CFOs and the C-suite continue to observe the evolution of artificial intelligence (AI) technology and the opportunities — and risks — it can create. Some organizations have chosen to adapt and integrate only when it directly addresses a specific problem they need to solve, while others have done so on a more preparatory, individual workflow basis. And finance leaders who are hesitant about AI are cautious about implementation on a large scale at the moment.
According to new data from tech.co's Impact of Technology on the Workplace report, caution abounds. Over two-thirds (67%) of the more than 1,000 business leaders surveyed said AI integration either remains limited or is non-existent.
AI Can Be Helpful; Cybersecurity is the Priority
From using AI to monitor camera footage of employees for inventory management to preparing for meetings with stakeholders, CFOs and finance teams have shared use cases of AI in their workflows. But despite nearly six in 10 (59%) respondents saying they find AI tools helpful, over a third (34%) said AI tools aren't used at all at an organizational level. Slightly fewer (33%) said these tools are used at an organizational level but to a limited extent.
Data also suggests cybersecurity integrity is the primary factor influencing AI integration. Among all respondents, 40% said cybersecurity threats will greatly impact their performance in 2024, and nearly a fifth (19%) said their company is using AI-powered tools in their cybersecurity efforts.
What is AI’s Best Use Case?
While there is general agreement that AI can bring value to a company, the specific areas where it is most valuable are debatable. Data analysis was the most prominent, earning just under a third (32%) of the affirmative responses. Writing tasks (26%), scheduling and calendar management (21%), and automated data entry (20%) were also popular responses.
As for which AI providers are best, OpenAI's ChatGPT, the company that pioneered the movement, remains the top choice. When asked what tools are most useful to business leaders at an individual level, nearly two-thirds (65%) chose ChatGPT. Google's BardAI (recently renamed Gemini) was also popular, earning nearly half the responses (48%) among survey participants.
AI's Impact on Workplace Outlook
Surveyors found a positive correlation between AI use and reduced weekly work hours. Among the just 4% of organizations in which AI was fully integrated, 93% said they would consider implementing a four-day workweek.
While the sample size is still small for the number of AI-integrated companies, the greater likelihood for a flexible policy such as a four-day workweek is promising for talent-strapped finance teams. And out of the group with no AI adoption, views were split. Just over four in 10 (41%) said they would consider a flex policy, with nearly an equal amount (38%) rejecting the idea entirely.
tech.co surveyed 1,047 senior leadership professionals from businesses based in the United States. Participants had job titles ranging from manager to director. tech.co is a subsidiary of MVF, a lead generation platform.