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CFO Insights — Cognitive technologies: Why CFOs should peer past the myths

Published on: Apr 19, 2018

Cognitive technologies are transforming everything from customer experience to product development, and augmenting or replacing human activity in everything from manufacturing to operations to human resources. They are also beginning to reshape finance — emphasis on the “beginning.”

In the Q3 2017 CFO Signals™ survey, only 42 percent of responding CFOs said their finance team is knowledgeable about emerging technologies, including cognitive. Moreover, only about one-third of CFOs in the same survey said they have moved beyond the pilot stage with these technologies to transform their finance function.

Why the hesitation? Could some of it be related to the myths around cognitive that seem to be as pervasive as the technologies themselves? To find out, Deloitte’s recent State of Cognitive Survey asked 250 “cognitive-aware” U.S. executives from large companies about the current state of cognitive technology within organizations. These managers were knowledgeable about artificial intelligence/cognitive technologies and informed about what their companies were doing with the technologies. They also were well versed in the misconceptions about the technologies — misconceptions that may explain why finance may be holding back.

And in this issue of CFO Insights, we discuss five common myths that cognitive-aware executives have dispelled. The bottom line? Cognitive technologies can be deployed now to address a wide a range of finance challenges.

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