Sturppy, a software company based in Denver, has recently released a ChatGPT-4 tool called ChatCFO as part of its Sturppy Plus FP&A platform. Currently in alpha testing, ChatCFO uses AI and natural language processing to interact with and interpret an organisation’s financial data. However, ChatCFO is not simply a ChatGPT plugin; it’s based on a proprietary program, which the company brands as a “personal AI CFO available 24/7.”
“ChatCFO is the first AI chatbot in production that is specifically trained on financial data, which is an important first step in introducing AI chatbots into the finance function” says Glenn Hopper, director at Eventus Advisory Group and author of Deep Finance: Corporate Finance in the Information Age.
Hopper also states that “ChatCFO is not yet a robot CFO, and likely not even a junior analyst yet.” Nevertheless, the development of ChatCFO raises questions about how finance professionals should prepare for and cope with the changes that this technology will bring.
ChatCFO is aimed at growing startups with limited financial expertise. It can answer the same kind of questions one may ask a financial analyst or fractional CFO and can give answers based on a company’s financial data gathered from multiple business data sources, such as Excel, past financial records, and customer databases. The ChatCFO can also pull KPIs, such as profit and revenue forecasts, and create charts and graphs much like a finance professional, according to John Ladaga, co-founder of Sturppy.
However, the rapid introduction of AI technology like ChatCFO and ChatGPT accelerates the urgency to find an answer to a looming question that has been around for years in the face of finance’s digital transformation: where does that leave financial professionals and what do they need to prepare for an AI future? According to Ladaga, everyone in a knowledge role today should be thinking about what role they will play. They should be somewhat worried about the role that they currently play within an organisation given that technologies like this are coming out.
It's highly likely that AI will replace at least lower-level finance professionals in the future. However, it’s the successful finance professionals that will use the technology as a way to enhance their abilities and increase their capacity. AI technology can provide tools for financial professionals to learn more about strategy and the operations of their company and look beyond just the narrow scope of accounting to think about the impacts on the business.
