Welcome to yet another edition, chief!

In today’s edition — Artificial Intelligence is steadily reshaping how finance works, and CFOs can feel the clock ticking. This change isn’t about replacing people, but about automating routine tasks so teams can focus on strategy, growth, and managing risks. At the same time, they need to ensure that their teams have the right mix of tech and accounting skills.

Why AI Adoption has Become Urgent for CFOs

Vishwas Ved

Most weeks, this space is filled with talk of taxes, the economy, markets, or whatever global drama is playing out. This time, we’re turning the spotlight a little closer to home — on CFOs themselves.

Not because finance chiefs suddenly want more headlines, but because the way they do their jobs is changing. All thanks to AI.

Till about a couple of years ago, the role of AI in finance was pretty basic. It usually involved a pilot here, or maybe a proof of concept there. 

Interesting? Yes. Urgent? No. Things moved slowly on that front. But not anymore.

Push for Agentic AI

According to a report by software provider Oracle, that mood has shifted. Today, CFOs — in India as much as anywhere else — are no longer asking “should we experiment with AI?” The question now is “how fast can we make it part of our daily work life?”

The push is coming from ‘agentic AI’ — the kind of artificial intelligence that performs tasks on its own, without needing inputs or a nudge from a human. 

According to KPMG, about a third of companies have already graduated from pilots into live production. Similarly, EY’s numbers show that more than a third of leaders expect to spend more than $10 million on AI this year, and nearly three-quarters believe their entire business could eventually run on it.

While these are global numbers, Indian CFOs are very much part of this shift. 

According to the dMACQ CFO survey released in April this year, 68% of Indian finance leaders have implemented AI solutions, with nearly 100% planning to adopt them fully in the next couple of years. 

The survey also reveals that automation of routine tasks is their primary focus, with nearly half of CFOs deploying AI for document and expense management. In some offices, it’s also being used for predictive analytics and risk assessment. 

And they have help from home-grown companies, such as Xalts and Automation Anywhere, which are implementing AI-driven automation.

For example, Xalts has developed AI agents that considerably shorten trade finance cycles and improve efficiency, showcasing the practical benefits of AI in finance.

Not Replacing People

Usually, automations are followed by the inevitability of job losses. But not in this case, Hari Sankar, group vice president at Oracle, recently told CFO Dive. 

CFOs aren’t trying to replace teams with algorithms, Sankar points out, adding that the ultimate aim is to become efficient enough to handle scale and expansion without hiring more people. 

The idea is that if routine accounting work can be automated, Indian finance teams can spend more time on what actually matters: managing risk in volatile markets, spotting growth opportunities, shaping strategy, etc.

In other words, it’s not about people versus machines. It’s about letting people do the work that machines can’t.

Preparing for Broader Role

The role of modern CFOs is no longer restricted to number crunching. Of course that is important. But at the same time, CEOs expect their finance chiefs to help them with strategy and investments as well. 

To meet these expectations and stay relevant, finance teams need the right mix of skills. Accounting expertise will always be important, but no longer enough on its own. 

They now need to go from only rattling off numbers to delivering high-quality data that can help business leaders make smart decisions. None of that can happen without people ready to work with new tools and technology.

However, this doesn’t mean finance professionals have to become data scientists. But they do need to develop enough understanding of AI to use it effectively. 

They would also be required to blend their deep financial judgment with their technical expertise to ensure that they get the best out of AI. 

That’s why CFOs are feeling the pressure to say aye to AI. They know it very well — it’s time.

Final Words

AI isn’t here to replace finance teams. It’s here to make them more efficient. Therefore, the speed with which finance leaders in India embrace it will determine how competitive their organisations become.

The real test won’t be jumping on the AI bandwagon alone. It’s whether CFOs can keep the numbers credible, the strategy sharp, and the irreplaceable human element intact while the machines do their part.

If handled well, CFOs with the help of AI can bring the finance department out of the back office and let them have more say in how businesses are run.

$23 Billion

That’s the amount AT&T will shell out in cash to purchase wireless spectrum licences from EchoStar, a telecom company. EchoStar stock rose more than 75% in a single day after this announcement. The sale will add about 50 megahertz of mid-band and low-band spectrum to AT&T’s network, with the licenses covering more than 400 markets across the US, AT&T said. The deal is expected to close in mid-2026, pending regulatory approval.

—India to approach 40 nations to push textile exports.  India is planning dedicated outreach programmes in 40 countries, including the UK, Japan, and South Korea, to push textiles exports amid a 50%tariff imposed by the US on Indian products. Other nations include Germany, France, Italy, Spain, the Netherlands, Poland, Canada, Mexico, Russia, Belgium, Turkiye, the United Arab Emirates, and Australia.  Together, these 40 countries represent more than $590 billion in textile and apparel imports, offering vast opportunities for India to enhance its market share, which currently stands at only around 5-6%. 

—OpenAI sued over ChatGPT's role in suicide. The parents of a teen who died by suicide after ChatGPT coached him on methods of self harm sued OpenAI and CEO Sam Altman on Tuesday, saying the company knowingly put profit above safety when it launched the GPT-4o version of its artificial intelligence chatbot last year. Adam Raine, 16, died on April 11 after discussing suicide with ChatGPT for months, according to the lawsuit. The chatbot validated Raine's suicidal thoughts, gave information on lethal methods of self-harm, offered to draft a suicide note, and instructed him on how to hide evidence of a failed suicide attempt, they allege. 

—Taxmen may get more power to demolish benami property. To combat benami property deals, a CBDT panel suggests stricter measures, including access to Aadhaar data and property registries. The recommendations aim to identify 'dummy directors' in shell companies and confiscate other assets if benami properties are untraceable. These steps seek to address loopholes and ambiguities in the existing law, enhancing the I-T department's ability to tackle benami transactions.

—₹104 cr tax evasion in illicit tobacco trade unearthed. GST authorities have detected 61 cases of illicit tobacco products, including cigarettes and pan masala, involving tax amounting to ₹104.38 crore in the first quarter of the current financial year. The cases were detected during the April-June period. Besides, customs field formations and Directorate of Revenue Intelligence have seized around 3.93 crore sticks of cigarettes in the current financial year up to June 2025.

ICYMI | Slabs Fall, Walls Stay

Missed last week's update? The GST reset is a welcome clean-up attempt aimed at simplifying tax slabs and fixing rate mismatches. But many stubborn problems remain including refund delays, pending litigations, and a trust deficit with tax officers. It’s progress, certainly, though still far from complete.

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