AI is changing finance at an incredible pace, offering CFOs a powerful way to make processes smoother and strategic decision-making better. But with so much hype around AI automation, it’s easy to feel overwhelmed. The real question is: how much time is your finance team spending on manual, repetitive tasks?
AI in finance isn’t just about adopting the latest technology – it’s about reshaping your team’s role and maximising their full potential. This guide will show you how to prepare your finance team for AI with practical steps, leveraging the power of NetSuite.
Experiment with AI in NetSuite
AI adoption doesn’t have to mean a complete overhaul overnight. They key is to start small, experiment, and gradually integrate AI into your workflows. NetSuite already offers built-in AI capabilities like automated reporting and intelligent data analysis – why not start exploring them?
- Identify Quick Wins: Look for processes that take up valuable time but could be improved with AI, such as invoice processing, reconciliation, or forecasting.
- Create an AI Taskforce: Select a few tech-savvy team members to explore NetSuite’s AI tools. Dedicate a small portion of their time – say 10% – to testing and reporting back.
- Measure Impact: Track key metrics like time saved, accuracy improvements, and cost reductions.
Real-world example: Packer Fastener has used AI within NetSuite to identify patterns and run predictive models. Their CTO, Bill Feck, says, “Once we started tapping into that, we had several ideas on where to go. We just needed to get started, and from there, the possibilities became endless.”
Learn from Other Departments
Your finance team doesn’t have to navigate AI adoption alone. Other departments, like HR or sales, may already be using AI tools in their processes. Learning from their successes (and mistakes) can help smooth your own AI journey.
- Host Cross-Department Meetings: Encourage knowledge sharing on AI insights and best practices.
- Form an AI Innovation Committee: Include leaders from different areas to discuss AI applications and challenges.
For example, if your HR team uses Generative AI to draft job descriptions, they might have valuable insights on how to get the best results from AI-driven automation.
Upskill Your Finance Team
AI is changing the skills required in finance. A Deloitte report found that 75% of business leaders expect AI to impact their talent strategies. That means now is the time to invest in upskilling your team.
- Assess Skill Gaps: Identify where your team needs AI training.
- Provide Tailored Training: Offer targeted learning opportunities based on roles. For example, an accounts payable clerk may need training in AI-powered payment automation.
- Offer AI Fluency Programs: Help your team understand AIs capabilities and limitations to reduce uncertainty and encourage innovation.
Consider this: A university of Phoenix study found that 68% of employees would stay longer in jobs with strong upskilling opportunities. Investing in your team’s AI knowledge isn’t just good for efficiency – it’s good for retention too.
Automate Repetitive Tasks
AI-powered automation takes back-office efficiency to the next level. NetSuite’s AI tools can streamline bookkeeping, account reconciliations, payroll, and AP/AR processing – freeing up your team for higher-value work.
- Identify Repetitive Tasks: Look at where your team is spending the most time on manual processes.
- Use NetSuite’s AI Tools: Automate these tasks to reduce errors and make processes smoother.
- Redefine Roles: Shift employees from transactional tasks to more strategic finance functions, like financial planning and analysis (FP&A).
A survey by FloQast found that 60% of accountants say technology is now more important to their job satisfaction than it was two to three years ago. Giving finance teams the right AI tools can improve both productivity and morale.
Recognise and Reward AI Champions
AI adoption works best when employees take ownership of the process. Identify and reward team members who are leading the charge in finding innovative AI solutions.
- Seek Feedback: Regularly check in with managers and peers to identify AI trailblazers.
- Offer Growth Opportunities: Give high-performing employees chances to work in different finance roles to expand their expertise.
- Reward Innovation: Acknowledge top contributors through promotions, bonuses, or other incentives.
The cost of losing talent is high. A joint report from the Institute of Management Accountants (IMA) and Robert Half found that three-quarters of accounting and finance professionals considering leaving their job in the next year don’t see a path for advancement. Recognising talent is key to retention.
Adjust Hiring Strategies for the AI Era
As AI takes over more routine finance work, the skills required in new hires are shifting. Prioritise candidates who brin strategic thinking and analytical capabilities to the table.
- Look for Problem-Solvers: Seek candidates who can interpret data, identify trends, and drive insights.
- Assess Adaptability: Find people wo are comfortable learning new technologies.
- Prioritise Communication: Strong collaboration skills are crucial as finance increasingly works cross-functionally.
AI isn’t a passing trend – it’s an important change in how finance operates. CFOs who invest in AI now will future-proof their teams and bring more value to their businesses. By starting small, collaborating across departments, upskilling employees, and automating the right tasks, you can build a finance team that thrives in the AI era.
The future of finance is AI-driven, and having the right partner makes all the difference. At Cofficient, we help businesses like yours make the most of NetSuite’s AI capabilities, ensuring a seamless transition and measurable results. Get in touch today to see how we can support your finance team’s AI journey.
