APAC CFOs Bet Big on AI to Drive Long-Term Growth: Study
In a significant shift in their approach to Artificial Intelligence (AI), Chief Financial Officers (CFOs) in Asia Pacific (APAC) have moved from cautious spenders to strategic investors, according to new research from Salesforce. The study reveals that APAC CFOs are no longer just using AI as a tool for cost-cutting, but are now betting big on the technology as a crucial engine for long-term revenue growth.
The research, which surveyed over 1,000 CFOs across the region, found that 75% of APAC CFOs now consider AI a critical component of their organization’s long-term strategy, with 62% planning to increase their AI investments over the next 12 months. This significant pivot reflects a growing recognition of the transformative potential of AI to drive business growth, improve customer experiences, and enhance operational efficiency.
AI Adoption: From Cost-Cutting to Revenue Growth
Historically, AI adoption in APAC has been driven by a desire to reduce costs and improve operational efficiency. However, the Salesforce study suggests that CFOs are now recognizing the potential of AI to drive revenue growth and achieve strategic business objectives. The research found that 71% of APAC CFOs believe AI will help them stay ahead of the competition, while 64% think it will enable them to make better decisions.
The study also highlights the growing importance of AI in driving digital transformation, with 65% of APAC CFOs citing AI as a key component of their organization’s digital strategy. This is particularly evident in industries such as finance and banking, where AI is being used to enhance customer experiences, improve risk management, and drive business innovation.
Key Findings: APAC CFOs’ AI Strategies
The Salesforce study uncovered several key findings that highlight the evolving AI strategies of APAC CFOs:
- AI is no longer just for cost-cutting: While 54% of APAC CFOs still use AI for cost reduction, 71% are now using it to drive revenue growth and 64% to make better decisions.
- AI is a key component of digital transformation: 65% of APAC CFOs consider AI a critical component of their organization’s digital strategy, with 58% using AI to enhance customer experiences.
- AI adoption is accelerating: 62% of APAC CFOs plan to increase their AI investments over the next 12 months, with 45% planning to deploy AI in new areas of their business.
- AI talent is in high demand: 57% of APAC CFOs cite a shortage of AI talent as a major barrier to AI adoption, with 43% experiencing difficulties in finding AI-skilled employees.
- AI is driving innovation: 54% of APAC CFOs believe AI will enable their organization to launch new products and services, while 51% think it will improve their organization’s competitiveness.
Implications for APAC Businesses
The Salesforce study’s findings have significant implications for APAC businesses, particularly those in the finance, banking, and insurance sectors. To stay ahead of the competition, CFOs must prioritize AI adoption and integration, focusing on areas such as:
- Customer Experience: Use AI to enhance customer experiences, improve personalization, and drive loyalty.
- Data Analytics: Leverage AI to extract insights from large datasets, improve decision-making, and optimize business operations.
- Business Innovation: Use AI to drive innovation, launch new products and services, and stay ahead of the competition.
- Talent Acquisition: Invest in AI talent development and acquisition to stay ahead of the skills gap.
Conclusion
The Salesforce study’s findings demonstrate a significant shift in the APAC CFO community, with CFOs recognizing the transformative potential of AI to drive long-term revenue growth and achieve strategic business objectives. As AI adoption accelerates, CFOs must prioritize talent development, integration, and innovation to stay ahead of the competition. By doing so, APAC businesses can unlock the full potential of AI and drive sustainable growth in the region.
