CFOs are becoming more involved in shaping generative AI (genAI) strategies within organisations, according to a recent research by Gartner.
A survey of 822 functional leaders revealed that 34% see CFOs involved in genAI strategy development, a significant figure though less than the involvement of CTOs (55%), CIOs (48%), and CEOs (45%).
Alexander Bant, Chief of Research in the Gartner Finance practice, said: “GenAI spend is expected to be five to eight times higher than last year at most organisations, and many CFOs are playing the role of copilot to ensure these investments drive measurable benefits and profitable growth without unduly increasing risk.”
According to Bant, CFOs understand the need for cross-functional collaboration in genAI strategies, partnering with CIOs, CISOs, and other executives.
“But many are going further than just partnership, and instead playing a leadership role in crafting a GenAI strategy that aligns with and enhances the business and financial strategy for the board, investors, and regulators.” added Bant.
“They must foster discussions that are going to ensure cost-effective and responsible deployment of GenAI.”
To help CFO's navigate this trend, Gartner outlines three key stages in the enterprise deployment of genAI: Defend, Extend and Upend.
The "Defend Stage" of genAI deployment emphasizes immediate benefits and responsible use, the "Extend Stage" requires more investment in tailored applications, and the "Upend Stage" involves significant investment for potential industry-transformative changes.
