Why Alignment With Engineering Is Essential To AI Adoption In Finance

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CTO of Avalara, a cloud-based compliance solutions provider that helps businesses of all sizes get tax compliance right. Read Danny Fields' full executive profile here.

The meteoric rise of generative artificial intelligence has prompted many CFOs and finance leaders to look closely at how AI can improve finance processes. In fact, ourFrom preparing initial drafts of financial reports to identifying fraud, the limited experiments being done with AI in finance have already shown tremendous promise. Still, despite many finance leaders eager to adopt AI, many also find themselves unsure of where to start.

While CFOs and CTOs may appear to operate very differently from the outside, the truth is that there is much more in common between the two than one may think. Both CFOs and CTOs are oftentimes global and future-oriented leaders, making decisions based on the current and long-term success of their companies.

Beyond common ground around strategic thinking, CFOs and CTOs can create alignment by speaking the same language. Finance and technology professionals are both notorious for having what is seen by many outside of their professions as their own languages. However, one area that these languages can easily overlap for alignment is around metrics and key performance indicators.

Technology teams have deep knowledge of a company's technology infrastructure, which means they can not only best identify the AI applications that work best within the infrastructure, but they are also best poised to drive efficiency and cost-savings. The adoption of any technology, especially transformative applications like AI, can have significant ramifications in the long term because of factors like support and maintenance that only technology teams can fully quantify.

 

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