Finance
Gartner CFO Conference 2024: Navigating the future of finance with an ‘autonomous finance’ approach
This year’s Gartner CFO & Finance Executive Conference served as a forum for finance leaders to explore the transformative role of artificial intelligence (AI) and the broadening scope of CFO responsibilities.
Under the theme ‘Autonomous Finance’ the event highlighted how AI and innovation are essential for building efficient, forward-focused finance operations that drive business growth.
AI’s role in financial strategy
Artificial intelligence dominated conversations, underscoring its potential to enhance and transform financial operations. The emphasis was on understanding AI’s capability to streamline processes, from basic automation to complex predictive analytics.
Rory Choudhuri, Head of Product at Soldo, added “AI is reshaping everything in finance, from enhancing operations to completely transforming them.” The shift underlines the need for CFOs in particular to keep pace with innovation, ensuring they harness these tools for improved efficiency and strategic advantage.
Expanding role of CFOs
The conference underscored the evolving role of CFOs, who are increasingly expected to merge traditional finance operations with strategic business guidance. This reflects a broader trend where financial leaders are not just executors but strategic partners who influence planning. The discussions also touched on the necessity to engage and prepare for environmental and sustainability reporting, driven by regulatory demands, and consumer expectations.
Brandon Till, Head of Transformation at Soldo, expanded on the evolving skillset required of modern CFOs: “It’s no longer just about financial management, but also about enhancing communication skills and storytelling to lead and influence change effectively.”
Overcoming innovation challenges
Embracing innovation, particularly AI within finance, presents significant challenges to the modern finance team, such as cultural resistance within businesses, lack of skills, and a risk-averse mindset typical in finance. This highlights the need for CFOs to advocate for finance while harnessing technology that aligns with long-term business goals.
Promise of autonomous finance
What is autonomous finance, and what does this mean for the future? Gartner describes it as a ‘finance function [where] processes and activities are partly governed, and majority operated by self-learning software agents that optimise front-, middle- and back-office operations.’
Looking ahead, autonomous finance is a transformative approach that could optimise financial operations and create growth opportunities. In a future where financial processes are automated and advanced; businesses can allocate more resources towards strategic initiatives rather than operational management.
The vision for finance
The 2024 conference laid out a clear vision for the role of innovation, emphasising that as financial ecosystems become increasingly complex, CFOs must look to AI to streamline operations and contribute to business agility.
By understanding and implementing technology, finance leaders can ensure their businesses remain sustainable, competitive and well-positioned to navigate the challenges of the modern business landscape.
As finance leaders look to modernise their operations and embrace the potential of AI, Soldo provides the tools to streamline spend management. With a platform and pre-programmable cards, Soldo enables finance teams to track decentralised spending in real time, ensuring greater visibility and control.
By simplifying spend processes and enhancing budget management, Soldo helps finance leaders focus on what matters most – driving growth and implementing strategic initiatives that position their businesses for long-term success.
