Technology + Human = Chief Future Officers: The role of the tech enabled finance leader

Humans and technology are teaming up to forge a new frontier for finance.

But are you ready to be the catalyst for digital change?

Bernd Stangl (CFO at Inclusive), Jane Carlin (UK & Ireland Finance Director at Costa) and Ian Rose (Principal Solutions Consultant at Sage) share what it takes to embody the superhuman role of the future finance leader, and why balancing human ingenuity with AI intervention is the key to getting it right.

People-powered finance transformation

With all the hype around AI, you could be forgiven for thinking there’s no place for human beings amongst all this change.

But history has taught us it’s times like these when giving kudos to mankind matters the most, according to Bernd:

“There have been revolutions in technology and human behaviour since the dawn of time. What’s clear to me is that while AI is great at telling us what happened in the past, it’s human beings who bring the innovation needed to shape the trajectory of the future.”

In fact, human relationships are the essential glue that holds any finance transformation initiative together, according to Jane:

“No amount of AI can replace the human element of finance. So much of what we do is about working with customers to read behaviour and identify the needs of other people. Soft skills like relationship building are only going to become more important in a digital future.”

From the outside looking in as a consultant for finance functions, Ian can attest to the fact that senior leaders best equipped for finance transformation are those who first and foremost harness the power of business partnering:

“Having the latest technology is all well and good, but you’ve got to be able to use that technology to improve performance and do something with the insights it provides.”

If the only thing better than artificial intelligence is actual intelligence, then the finance function has that in spades, says Jane:

“Where I see human intelligence really shine through is in the ability of my team to identify business needs and use automation as a tool for problem-solving. The finance team really are the orchestrators of business change, and finance transformation is about embracing that.”

Human beings are ultimately the arbiters of tech use, and senior leaders should feel empowered to be the masters of machines rather than the other round, according to Bernd:

“The finance function is a bit like the GPS of a business! AI can provide the data showing potential routes to take, but it's the CFO who makes the final call. Tech can provide us with the right information, human beings decide on the right course of action to take.”

Balancing the relationship between AI and human intelligence

When it comes to divvying the work up between humans and robots, what elements of finance transformation should we be delegating to our AI counterparts?  

“Anything that counts as a data-rich, repetitive task is easy enough for AI to sort out,” says Ian. “It should primarily be used to improve operational efficiencies - data processing, fraud detection and credit scoring can all be done exceptionally well with AI these days.”

At Costa, getting creative with AI for personal productivity is reaping rewards for Jane in her role as CFO:

“These days if I receive a long and terrible email chain, I’ll just chuck that info into our internal ChatGPT and ask it to give me the most salient points - it does it in seconds. I can’t believe I used to scroll back through email after email to figure out what people were saying!”

Less trawling through your inbox is never a bad thing, but when it comes to finance transformation for the wider team and business, just how much should we be handing over ownership of the process to AI? And when is a good time to take a more hands-on approach?

“Look, AI isn’t human but it is part of your team. Just like with any team member, there are going to be times where it performs better than others,” says Bernd.

“There are some things I’m never going to give entirely over to AI. I don’t want to risk having to tell my board that a machine did a miscalculation at a crucial point in a project!”
If you’re nervous to rely on robots every step of the way you’re not alone, according to Ian who sees similar concerns come up in his consultancy work:

“For example, at Sage we’re able to set up automated bank reconciliations that move forward with or without human approval. What I’ve found is that in the beginning, most people prefer it with approval, then after six months they’re happy to relinquish control to let it automate fully without them!”

How much human intervention you need in AI might well depend on how comfortable your business becomes with finance transformation in general. While the power of AI in finance is not to be underestimated, it doesn’t hurt to have human validation of your automated processes on occasion, says Jane:

“I liken the use of AI to having a team of people that produces work you’re still going to want to review at times. Just remember that even if you’re using AI to enable your team to do what they need to do, you still have to take accountability for the work being produced.”

What does a tech enabled chief future officer look like

For CFOs getting in shape for the future of finance, the key to becoming a tech-enabled finance leader is curiosity, according to Ian:

“When it comes to finance transformation, the learning is never finished! There are always going to be new tools and new ways to use them to bring the business forward”

The good news is that getting finance professionals to move with the times is in our nature; from new le

Finance professionals are no strangers to having to move with times; from yearly legislation changes to new systems and demands to contend with, coping with change and the need to adapt comes with the territory, says Jane:

“Finance has always been on the sharp end of new changes. I’d like to think we’re more equipped to embrace it, but it does uniquely impact us because our job involves a lot of observing data and creating processes and reports. The superstars in my team are the ones open to change and passionate about where finance transformation could take us.”

A combination of building trust in our tech, and furthering understanding of AI capabilities can help, but removing the fear factor is at the heart of becoming the Chief Future Officers that CFOs were born to be, says Bernd:

“Take the approach of acting rather than reacting to change! That needs to come from the top down. Senior leaders have a unique opportunity to create environments where we allow people to make mistakes and learn from them. It’s the best way to turn fear into strength!”

Want to catch up on this session in full?

Watch the GENCFO Summit session: Technology + Human = Chief Future Officers. Explore the role of the tech-enabled finance leader via our online Community Platform.

Access Session