In the business world today, nearly two-thirds of Chief Financial Officers (CFOs) say their companies are focused on automating tasks that employees usually handle. Looking ahead, many of these firms plan to use Artificial Intelligence (AI) to take on a wide range of jobs.
This insight comes from The CFO Survey, a collaboration between Duke University’s Fuqua School of Business and the Federal Reserve Banks of Richmond and Atlanta.
About 450 financial executives also shared that their economic outlook for this quarter remains steady but cautious. They expect prices for their products to go up more than usual.
Widespread adoption
In the past year, almost 60% of companies—especially larger ones—have started using software, equipment, or technology to automate tasks previously done by employees. They’re doing this to improve product quality, increase output, cut labor costs, and sometimes replace workers. Of these companies, 37% (and 55% of larger firms) have already adopted AI.
“CFOs are turning to AI to handle various tasks, like paying suppliers, managing invoices, handling finances, and making the best use of their facilities,” explain the researchers. “Some are even using tools like ChatGPT to brainstorm ideas and draft job descriptions, contracts, marketing plans, and press releases.”
Looking ahead, the use of AI is expected to grow. Among businesses planning to automate in the next year, over half—especially in larger firms—plan to use AI for tasks once handled by people.
Concerns too
But CFOs have worries, too. They’re concerned about things like interest rates, inflation, and finding and keeping good employees. Many also expect prices to rise faster than usual this year.
Overall, CFOs remain cautiously optimistic, with their outlook similar to last quarter. But smaller companies are less upbeat than larger ones. They predict the economy will grow by about 1.8% over the next year, down slightly from earlier forecasts.
When asked about upcoming elections, nearly one-third of CFOs said their companies are delaying, scaling back, or even canceling investments due to the uncertainty.
