By Josh May, Finance Transformation Lead and Product Expert at BlackLine
As the role of the Office of the CFO becomes more strategic and central to executive business decisions, there is an increasing need for solutions that not only automate routine tasks but also empower teams to focus on high-value, strategic initiatives. For today’s CFOs, AI plays a critical role in achieving this by strengthening risk management, transforming data into actionable insights, and automating time-consuming processes. However, while powerful technology is essential, it’s only part of the story. Successful digital financial transformation requires a partner whose approach is proven, collaborative, and achievable — a principle that holds true for the finance and accounting (F&A) sector and the broader Office of the CFO alike.
Recent research from BlackLine revealed that the majority of C-Suite and F&A professionals are optimistic around the potential of new and emerging technologies to support business resilience. In particular, 78% of respondents view generative AI as a valuable tool, and 76% highlight the importance of advanced AI in enhancing their organisation’s response to disruption. Yet, despite this optimism, there are significant challenges in adopting AI solutions. Concerns range from resource constraints faced by smaller firms to scepticism about AI’s ability to understand financial complexities, underscoring the need for a thoughtful approach to AI implementation.
Resource Constraints in Smaller Firms
For large enterprises with significant IT budgets, adopting and deploying new AI tools at pace can seem like a straightforward decision. But for smaller firms, limited resources can make it difficult to keep pace with rapidly evolving technologies – and the financial burden of investing in AI tools can seem daunting.
Despite these challenges, it’s critical for smaller firms to stay competitive by embracing AI. Scalable, cloud-based AI solutions offer a cost-effective entry point, allowing firms to integrate AI capabilities without large upfront infrastructure investments. By focusing on targeted AI initiatives — such as automating high-impact, time-consuming tasks — smaller firms can demonstrate value quickly, building a case for broader AI adoption.
Training AI Models to Handle Financial Complexity
A common concern is whether AI models can effectively interpret and process the complex data unique to the financial sector. Finance professionals worry that AI may lack the nuance required for accurate decision-making. However, the key to combating this hurdle lies in a hybrid approach – combining human expertise and due diligence with AI capabilities.
AI can excel in areas like data reconciliation, fraud detection, and large-scale data processing, freeing up professionals to focus on more strategic responsibilities. With regular training of AI models on company-specific datasets, these tools can become more accurate and relevant over time, reducing the likelihood of errors and improving trust in AI outputs.
Building Trust in AI Outputs
While AI tools can process large volumes of data quickly, a lack of trust in their outputs remains a barrier to widespread adoption.
Building trust in AI tools starts with transparency. CFOs and finance leaders should prioritise AI solutions that provide clear, explainable outputs. Systems with robust audit capabilities enable teams to trace AI-generated insights back to their source data, fostering confidence in decision-making. A culture of validation, where AI insights are regularly cross-referenced with human expertise, can further build trust in the technology’s ability to support financial processes.
Closing the Skills Gap
Adopting AI also requires addressing talent gaps within the Office of the CFO. More than a quarter of survey respondents cited a lack of AI-related skills as a key barrier. To close this gap, finance leaders must invest in continuous learning programs that build AI fluency within their teams. This includes both technical training on AI tools and broader education on data literacy and digital transformation. Encouraging teams to experiment with AI in low-risk settings can help demystify the technology and drive greater adoption.
Looking Forward: AI as a Strategic Enabler for the Office of the CFO
AI is not just about automating tedious, administrative tasks — it is a catalyst for strategic transformation. However, technology alone is not enough. To truly harness the power of AI, the Office of the CFO needs a proven partner that can deliver continuous transformation with both immediate impact and sustained value over time. By addressing challenges such as resource constraints, ensuring AI’s understanding of financial data, building trust in AI outputs, and upskilling teams, CFOs can empower their organisations to focus on strategic initiatives that drive business growth. As AI continues to evolve, its role in strengthening risk management, generating real-time insights, and automating processes will only expand, making it an indispensable tool for the future-ready Office of the CFO. With the right partner, CFOs can ensure that their digital transformation initiatives not only succeed today but continue to deliver long-term value.