CFOs Bullish on US Economy, Yet Fret over Generative AI Skill Gap

Amidst a backdrop of growing optimism surrounding the North American economy, the latest CFO Signals report from Deloitte unveils a noteworthy concern looming over the horizon: the challenge of sourcing talent equipped with generative AI skills. Drawing insights from CFOs across the United States, Canada, and Mexico, the survey sheds light on shifting sentiments and strategic priorities in the financial landscape.

A notable surge in confidence is evident, with over half of CFOs—59%—rating the current state of the North American economy as good or very good. This figure marks a substantial increase from the preceding quarter’s 47%. Moreover, a majority—54%—expressed bullish sentiments, foreseeing further improvements in the economic climate over the next year.

However, amidst this optimism, a pressing issue emerges: the acquisition of talent proficient in generative AI. CFOs are sounding the alarm, citing the scarcity of individuals possessing technical expertise in generative AI (65%) and fluency in its application (53%) as major stumbling blocks. Jason Girzadas, CEO of Deloitte US, emphasizes the pivotal role of CFOs in orchestrating strategic investments aimed at enhancing digital capabilities across their organizations.

The imperative to secure generative AI talent is underscored by a staggering statistic: a resounding 93% of CFOs deem it crucial to varying degrees over the next few years. As businesses contemplate the integration of generative AI into their operations, the survey reveals a spectrum of functions ripe for transformation. IT takes the lead, with 64% of CFOs identifying it as a prime candidate, followed by business operations (54%), customer/client services (50%), finance (49%), and sales and marketing (38%).

Projections regarding the impact of generative AI on productivity are equally compelling, with 70% of CFOs anticipating productivity gains ranging from 1% to 10%. These findings underscore the growing recognition among CFOs of generative AI’s potential to drive operational efficiencies and unlock new avenues of growth.