Accounting

CFOs are now less worried about AI taking their jobs

But they admit they have a lot more to learn about AI.
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· less than 3 min read

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It’s human nature to fear the change that new technologies may introduce. The Greek philosopher Socrates argued that the new-fangled invention of writing would weaken our memories, according to Plato’s Phaedrus (which is, ironically, a written document).

But a little time and exposure may assuage these fears. This appears to be the case with finance leaders and the latest advancements in artificial intelligence, a recent survey by SAP Concur suggests.

The travel and expense-management platform surveyed 300 CFOs and senior finance leaders in March, and found that 27% of respondents view AI as a threat to their own job, down by more than half from August 2023, when SAP Concur reported that 68% felt their positions were threatened by AI.

“Anxiety about the existential threat from AI has eased as CFOs get used to the new technology,” Christopher Juneau, head of SAP Concur’s market strategy, wrote in the report.

CFOs admit they don’t know a whole lot about AI. Nearly three-fifths said they “understand very little about AI in finance,” while just 4% indicated “they have strong knowledge” about the technology.

Tech boost. CFOs also showed they have big plans to spend on company growth, and technology is at the center of those plans.

All the CFOs surveyed said their companies are investing in growth, and a majority (57%) said they’re “investing heavily” this year. More than six in 10 (63%) said they’re “investing in cutting-edge technology,” which is up from just one-third in August. Just over half of CFOs said they’re investing in AI, up from 15% in August.

News built for finance pros

CFO Brew helps finance pros navigate their roles with insights into risk management, compliance, and strategy through our newsletter, virtual events, and digital guides.