Exploring AI in Finance with Todd Spartz, CFO of LinkLive
Oct 2, 2023
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Todd Spartz, CFO at LinkLive with a rich background in tech, discusses the potential of AI in finance, analyzing predictive churn, AI in the annual planning process, and the importance of building networks in the finance industry.
Building networks and belonging to relevant groups is a valuable investment for finance professionals.
AI in finance is still in its early stages of adoption and cannot replace human decision-making and strategic thinking.
Deep dives
The importance of building networks and communicating
One key insight from the podcast is the importance of building networks and effectively communicating with others in the finance profession. The speaker emphasizes that early in their career, they didn't prioritize this aspect, but they now realize its significance. Building networks and belonging to relevant groups, such as LinkedIn communities or trade shows, is highlighted as a valuable investment for finance professionals.
The evolving role of AI in finance
The podcast explores the potential of AI in transforming finance. While acknowledging that technology has already significantly impacted finance, the speaker highlights that AI is still in its early stages of adoption. The conversation revolves around how AI can be leveraged for tasks such as automating transaction processing, compliance, and building predictive models for forecasting and budgeting. However, the speaker emphasizes that AI cannot replace human decision-making, leadership, and strategic thinking in areas such as making critical investment decisions or effectively communicating with others.
Challenges and considerations with AI adoption
The challenges related to AI adoption in finance are discussed in the podcast. One significant challenge highlighted by the speaker is the fear and lack of understanding surrounding AI. It is essential for finance professionals to engage with AI tools and continuously develop their skills and knowledge in order to take full advantage of the technology. Another challenge mentioned is data privacy and compliance, especially considering the sensitive and proprietary nature of financial information. The speaker urges caution and awareness regarding potential risks and stresses the importance of mitigating any potential loss of intellectual property.
Possible future developments in AI for finance
The podcast conversation explores potential future developments in AI for finance. Some specific use cases and features that the speaker suggests could be beneficial include prebuilt planning calendars to streamline the annual planning process, a checklist-driven approach to ensure finance teams follow best practices, and knowledge bases within planning applications that provide recommendations and insights tailored to a CFO's needs. The speaker also highlights the importance of AI tools assisting in decision-making, data analysis, and automating repetitive tasks to free up finance professionals' time for more strategic work.
In the latest episode of The Role Forward, Joe Michalowski welcomes Todd Spartz, the CFO at LinkLive. Todd dives deep into his rich background in the tech world. From semiconductor equipment manufacturing to networking, and from web analytics to web advertising, Todd's journey is vast. As he transitioned to enterprise SaaS, he shares the insights and challenges faced, especially around the newest hottest topic - AI.
For anyone keen on understanding the intricacies of the tech world and the journey of a seasoned professional like Todd, this episode is a must-listen.
