How AI and Cloud Technology are Reshaping the CFO Role

The role of the Chief Finance Officer (CFO) is undergoing a major evolution. According to a Deloitte survey of 1,326 global finance leaders from large companies, today's CFOs are required to think, operate and hire differently to navigate new markets and complex company structures.

This change involves a greater focus on digital transformation, with finance leaders increasingly leveraging technology to handle modern growth challenges and guide strategy.

Many finance leaders find it difficult to maintain pace and pinpoint the most crucial investments for growth and innovation.

The data reflects this, as three-quarters of the executives interviewed stated their company needs either a moderate amount or “a lot more” resources to maximise investment opportunities.

When questioned about their top priorities through to 2026, 48% of respondents cited planning for external challenges like inflation and regulation, while an equal 48% pointed to the adoption of new technological capabilities, including AI.

Advanced scenario planning with AI

To manage this uncertainty, 30% of respondents identified using advanced scenario planning to better anticipate changing needs as the most important action. Technology is at the core of this change.

David Chojnowski, Walmart’s Corporate Controller and Chief Accounting Officer, explains how the frequency of analysis has accelerated: “In the past, we may have run scenarios monthly; now, we’ve been running models and doing analysis almost daily.

“We’re able to use AI to understand market trends and correlate those trends and other competitors’ decisions with ours in a way that we haven’t been able to in the past.”

This reliance on technology corresponds with the expanding strategic influence of finance leaders. A 2024 Deloitte analysis of the CFO role indicated the number of skills required for the job increased by 19% over five years.

With this expansion of skills, their influence across the company continues to grow, with more than half of the survey respondents reporting they are now among the top leaders influencing strategy development.

Redefining finance with AI and cloud solutions

This strategic influence is particularly evident in the deployment of technology for cost optimisation. Nearly half (48%) of respondents confirmed they are deploying cloud-based solutions to help manage costs across their companies.

By applying AI-driven solutions, some CFOs are helping to redefine the finance function to align with the firm’s critical goals.

Marie Myers, Executive Vice President and CFO at Hewlett Packard Enterprise, says: “Our finance company’s journey over the past 18 months has been transformative. We are using AI to empower our teams to become strategic partners, leveraging data and technology to create enterprise-wide value.”

The challenge of AI return on investment

While many finance teams are experimenting with and deploying artificial intelligence, the full return on investment (ROI) is not yet clear.

The Deloitte survey highlights a notable gap, showing that while 63% of finance departments have fully deployed AI solutions, only 21% see clear, measurable value from these investments.

This lag could be attributed to several key challenges. Legacy technology infrastructure can hinder effective AI adoption, and many leaders report difficulty in proving ROI for these new systems.

Data privacy is another primary concern, a particularly sensitive issue in a finance context where confidential data is regularly handled.

In response, many finance teams are undertaking long-term digital transformation projects to modernise core systems, such as Enterprise Resource Planning (ERP), to better support the use of AI.

Despite these hurdles, there is considerable interest in the potential of more advanced agentic AI. Finance leaders see promise in the technology for functions including:

• Sales and profitability management (48%)
• Working capital optimisation (46%)
• Expense management (44%)

To achieve substantial business value from these technologies, Deloitte suggests CFOs need to expand their roles beyond traditional finance functions.

Fostering agility through autonomous programmes and advanced scenario planning could be key to unlocking the full potential of their technology investments and cementing their position as strategic leaders.