We know, there’s a lot of talk about AI these days. But a recent report has the kind of figures, if correct, that are hard for CFOs, or anyone, to ignore: Revenue from the generative AI market is expected to grow to $3.7 billion this year and reach $36 billion by 2028, according to S&P Global Market Intelligence.

Despite those eye-popping stats, generative AI is still a burgeoning field. “The generative AI software market is currently in the development stage,” and many of the companies S&P Global analyzed are “still in the beta or initial launch stage with their commercial products,” Nick Patience, a managing analyst at S&P Global, wrote in the report.

Yet it’s the combination of these factors that has everyone standing to attention. A nascent, growing field with billions in potential revenue? There’s a reason more and more CFOs are taking note.

But even as 70% of corporate executives are exploring generative AI projects, per a recent Gartner study, the application of generative AI is new enough that there’s not full consensus on best practices. To that end, it helps to turn to other CFOs who are exploring generative AI’s possibilities, like Ravi Inukonda, CFO of DoorDash, who thinks AI will soon become “more and more important and part of our daily workflow.”

Continue reading.—NP

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Steve McNally has served on the Institute of Management Accountants’ (IMA’s) global board of directors for nearly 14 years, and recently finished his term as chair. He’s had decades of experience in management accounting, and is now CFO, secretary, and treasurer of Plastic Technologies Inc. At the IMA23 Annual Accounting & Finance Conference in mid-June, he spoke with CFO Brew about how management accounting has evolved, and shared his best advice for career success.

This interview has been edited for length and clarity.

What skills do you need to succeed as a CFO?

The No. 1 thing is, you need a business partner mentality. You need to really understand your business, understand the industry, understand the broader economy. You need strategic agility. You need those table stakes in terms of technical skills, financial, accounting. You need to understand the technology. And, of course, it’s finance—you’d better be results-oriented.

You’re definitely the member of the cross-functional team that sometimes has to ask those really tough questions. So it’s also having that courage as well.

What’s the best advice you ever got for excelling at your job?

When you take on a new job, learn everything you can about it.

As an example, when I became the finance director for Chunky Soup [at the Campbell Soup Company], I was working with the marketers and learned all about the marketing plans and the budgets. I was working with the R&D team and learning about product development. And I was working with our sales liaison and went into stores and was meeting customers. And it was a really good thing that I did that, because [later] we had an entirely new marketing team come on board. I became the glue to what the Chunky teams’ marketing plans and programs were all about.

But more importantly, by learning the business, I’m not just giving financial insights. I’m able to sit there as equally as any other partner at the table to make suggestions and help make sure we make the best decisions.

What would you say to a management accountant whose goal is to become a CFO?

If you aspire to be a CFO, absolutely, you should go for it. Because in my opinion, being a CFO, it’s dynamic, it’s challenging, it’s exciting. It may well be the greatest job in the world.

Keep reading.—CV

Today’s top finance reads.

Stat: 0. That’s how much real GDP growth the Conference Board is predicting for 2024 as they see inflation, Fed rate hikes, consumer weakness, banking instability and other factors continuing to stunt growth for the foreseeable future. (The Conference Board)

Quote: “The cost of acquiring customers has been the big whoops. All these brands kept selling more stuff and losing more money.”—Tom Nikic, analyst with Wedbush Securities, on why brands are returning to traditional retailers after trying to become wholesalers. (the Wall Street Journal)

Read: A new, insidious ransomware attack targeting government agencies and businesses alike is spreading and no one is sure how widespread the damage is. (CNN Business)

If you use enterprise software (like 90% of high earners), say hello to your new colleague: AI. Dig into the stats and implications here.

Aspirational: Hoping to sit in the C-suite someday? Start by learning which finance skills are in demand—and how to cultivate them. Check out our interview with IMA CFO Russ Porter, sponsored by Brex.*

^{*This is sponsored advertising content.}