There are varying differences behind each CFO’s strategic plan. In my experience, short-term CFOs focus on cost-cutting to save money and manage the bottom line. However, forward-looking CFOs manage not only the bottom line but also the top line. They care about growing market share, revenue and the long-term financial health of the business, as well as competitive positioning.
Far too many AI projects kick off without a clearly articulated financial model and business case for what the objectives are. Here is where the CFO can be a critical partner to teams tasked with building AI. The best officers will look to invest in AI but reviewing it with the same scrutiny and granularity as expense reports are by invoice processing teams. That is, with close attention to detail around investment and outcomes.
A CFO can work with the AI team and set spending guidelines to specify the appropriate places to focus and invest in AI from the beginning. Those categories are largely reducing the cost of customer acquisition, or the cost to service a customer, and delivering new products or services. A call-centre assistant can be targeted to first identify if the caller is calling about finding a serial number, and if they are, to then locate the client’s number without engaging an agent. This is handled in half the time, and maintains or improves customer satisfaction. While looking at a success metric of controlling 80 per cent of those calls without an agent, the call centre can expect a cost reduction of $1.38 million annually.
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