The roles of chief executive officers (CEOs) and chief financial officers (CFOs) are undergoing a shift as artificial intelligence (AI) becomes embedded in business leadership.
This was revealed at the Sage Accountants Roadshow in Johannesburg where the future of accounting in a fast-evolving world, one in which companies are bound to adapt to AI, was discussed.
AI is taking over routine and data-heavy responsibilities, shifting leadership duties from hands-on decision making and tight control over financial processes to being drivers of long-term strategy.
The Finance Trends report, compiled by Deloitte, also redefines the modern CFO from a financial gatekeeper to strategic growth enabler.
The report reveals that 63% of finance leaders have deployed AI solutions but highlightsthat only 21% have reported measurable value.
Jordaan Burger, the managing director for Sage Africa and Middle East, said the question was no longer whether the profession would change but how fast change was occurring, considering that the South African Revenue Service was also piloting AI-verified audits and the advisory model was overtaking compliance as the core value proposition for firms.
Burger explained that improving technology automated accounting and report tasks as they happened, allowing for immediate detection of fraud and optimised cash flow.
The tools also assisted with accelerating revenue growth, optimising customer experience and boosting innovation.
He said CEOs and CFOs had e two main responsibilities — decision-making and providing leadership and guidance.
“There’s too much data for people to interpret, understand and so on. What AI is now helping us with is understanding that data explosion.
“If you think about the decision-making element, in order to make good decisions, you need good data to support the decisions that you make and the analysis of data.”
Burger said that instead of spending weeks reviewing figures, CFOs were increasingly relying on AI tools to carry out predictive analysis. The systems allowed them to model various scenarios, anticipate market changes, forecast cash flow and adjust strategies before risks materialised. The shift marked a move away from reactive reporting towards forward-looking decision-making.
“If you think about a product like Sage Intact, one of the most important features, in my view, is that you build live dashboards once for the organisation and the decision makers to use many times.
“Instead of historically having to ask someone to report monthly, now you build that dashboard and expose it to the users and the decision-makers. They have live data; they don’t need to wait a month for data.
He said analysis of data became easier, freeing finance teams to focus on higher-value work that supported innovation and growth.
Burger said the fear of job losses was real and those in leadership should encourage employees at risk, such as data capturers, to become more advanced in AI. He said an AI savvy person had less of a chance of losing their jobs compared with the one with no AI training.
- The roles of CEOs and CFOs are evolving due to the integration of artificial intelligence (AI) in business leadership.
- AI is becoming a key tool for executives in decision-making and strategic planning.
- The shift is changing how top executives manage and operate their organizations.
- AI adoption in leadership is expected to influence future business dynamics significantly.
- The article suggests a growing importance of technological proficiency for CEOs and CFOs.
AI is taking over routine and data-heavy responsibilities, shifting leadership duties from hands-on decision making and tight control over financial processes to being drivers of long-term strategy.
Jordaan Burger, the managing director for Sage Africa and
Burger explained that improving technology automated accounting and report tasks as they happened, allowing for immediate detection of fraud and optimised cash flow.
He said CEOs and CFOs had e two main responsibilities — decision-making and providing leadership and guidance.
“
“If you think about the decision-making element, in order to make good decisions, you need good data to support the decisions that you make and the analysis of data.”
Burger said that instead of spending weeks reviewing figures, CFOs were increasingly relying on AI tools to carry out predictive analysis.
“If you think about a product like Sage Intact, one of the most important features, in my view, is that you build live dashboards once for the organisation and the decision makers to use many times.
“Instead of historically having to ask someone to report monthly, now you build that dashboard and expose it to the users and the decision-makers.
He said analysis of data became easier, freeing finance teams to focus on higher-value work that supported innovation and growth.
Burger said the fear of job losses was real and those in leadership should encourage employees at risk, such as data capturers, to become more advanced in AI. He said an AI savvy person had less of a chance of losing their jobs compared with the one with no AI training.
