The use of generative artificial intelligence is being explored by Cisco Systems to enhance productivity in its finance department. The company is focusing on four key areas, including fraud detection, intelligent forecasting, data insights, and document processing. This shift towards AI-based tools is changing the relationship between humans and technology, with machines making decisions and humans approving them. According to Harvard Business School professor Joseph Fuller, this shift will enable CFOs to detect problems earlier and manage risks more effectively. CFOs like Joy Mbanugo and Naeem Ishaq are embracing AI to improve productivity and make better decisions. However, the biggest risk companies face is proceeding too cautiously, with only 26% of chief information officers having deployed AI in a meaningful way.
Cisco Explores AI to Boost Finance Productivity
“You’re going to have the opportunity to detect problems much earlier and therefore manage your risk much more effectively.”
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