According to a CFO survey conducted by Duke University's Fuqua School of Business and the Federal Reserve Banks of Richmond and Atlanta, nearly two-thirds of CFOs said their companies are prioritizing a strategy to automate many jobs. of employee. This trend is driven by the increased application of AI in financial sectors, promising a revolution in the industry.
The survey results, which ended June 3, showed that about 450 CFOs also indicated that their dovish economic outlook remained stable this quarter, although the majority expected product prices to decline. product will increase higher than normal.
Over the past year, nearly 60% of companies (84% are large companies) have deployed software, devices or technology to automate tasks previously completed by employees. These companies said they use automation to improve product quality (58% of companies), increase productivity (49%), reduce labor costs (47%), and replace workers ( 33%). Among companies that have automated, 37% of companies (55% of large companies) said they have deployed AI.
Duke finance professor John Graham, academic director of the survey, shared: “CFOs say their companies are leveraging AI to automate a wide range of tasks, from payments to home provisioning, invoicing, procurement, financial reporting and optimization of facility utilization. This is in addition to companies using ChatGPT to generate creative ideas and draft job descriptions, contracts, marketing plans and press releases.”
AI usage is expected to grow in the coming year. Of the 60% of businesses expected to automate within the next 12 months, 54% of companies (76% of large companies) plan to use AI to complete tasks previously performed by humans. implementation member.
Among their concerns for the year ahead, US CFOs said monetary policy (interest rates), inflation and challenges in finding and retaining the right staff remain the top three concerns. their head. Furthermore, concerns about the current inflation situation are growing as 57% of companies responded that they expect to increase product prices this year at a higher rate than normal.
CFO optimism remained moderate, roughly the same as last quarter, although small companies were less optimistic than large companies. Expectations for real GDP growth eased slightly to 1.8% over the next 12 months, down from 2.2% in the previous quarter.
In one particular question, nearly a third of CFOs said that due to uncertainty about the upcoming election, their companies are postponing, scaling back, postponing or completely canceling investment plans. private.
The trend of automation, especially with the support of AI, is changing the face of the financial industry. While CFOs remain concerned about inflation and talent shortages, they also believe in AI's ability to improve efficiency and optimize operations. AI adoption will continue to grow, promising a promising future for the financial industry, where humans and machines work together to create value and innovate.
