The Impact of GenAI on CFOs: Insights from PYMNTS Intelligence Study
CFOs Overwhelmingly Endorse Generative AI as Greatest Innovation of Our Time
In a recent report by PYMNTS Intelligence, it was revealed that six out of 10 CFOs believe that generative AI (GenAI) is the greatest innovation of our time. This groundbreaking insight comes from surveys conducted with 60 CFOs representing U.S. companies with annual revenues of at least $1 billion.
The report delves into the evolving use of GenAI applications within enterprises, showcasing the varying ways in which companies are leveraging this technology. While all surveyed CFOs confirmed that their organizations are utilizing GenAI, the specific applications and impact differ significantly.
Interestingly, the report found that companies using GenAI in strategic and impactful ways are reaping the most benefits from their investments. These firms are more likely to report a positive return on their investment in GenAI, despite not necessarily investing more initially.
Only about 30% of surveyed enterprises are maximizing the potential of their GenAI applications by deploying them strategically, such as monitoring multiple processes or creating new content. However, these companies are seeing a significantly higher ROI compared to those using GenAI for routine applications.
The data also revealed that companies using more than five GenAI applications reported a very positive ROI, while those using fewer applications experienced less favorable outcomes. This highlights the importance of strategic deployment and utilization of GenAI to maximize its impact.
Furthermore, the report suggests that the optimal spending range for GenAI may be between $1 million and $5 million, as companies within this range are maintaining their investments or planning to increase them. This indicates that the key to success with GenAI lies not only in the amount of money invested but also in how strategically the technology is deployed.
Overall, the findings from the report emphasize the critical role of strategic deployment in realizing the full potential of GenAI and achieving a positive ROI. As CFOs continue to navigate the evolving landscape of AI technology, it is clear that strategic decision-making will be key to unlocking the full benefits of this groundbreaking innovation.
