
“Within the realm of machine learning, there are three primary categories: supervised learning, unsupervised learning, and reinforcement learning. Supervised learning involves training a model on labeled data to perform tasks like classification, regression, and forecasting. Unsupervised learning focuses on clustering and identifying patterns in data, enabling CFOs to segment customers or detect trends. Reinforcement learning, as exemplified by Tesla’s autonomous driving capabilities, involves an agent learning to maximize rewards by taking actions in an environment,” said Vivek Shukla, Growth Advisor to Healthcare Boards and CEOs.
The transformative power of generative AI was also highlighted by Shukla. He emphasized that CFOs can harness generative AI to automate manual tasks such as data entry, financial analysis, and report generation. “It facilitates better decision-making by analyzing large volumes of data, uncovering patterns that are challenging to detect manually. Moreover, generative AI stimulates the generation of new ideas for products, services, and business models, giving CFOs a competitive edge and uncovering growth opportunities.”
To become AI-enabled, CFOs were presented with a nine-step process. This includes creating a shared vision and objectives for adopting AI, encouraging independent research and idea-sharing among team members, appointing a team leader, and compiling a list of AI tools. The process further entails piloting and scaling AI tools, onboarding the IT team, and developing more leaders within the department. CFOs were also encouraged to empower other departments, such as Supply Chain, HR, or Marketing, to embrace AI.
Meanwhile, Vignesh Unadkat, COO of Thumbay Media, organizer of these events, said, “At Health Magazine, we are committed to addressing the health topics of the future. Through our events, we strive to delve into emerging trends and advancements that will shape the healthcare landscape. Hence, exploring cutting-edge technologies like AI to discussing transformative approaches in patient care and disease prevention, our aim is to provide a platform for insightful discussions and thought-provoking conversations. Going forward, we aim to equip the healthcare professionals, and the overall industry with the knowledge and tools needed to navigate the ever-evolving landscape and contribute to a healthier future for all.”
Several compelling examples were showcased to illustrate the impact of AI in finance. RPA was demonstrated as a tool for automating company audits, significantly reducing errors. Tools like KNIME and Alteryx were highlighted for automating financial reporting, data analysis, and decision-making. Emirates NBD, a UAE-based bank, was cited as an organization that has successfully implemented AI tools for fraud detection, risk management, and customer analytics. Various AI-powered tools like AlphaSense, Yokoy, Kensho, and Nanonets Flow were featured, showcasing their capabilities in financial search engine functionality, expense management automation, financial trend prediction, and workflow automation.
Lastly, the event emphasized that adopting AI technologies such as RPA, machine learning, and generative AI, CFOs can save time, enhance efficiency, and make better-informed decisions. The utilization of AI tools and frameworks empowers CFOs to lead their organizations toward an enhanced future.