Top CFOs Warn AI Success Depends on Training Employees, Not Just Buying Technology

Finance teams are undergoing a seismic shift, as artificial intelligence (AI) increasingly reshapes the way companies operate. However, despite the promise of AI, many organizations are neglecting a crucial factor in its success: employee training. In a recent webinar, a group of Fortune 500 CFOs and industry experts emphasized the importance of investing in human skills, rather than just focusing on buying the latest technology.

Background & Context

The integration of AI in finance teams is becoming a reality, with many companies leveraging its capabilities to automate routine tasks and improve decision-making. However, this shift also poses significant challenges, as employees must adapt to new tools and technologies. According to a recent study, most organizations are underinvesting in the human skills needed to effectively use AI, with a staggering 93% of AI-related expenditures devoted to data, technology, and infrastructure, and only 7% allocated to enabling people to use those tools effectively.

This gap between tech investment and human capability is a growing concern, as rising expectations for finance chiefs and the increasing pace of AI-driven change demand more from employees. The CFO role has evolved beyond stewardship and reporting, with a growing emphasis on strategy and enterprise leadership. As AI automates routine tasks, finance chiefs must now focus on higher-value work, such as driving business strategy and making strategic decisions.

Key Details

During the webinar, Casey Caram, principal and human capital practice leader at Deloitte, outlined a three-layer model of skills needed in finance. At the foundation are traditional finance capabilities, such as accounting, forecasting, and performance management. Above that sits a growing layer of AI and data fluency, which is becoming increasingly important as AI capabilities continue to expand. At the top are what Caram called "essential human skills," including judgment, critical thinking, and the ability to ask the right questions.

Caram emphasized that these essential human skills are becoming more valuable, not less, as automation expands. He noted that companies are underinvesting in this top layer, with many CFOs neglecting to assess the impact of new technologies on their employees. Marie Myers, CFO of Hewlett Packard Enterprise, highlighted the importance of curiosity in the AI era, stating that people must stay curious and continuously learn to keep up with AI's rapid pace.

Myers also stressed the critical barrier of human adoption, noting that long-tenured professionals with deeply ingrained expertise can struggle to change how they work. She emphasized the need to assess what skills people need to make AI successful and to bring everybody along with the change. Tim Arndt, CFO of Prologis, described how the CFO role has moved beyond stewardship and reporting toward strategy and enterprise leadership, with AI accelerating this transition.

What Experts Say

The expert consensus is clear: investing in human skills is crucial for AI success. CFOs and industry experts emphasize that while technology is essential, it is only half the battle. Employees must be equipped with the skills to effectively use AI, and companies must prioritize employee training and development. This requires a fundamental shift in how organizations approach AI implementation, moving beyond a focus on technology and infrastructure to prioritize the human factor.

Key Takeaways

• Investing in human skills is crucial for AI success, with 93% of AI-related expenditures devoted to technology and infrastructure, and only 7% allocated to enabling people to use those tools effectively.
• CFOs must prioritize employee training and development, with a focus on essential human skills, including judgment, critical thinking, and the ability to ask the right questions.
• Curiosity is key in the AI era, with people needing to stay curious and continuously learn to keep up with AI's rapid pace.
• Human adoption is a critical barrier to AI success, with long-tenured professionals requiring support to adapt to new technologies.

What This Means For You

As AI continues to reshape the finance landscape, organizations must prioritize employee training and development to unlock its full potential. This means moving beyond a focus on technology and infrastructure to invest in human skills. CFOs and industry experts emphasize that this is not a choice, but a necessity, as the increasing pace of AI-driven change demands more from employees.

So, what can you do to prepare for the AI era? First, recognize the importance of human skills in AI success. Second, invest in employee training and development, with a focus on essential human skills. Finally, prioritize curiosity and continuous learning to stay ahead of the curve. By doing so, you can unlock the full potential of AI and drive successful change in your organization.