In this episode of the Office of the CFO podcast, Acceleration Economy’s Tom Smith chats with SignUp Software’s CEO Olof Hedin to explore the four Cs: cost, compliance, control, and copilots. More specifically, they dive further into copilots and how they can be applied to the office of the CFO.
Highlights
Creating Opportunities for the CFO (01:50)
The foundation for the CFO role is to keep customer costs under control and be compliant. With the emergence of copilot technology, it has created new opportunities for business; not only impacting tech roles but finance roles as well. It has become a great tool for making financial processes autonomous and reaching the first three Cs faster and more efficiently. For instance, it can make suggestions to improve workflows. Copilots can also perform actions based on data to create purchase orders or help with elements of ERP systems.
Strategic Decision Making (04:45)
CFOs and financial leaders can use copilots to make more informed, strategic decisions. With processes generating a variety of traces with transactions, CFOs can use copilots to consolidate that data. SignUp Software provides a dashboard for financial processes. Copilot can be applied to gain greater financial analytics; it can identify a problem efficiently, enabling users to find the root problem and resolve it faster.
AI-Driven Financial Management (06:25)
Financial processes can be time-consuming, such as the invoice approvals process. “We can help the approver with the most common ways that would be coded and just showing them with a little light bulb,” Hedin describes. “It’s an advanced algorithm…but it’s giving you advice on how you could do that and what has worked in the history, and also giving you the probability that the AI algorithm is actually right.” While there may be parts of AI that bundle inside the processes and work behind the scenes, copilot can be applied to specific processes to assist users.
Investing to Innovate (08:30)
SignUp Software has a full team focusing specifically on investing in AI to further innovations. This team has built a bot for support flows to help their customers. Users can ask the bot questions as well as use it for action-based scenarios, such as assistance with coding invoices and automating processes.
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