Cisco, ServiceRocket, and Checkr CFOs on how AI is changing the way they do their jobs

That’s what Joseph Fuller, a professor of management practice at Harvard Business School, told an audience of finance leaders Tuesday at Fortune’s Emerging CFO virtual event, in partnership with Workday. Fuller, also the co-head of the Managing the Future of Work Project at Harvard, explained the emergence of what’s being called “decision intelligence” tools.

In decision intelligence, enhanced AI and machine learning make predictions about and create multiple scenarios that include various combinations of choices. AI then makes a recommendation, but it gives the decision-maker a lot more opportunity to judge whether assumptions that drove previous decisions are valid, Fuller said.

“For the CFO,” he said, “it does something that I think is absolutely critical: It allows CFOs to harness and combine financial data with operational data.”

“If you can get operating data about accounts, inventories, working process, and current pricing, and contrast that using decision intelligence with forecast and budgets, you’re going to have the opportunity to detect problems much earlier,” Fuller explained. “I think decision intelligence allows us to significantly reduce exposure to operating risk.”

During the session, my Fortune colleague Geoff Colvin and I had a conversation with CFOs from Cisco Systems, ServiceRocket, and Checkr—Scott Herren, Joy Mbanugo, and Naeem Ishaq, respectively—who discussed AI in the finance function.

“AI can obviously increase productivity in significant ways across the board,” Herren said. Cisco has started a series of pilots and proofs of concept, for example, intelligent monitoring to help with fraud detection. And intelligent forecasting, whether that’s top-line spend or inventory, which the team already uses fairly frequently, he said. For the next set of challenges that “we don’t see today” but will exist, “AI could be a huge help,” he added.

When Checkr was founded 10 years ago, it began “using applied AI in the form of machine learning to hyper-automate the background check process,” Ishaq explained. And with emerging technologies such as generative AI, a la ChatGPT, Checkr is augmenting its processes. “It has dramatically lowered the barriers and cost to access AI in the enterprise,” he said.

Mbanugo of ServiceRocket, a tech-enabled services company that provides support for enterprises in areas such as software adoption, is also assessing AI use cases. She said she’s currently running financial planning and analysis projects with her team. They’re looking at data from lead generation, comparing conversion ratios with historical data. She also has a data analyst on her team working on predictive analytics for revenue: “We’re looking at a whole host of FP&A tools that have AI features that can do tasks like that.”

Herren said AI development in the tech industry will continue to evolve. He compared it to the early stages of the motion picture industry when a camera simply would be pointed at whatever was to be recorded—nothing compared to the tech used today.

“We’re currently in the ‘point the camera at the stage’ phase with AI today,” he said.

You can watch the complete Emerging CFO session here. And read additional coverage of the event here.

Have a good weekend.

Sheryl Estrada
sheryl.estrada@fortune.com

Leaderboard

Some notable moves this week:

Jason Bengel was promoted to CFO at LendingTree, Inc. (Nasdaq: TREE), an online financial services marketplace, effective Aug. 9, following the departure of CFO Trent Ziegler, who is pursuing a new opportunity outside the company. Bengel, currently a senior vice president at LendingTree, joined the company in 2018 as VP of financial planning and analysis.

Samantha L. Stoddard was named CFO at JELD-WEN Holding, Inc. (NYSE: JELD), effective July 1. Stoddard will succeed Julie C. Albrecht as EVP, CFO. Albrecht will step down from her role on June 30 and will serve in an advisory capacity for a period of time. Stoddard is currently JELD-WEN North America CFO and head of global financial planning and analysis. Stoddard joined JELD-WEN in 2020 as vice president of finance for North America operations. Prior to joining the company, Stoddard was CFO for the personal protection equipment business unit at Honeywell.

Mark Harris, CFO at Heidrick & Struggles International, Inc. (Nasdaq: HSII) a global leadership advisory, has elected to depart the company to pursue other opportunities. Harris, who assumed the role in 2018, will remain with the company until August. Heidrick & Struggles has commenced a formal search for a new CFO.

Gregory D. Cameron was named EVP and CFO at CF Industries Holdings, Inc. (NYSE: CF), effective June 17. Cameron succeeds Christopher D. Bohn, who was recently promoted to EVP and COO. Cameron most recently served as president and CFO of Bloom Energy. Before that, he held a series of senior roles at General Electric over 26 years, including president and chief executive officer, global operations-GE Company.

Timothy Lorber was named CFO at Shuttle Pharmaceuticals Holdings, Inc. (Nasdaq: SHPH). The company’s current CFO, Michael Vander Hoek, will be transitioning out of his role to a VP of regulatory position. Lorber has more than 40 years of professional finance experience, including 15 years with Legg Mason, Inc., where he served as a managing director and chief accounting officer. Before that, he served as internal audit director of Freddie Mac.

Thomas DeByle was named CFO of AstroNova, Inc. (Nasdaq: ALOT), a data visualization technology provider. DeByle is replacing David S. Smith, who has retired. DeByle has more than 25 years of experience. He has been CFO for publicly held companies NN, Inc. and Standex International Corporation, as well as privately held Plastic Industries, Inc. He also has had senior finance roles at Doosan Infracore, Ingersoll Rand, Thermo King International, Enerpac, and Johnson Controls.

Big Deal

“How to Manage Geopolitical Risk in The New Era of Globalization” is a new episode of Wharton’s Ripple Effect podcast. Witold Henisz, vice dean of the ESG Initiative at the Wharton School, discusses his book, Geostrategy By Design: How to Manage Geopolitical Risk in The New Era of Globalization, a guide for executives seeking to create long-term value in the next global competition.

Going deeper

Here are a few Fortune weekend reads:

“Morgan Stanley says ‘crown jewel’ of Citi is worth half the bank’s value” by Michael del Castillo

“Jollibee has a cult-like following in the Philippines and among the Filipino diaspora. But can its ‘Chickenjoy’ and sweet spaghetti ever truly challenge McDonald’s globally?” by Nicholas Gordon

“The raging bull market hasn’t peaked just yet, BofA says, as Wall Street keeps raising forecasts for this year” by Will Daniel 

“Bill Gates and Mark Cuban swear that failure helped build their billion-dollar ideas, but new research says making mistakes isn’t actually a key to success” by Lindsey Leake 

Overheard

“When I combined a strong team, great technology, close customer relationships, and excellent service to build my first billion-dollar business, I was not an executive. I just did it. I saw an opportunity and I pursued it.”

—Christine “Chris” King writes in a new Fortune opinion piece. King spent 25-plus years at IBM and later became the first female CEO of a semiconductor company. She’s also the author of “Breaking Through the Silicon Ceiling.”