5 Ways CFOs Use AI & Automation in Their Digital Transformation Strategy

By Scott Mackey | April 6, 2021

Digital transformation requires a combination of people, process, and technology. To discuss how AI and automation impact finance leaders, I sat down with Natie Powrie (executive VP of data analytics at Main Pointe), Chris Crowe (founder of Turning Partners and Sionic Advisors), and Garrett Evans (founder of Digital Risk Advisor) on a CFO.com webinar. Here’s what we discussed, and what it means for your organization’s digital transformation strategy.

Manage Risk

Risk and control. It’s what keeps most CFOs up at night.

There’s already well-documented maturity in transactional flow and monitoring systems that ensure accurate financial reporting.

Just because the numbers work doesn’t mean you’re not leaving money on the table or you’re not missing hidden obligations.

With contracts, you’re dealing with very complex documents. You can’t standardize them because your clients and vendors require customization. In the past, auditing these contracts took hours of manual labor.

With Contract Analytics software, you can better interpret and understand contractual change, risk, and opportunities quickly and effectively—so your compliance team can stay focused on what matters. With Adlib, you don’t have to struggle through expensive and tedious manual contract review either.

Enable Your Team for Digital Transformation Success

Firms often rely on people to mitigate risks.

To get answers, you need intelligent data. You can throw more people at a problem, but that’s not scalable or consistent.

What it can do, though, is make it easier for your teams to get their jobs done, allowing them to focus on more strategic priorities. Eliminating inconsistent approaches, human error, and layers of excess cost streamlines the process and makes it simpler for your teams to get complex work done.

Keep Up with Changing Regulations

CFOs often have to be the watchdog of the organization when it comes to new regulations.

With IFRS, LIBOR, GDPR, and PII regulations–and increased regulatory oversight for industries like oil and gas, manufacturing, and healthcare—businesses need easy access to data. Automation and AI helps direct that fundamental lack of visibility into the 80 percent of your content that’s lost in these complex unstructured document formats, contracts, and agreements.

Collaborate Cross-Functionally

CFO’s can’t go it alone.

On average, Fortune 1000 corporations have over 40,000 active contracts across various levels of the organization. That requires coordination between procurement, legal, finance, and other functions like marketing, product, or IT.

AI-driven Contract Analytics helps identify contract clauses that can prevent leakages, and leverages concessions and enforces compliance, helping your teams work better together. Armed with this info, you can create more informed corporate policies and strategic procurement cost reduction savings.

Proactively collaborating with other executives can bring traditionally siloed sides of the business together—making a significant impact on your P&L.

Making sure that works starts with C-level support.

See a Complete Data Picture

Every leader needs one thing to make better decisions: intelligent data.

If you don’t have a consolidated and accurate view of compliance or governance procedures, risk opportunities, duplication of effort, or strategic misalignment, you’re making decisions blindfolded through a maze.

With digital transformation technology, you get a bigger picture. Intelligent automation gives a holistic approach to digital transformation that accelerates your existing processes and unlocks new potential. Automated insights means breaking the human barrier of thinking.

Unlocking the power of your unstructured data gives you a more transparent and automated approach to everything from managing financial risk to analyzing performance.

Digitally Transform Your Business with Adlib

Adlib’s trusted and proven Content Intelligence solutions help you manage risk, augment your team, deal with regulations, collaborate cross-functionally, and get a bigger picture of your overall data. Bring your dark data into the light so you can make better decisions, de-risk your organization, and keep up with the competition.

Get the whitepaper to learn how Content Intelligence helps life sciences, banks, and insurance companies supercharge their digital transformation strategies.

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