AI Sparks New Hope for Nordic CFOs
Nordic Chief Financial Officers (CFOs) are increasingly looking to artificial intelligence (AI) to overcome challenges related to slow processes, manual routines, and a lack of reliable data. The demand for real-time decision-making, supported by AI, is growing rapidly. A new report from Hypergene reveals that CFOs desire smarter, faster, and more reliable planning capabilities. Erik Thelander, CPO at Hypergene, emphasizes the clear need to reduce manual work and ensure complete data reliability.
As the pace of the business world accelerates, the demands on finance functions become more complex. Despite the abundance of available data, many Nordic CFOs are still bogged down in time-consuming planning cycles and multiple Excel versions. Hypergene’s report, “Confessions of a Nordic CFO,” surveyed 438 finance executives from Sweden, Norway, and Finland, painting a clear picture: current tools are not meeting their needs.
“Many CFOs express frustration that their systems don’t support the required speed. They want to simulate different scenarios and act proactively, but today, this often requires manual effort,” says Thelander.
Uncertainty Slows Progress
The report indicates that finance functions are on the cusp of a technological shift, with nearly half of respondents identifying AI as the primary driver of change in the coming years. However, despite its enormous potential, progress is hampered by uncertainty about how to best implement the technology.
“There is a desire to use AI to predict outcomes, identify deviations, and make faster decisions. However, many CFOs lack clear frameworks for using the technology safely, effectively, and in a value-creating way. This requires both skills development and smarter system support.”
The Need for a Unified Database
A recurring theme in the report is the need for a common, reliable database. Many CFOs report still managing multiple versions of the same budget, leading to errors and wasted time.
“The role of the finance function is changing from simply reporting to driving the business forward. Therefore, decisions must be based on reliable data. This requires modern planning tools that unite analysis, reporting, and follow-up in a single solution,” Thelander states. He emphasizes that Hypergene’s conclusion is clear: the CFO of the future doesn’t need more spreadsheets – they need better insights.
“When planning becomes faster and more intelligent, the CFO can focus on what truly creates value: guiding the business towards better decisions,” he concludes.
About “Confessions of a Nordic CFO”
“Confessions of a Nordic CFO” is a report by Hypergene, a company with over 20 years of experience in financial planning and analysis (FP&A) and project and portfolio management (PPM). The study is based on responses from 438 CFOs or equivalent titles in Sweden, Norway, and Finland, who answered 16 questions about their daily work, challenges, and views on the future of financial management.
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