Author: James Solomons
Posted: September 16, 2024

Ten Minutes Talking Tech with a CFO!

Embracing AI in Finance > Insights from Chris Chan, CFO, Mapien

As finance leaders navigate the rapidly evolving technological landscape, understanding how to leverage new tools effectively is crucial. I recently spoke with Chris Chan, CFO at Mapien, a human resources consultancy firm, to gain insights into their approach to adopting AI and other emerging technologies in finance operations.

Recent Impactful Tech Advances & Adopting New Finance Tools

Chris highlighted AI as a key trend reshaping the finance industry. “I do believe it has and will continue to make an impact on our industry,” he stated. However, he also noted the dual nature of this technology: “From a finance perspective, a front-of-mind thought is how AI is being used for fraud and scams. One thing I’m actively considering is how we protect the business from these sophisticated solutions fraudsters use.”

Mapien has taken a proactive approach to AI adoption. Chris shared, “We’ve rolled out ChatGPT for our HR consultants to use and are in the process of piloting Microsoft Copilot.” This measured approach allows the company to explore AI’s capabilities while carefully managing potential risks.

Beyond these widely-known tools, Mapien is actively scouting for innovative AI applications tailored to their specific needs. “We are actively monitoring the market for new applications,” Chris explained. “Mayday is a great example of an app that we found through LinkedIn which we are looking to implement.”

New Solutions Driving Transformational Impact

While Chris didn’t specify particular transformational impacts from recently implemented solutions, he emphasized the ongoing process of building a culture of innovation within Mapien. “We are working hard to build on our culture of innovation so that our team members in the business feel even more excited and engaged to find new things for the business to try,” he said.

Despite the enthusiasm, Chris acknowledged that the adoption of AI tools hasn’t been without its challenges. “Takeup was not as high as we thought,” he revealed. “We’ve found that areas who already have their processes down pat are less prone to try new things. Whereas the team members who may not have been there when the original process was created have jumped in to try.”

One significant hurdle has been concerns over data protection. “We continue to be unsure if our data is protected by OpenAI,” Chris explained. This uncertainty has led to a cautious approach: “Our policy is for people to use it but with certain safeguards in place such as making sure no identifiable information is uploaded into ChatGPT.” While this policy ensures data security, it has also limited the tool’s usage, as it requires time-consuming data anonymization

Outlook on AI, Blockchain and RPA

Looking to the future, Chris sees a significant shift in the role of finance professionals due to AI and automation. “The opportunity and evolution lies in our ability to communicate and influence as finance professionals,” he predicted. Chris envisions a world where many traditional finance tasks – from data cleaning to report generation and even basic data interpretation – will be highly automated and accessible to non-finance professionals.

In this new landscape, Chris believes the true value of finance professionals will lie in their ability to influence business decisions. “The difference in my opinion is going to be how we influence the business to take action,” he stated.

Advice on Implementing New Technologies & Processes

Chris offered several insights for fellow finance leaders looking to implement new technologies:

Understand your business’s tech-savviness: “I’ve worked in tech-friendly businesses and also old-school businesses, and the way they absorb and are willing to try new technology is very different. Identifying this and tailoring the approach is what’s required.”

Expand team members’ perspectives: “The other thing is helping the team members expand their mind to what’s possible. A simple example is that a team member may not actually know that ChatGPT can do stock take simply by taking a picture of the stock. If they don’t know it’s possible, it’s unlikely they would have thought of using it that way.”

Foster leadership that pushes boundaries: “Having a group of leaders who’s pushing the limits really helps drive how technology is adopted and to what extent.”

Chris also acknowledged challenges in AI implementation, particularly around data protection and varying levels of staff enthusiasm. He advised creating clear guidelines for tool usage and developing policies on data protection when using AI tools.

Current Economic Sentiment

Chris has a balanced view in regards to his confidence level in the current economic climate however, his focus on innovation and adapting to technological changes suggests a forward-looking approach despite any uncertainties in the market.

Key CFO Takeaways >

Embrace AI strategically Implement AI tools in a measured way, starting with well-known platforms and expanding to specialized applications.

Build an innovation culture Foster an environment where all employees feel empowered to explore and suggest new technologies.

Address adoption challenges Be prepared for varying levels of enthusiasm among staff and implement clear guidelines for tool usage.

Prioritize data security Develop clear policies on data protection when using AI tools, even if it means some limitations on usage.

Evolve finance skills Focus on developing communication and influence skills, as these will become increasingly valuable in an AI-driven finance world.

Tailor approach to business context Consider the tech-savviness of your organization when implementing new technologies.

Stay Vigilant Be aware of both the opportunities and risks AI presents, particularly in areas like fraud prevention.

Chris’ Current Tech Stack at Mapien

Industry: HR Consultancy

Size: Medium

General Ledge & ERP: Xero

Budgeting/Forecasting: Excel

Consolidation: Mayday

CRM: Workflowmax

Payroll: Xero

Time & Attendance: Workflowmax

HCM/HRIS: HR Legend