Transforming Finance with AI: A CFO’s Roadmap to Success

The finance world is no stranger to transformation, but the rapid evolution of AI is presenting CFOs with an unprecedented opportunity to revolutionize their workflows. Yet, according to a McKinsey report, only 7% of finance teams are actively leveraging AI. Why is adoption so slow, and how can CFOs overcome the hurdles to unlock AI’s potential?

In a recent CFO Connect webinar, Anne-Claire Chanvin, founder of Finup360, shared a step-by-step roadmap for integrating AI into finance. Her insights provide actionable steps for CFOs to not only adopt AI but to do so in a way that drives measurable results.

Here’s what we learned.

Why CFOs Need AI Now

AI is not just a productivity booster—it’s a game-changer for how finance teams operate. By automating repetitive tasks, improving data accuracy, and generating strategic insights, AI enables CFOs to shift focus from operational minutiae to high-level decision-making.

Imagine month-end close times being halved, compliance checks becoming proactive, and financial reports updating in real time. This is the promise of AI for finance.

But, as the webinar poll revealed, finance leaders face several barriers to adoption:

• 37% struggle to see ROI.

• 32% lack the necessary skills or training.

• 15% cite time constraints.

These challenges are real, but they’re not insurmountable.

The Four-Phase AI Roadmap for CFOs

Anne-Claire shared a practical framework for CFOs to implement AI step-by-step:

1. Initial Assessment: Understand Your Landscape The first step is to map your processes, identify pain points, and assess your data. Use tools like Miro to visualize workflows and uncover opportunities for automation.

At Choco, Anne-Claire began by interviewing team members to understand their challenges. One discovery? Payroll entries were consuming unnecessary time due to repetitive, manual tasks—a perfect candidate for automation.

2. Pilot: Start Small Anne-Claire recommends beginning with a single, measurable project. For Choco, this meant automating payroll entries with Google Scripts, cutting the process from one day to just 15 minutes. The quick win built momentum for broader AI adoption.

3. Scale: Expand Across Teams and Geographies Once the pilot succeeds, roll out AI solutions to other teams or regions. At Choco, Anne-Claire organized "learn and develop" sessions to share results and empower teams to adopt automation in their workflows.

4. Optimize: Monitor and Improve AI implementation doesn’t end at rollout. Regularly review your tools and processes to ensure they’re delivering value. Stay informed about emerging AI technologies to keep your team ahead of the curve.

AI in Action: Real Use Cases for CFOs

Anne-Claire illustrated how AI can transform four key areas of finance:

1. Automating Repetitive Tasks Example: Payroll entries. By using Google Scripts, Choco eliminated manual payroll processing, saving hours for the accounting team.

2. Enhancing Reporting and Communication Example: Notebook LM. This tool can analyze multiple documents, summarize key points, and even generate podcasts tailored to your needs—perfect for busy CFOs who want insights on the go.

3. Supporting Training and Upskilling Example: ChatGPT. Use AI as a virtual coach for boardroom presentations or as a trainer for complex software like SAP.

4. Driving Strategic Insights Example: Financial modeling. Upload datasets into tools like ChatGPT to identify trends, forecast outcomes, and develop actionable plans.

Overcoming the Barriers to AI Adoption

The webinar poll revealed that CFOs often hesitate due to unclear ROI or lack of skills. Here are some of Anne-Claire’s tips to tackle these challenges:

• Start with a Quick Win: Identify one time-consuming, repetitive task and automate it.

• Upskill Your Team: Train key team members to become AI "champions" who can share their knowledge with others.

• Leverage Accessible Tools: Tools like ChatGPT and Zapier are user-friendly and don’t require a full-scale IT overhaul.

For CFOs ready to explore AI, here are some actionable steps:

• Experiment with ChatGPT: Start small—use it to draft emails, summarize reports, or even brainstorm solutions to pain points.

• Automate a Process: Identify a recurring task and try tools like Google Scripts or Zapier to automate it.

• Host an AI Workshop: Encourage your team to explore AI tools and share their discoveries.