As companies move into the digital age, artificial intelligence (AI) and other fintech methods are on the rise and competing for a place in the CFO’s toolkit in 2023. However, as much as AI and ChatGPT can supplement labor markets and even autonomously complete certain tasks, there are still skillsets that only humans can provide. The six essential CFO skills that still need humans to execute include decision-making, ethical judgments, innovation, communication, compliance assessment, and risk assessment.
Consultants, technology companies, executives, and CFO sources are all vying for a piece of the pie, with AI-generative technology at the forefront. Implementing this tech can be difficult, especially when ChatGPT cannot even complete an accounting course. The list of CFO duties is expansive and parts of it are best left to the decision-makers and those with experience.
Decision-making involves more than just a data set. Considering agendas, making calls off of prior experience, understanding stakeholders’ interests, and risk assessment are all elements that require human aptitude. CFOs are responsible for recognizing the organization’s goals and making sure they align with the company’s ethics, morals, and values. Ethical and moral decisions cannot be made by AI because these involve a mixture of creative thinking, problem solving, and interpersonal communication skills that only humans can possess.
Innovation requires creativity and the capability to discover different paths to create value for the organization. While AI can provide input and ideas, it cannot replace independent thought. Communicating with different stakeholders in a manner that is easy to comprehend is essential for CFOs. A strong connection among all levels of the organization is needed for success and it is difficult for AI to mimic this.
Ensuring that the company remains compliant with regulations is an integral part of the CFO role. AI can help automate compliance tasks but it is still essential for someone to assess and stay up-to-date on the latest standards. A human is ultimately responsible for any errors that might occur due to the reliance on technology. Finally, assessing future risk requires a CFO who can go beyond the AI-provided data sets and understands the parameters and real-time events that may affect the company.
The companies mentioned in the article are consultants, technology companies, and CFO sources. The individual mentioned is any CFO who is willing to put their organization’s compliance adherence solely in the hands of technology. The success of each depends on the CFO’s leadership style, skillset, and experience in applying their ability to make decisions, assess ethics, think innovatively, communicate effectively, stay compliant, and assess risk. Human aptitude sets the best CFOs apart from the rest.
