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For Your Business Adam Zaki July 29, 2024

5 AI trends CFOs must know

It can be incredibly challenging and time-consuming for CFOs to understand the potential impact of artificial intelligence across the functions they oversee. As technology evolves, business needs change and spending increases, CFOs and their teams must align not only on solutions, but also on the latest developments in the technology powering many of the newest tools.

Below are five notable occurrences and research findings that can help gauge the current trajectory of AI development.

1. AI use in China has grown, leading global transformation

According to a recent survey from SAS, and fresh off the country’s largest AI trade show, China and its business leaders are leading the world by a significant margin in using AI-powered tools. According to a survey of 1,600 global decision-makers, 83% of those from China said they were using AI.

“While China may lead in GenAI adoption rates, higher adoption doesn't necessarily equate to effective implementation or better returns,” said Stephen Saw, managing director at Coleman Parkes. “The US nudges ahead in the race, with 24% of organizations having fully implemented GenAI compared to 19% in China.”

2. OpenAI’s Project Strawberry

OpenAI is currently working on a new reasoning tool called Project Strawberry, according to Reuters. The only information available about Project Strawberry is what was known about it when it was called Q. According to OpenAI staffers who tested Q, the tool was able to solve “tricky science and math problems currently out of reach for today’s commercially-available models.” 

Reports have also noted the new technology may have human or super-human-level intelligence capabilities, and OpenAI has been demonstrating this technology to the company’s employees during their internal all-hands meetings.

The name change may also stem from ChatGPT’s recent spelling problem. The tool was widely criticized last month for not being able to identify how many letters r’s there are in the word “strawberry.”

3. Attorneys are frustrated with AI

CFOs and finance teams who aren’t using AI as much as other areas of the organization are likely in line with their legal counsel, according to new data from Bain Research.

Data shows frustration among legal leaders with these tools, as there’s an 18% decline in the number of lawyers saying GenAI had “met or exceeded expectations” over a five-month period. Overall, about half (53%) said the tools had met or surpassed their expectations.

“As with other digital transformations, merely automating a process or porting it to a new, more efficient technology doesn’t necessarily deliver enough upside to justify the investment,” Bain researchers wrote. “Real value comes from learning how the new technology changes not just how something gets done but what gets done.”

4. AI infrastructure leaders named

Research group IT Brand Pulse recently published their brand leader survey covering enterprise infrastructure around AI. Notably, the report highlights dominance in certain areas of development by companies like Dell Technologies and NVIDIA, but also reveals some interesting areas where market leaders and innovation leaders differ.

5. Insurance agencies are almost set on AI deployment

In a recent survey by Gallagher Bassett, digital claims processing and customer service in insurance, as well as many other elements of coverage, are set to be implemented with AI. Globally, 44% of insurance companies are currently in the process of integrating AI chatbots or generative AI into the claims resolution process, while 42% have already begun.

This implementation has been referred to as a watershed moment for claims processing and will certainly change how finance leaders and their teams purchase from and communicate with their insurance providers.

 

This article was written by Adam Zaki from CFO.com and was legally licensed through the DiveMarketplace by Industry Dive. Please direct all licensing questions to legal@industrydive.com.

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