Finance’s oldest mantra, “always be closing,” is giving way to something new. Artificial intelligence is redefining the industry, and AI finance strategy is leaving behind the monthly grind in favor of forward-looking analysis.

Prophix Software’s Aaron Levine talks about AI finance strategy and the evolving role of the CFO.

The move from closing to strategy signals a larger evolution in the role of finance teams. Once seen primarily as record keepers, finance leaders are now positioned as strategic partners who shape growth, according to Aaron Levine (pictured), chief financial officer of Prophix Software Inc. 

“Our time really has shifted from those old workflows and some of that manual work,” he said. “We’ve really shifted to more of a strategic mindset. We’re spending more time doing advanced modeling, what-if scenarios and some more of that strategic initiative.”

Levine spoke with theCUBE’s Rob Strechay at “The Future of Finance Revealed.” event, during an exclusive broadcast on theCUBE, SiliconANGLE Media’s livestreaming studio. They discussed how AI finance strategy is elevating the role of finance leaders by expediting operations. (* Disclosure below.)

AI finance strategy is reshaping workflows

Finance leaders are breaking free from endless report requests, according to Levine. Instead of waiting days for polished charts, executives can now query data in plain language and get answers on the spot.

“Right now, as a CFO, I can go into the platform and interact with the tool using natural language,” he said. “I can ask directly and have the tool provide responses. The tool can give me the top 10 customers, they can put charts and graphs and I can iterate and have a pretty chart that can be dumped right into a board pack.”

That speed is also unlocking new capacity across finance organizations. Teams are spending less time on manual reporting and CFOs are reinvesting that time into shaping strategy, Levine explained.

“Business conversations now are focused more on the business,” he added. “It’s really more of the “A” in the [financial planning and analysis]. It’s that analysis piece, which is more forward-thinking and has elevated the finance team within our organization and has allowed us to guide the business in a more strategic manner. This new operating model has set the standard for modern finance organizations.”

Here’s the complete video interview, part of SiliconANGLE’s and theCUBE’s coverage of “The Future of Finance Revealed.” event:

(* Disclosure: TheCUBE is a paid media partner for “The Future of Finance. Revealed.” event. Neither Prophix Software Inc., the sponsor of theCUBE’s event coverage, nor other sponsors have editorial control over content on theCUBE or SiliconANGLE.)

Photo: SiliconANGLE