42% of North American CFOs undervalue generative AI

LONDON, UNITED KINGDOM — A recent Deloitte survey reveals that 42% of North American Chief Financial Officers (CFOs) do not consider generative artificial intelligence (AI) essential for their business strategies. 

The Q3 CFO Signals report surveyed 116 CFOs from the United States, Canada, and Mexico. Only 24% of respondents regarded generative AI as “important” or “very important.”

Despite this, 42% of CFOs are experimenting with generative AI, 15% have actively utilized it in their business strategies and 25% are starting to familiarize themselves with the technology.

CFOs’ primary concerns about generative AI include potential impacts on risk and internal controls (57%), data infrastructure and technological requirements (52%), investment needs and capabilities (51%), and governance requirements (49%).

According to 63% of respondents, the main obstacle to adopting generative AI is the lack of talent and capabilities within their organizations. Additionally, 49% cited insufficient data and tech resources, and 45% expressed concerns about risk and governance.

CFOs hope to derive benefits such as cost savings (52%), improved customer or client experiences (50%), and higher margins resulting from increased efficiency and productivity (45%) from generative AI. 

However, CFOs are not allocating substantial budgets for generative AI implementation. Sixty-three percent said that less than 1% of their next year’s budget would be dedicated to it, with 33% planning to invest up to 5% of their 2024 budget in generative AI.