I have experimented a lot - there's a lot that it can do. However, I believe that what it can do is low-level and generic. Let's say that at its best, AI can take over 60% of someone’s busy work. You're not going to have AI replace a person entirely. It's going to augment their job. It's going to be addressing the complaints that everybody's been having for 20 years: having to do all this rework and all these mistakes. Well, now you have the time to be able to do the work that you've been wanting to do because you don't have to do a lot of manual work anymore. However, AI software cannot summarize people’s performance and include certain nuances.I also believe that there's going to be an increasing chasm between experts who really know what they're doing and people who are pretending to know what it is that they're doing and who are just leveraging AI to get the answers. You don’t want to find yourself in a situation where you’re having a conversation with someone who has been leveraging AI for 80% of their work and you don’t know any of the answers they may ask you. You're going to have impostor syndrome in the workforce and in promotions. Instead of taking shortcuts, we must have some kind of learning where people become experts and become knowledgeable while leveraging and augmenting.
Thanks Ken. When do you think about "graduating" from a fractional CFO to bringing one on full time? How do you think businesses should evaluate this?
The need to hire a full-time CFO from a fractional CFO is not dependent on businesses’ revenue or profitability but on complexity, which means that it can’t be determined only by a single metric like Revenue. For example, many SaaS businesses need a CFO very early in their maturity due to the need to manage capital raises and business metrics but a government contractor with a single contract with only one government agency can wait much longer, especially if they do not intend to grow beyond that contract.
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