predicts that by 2026 AI and automation will result in half of all new employees hired by top-performing corporate finance functions having backgrounds other than finance or accounting. In today’s finance function, 18% of finance staff demonstrate digital competency, compared with just 11% of their managers.The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team.The tide has shifted in the eyes of investment firms, too. Thomas H.
Still, AI technology is in its early innings for the office of the CFO. “Certainly, with artificial intelligence, it will have to go through that rite of passage,” Mr. Bean said. But the cutting-edge tools can be especially useful for budgeting and forecasting, saving a lot of time. “Not just [for] a most likely forecast for the business, but several scenarios and how likely those scenarios are,” he said.
For other companies, the pandemic proved to be the motivating factor in tech adoption. When Covid-19 first hit the U.S. and companies turned to remote work,existing CashPro app for corporate clients gained in popularity. “It felt like the pandemic collapsed 10 years’ worth of adoption into two years,” said Faiz Ahmad, head of global transaction services at Bank of America.
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