good morning. I've been talking to industry experts and his CFO for some time about how to introduce AI into the financial industry and how to determine the business case for generative AI. But for companies that haven't yet developed an AI plan, there's some eye-opening new information.
Generative AI usage has nearly doubled in the past six months, with 75% of global knowledge workers using it, according to Microsoft's 2024 Job Trends Index released Wednesday in partnership with LinkedIn. It turned out that it was. (Knowledge workers are considered experts in roles such as CPAs, engineers, editors, and lawyers.)
Additionally, 78% of AI users actually bring their own AI tools to the workplace, coining the term “BYOAI.” And there is no guidance or permission from leaders for this behavior. However, employees looking to handle high volumes of work at a fast pace are increasingly relying on technology. Microsoft and LinkedIn pointed out that BYOAI is not only adopted by Gen Z (85%). It targets all generations, including Millennials (78%), Gen Xers (76%), and Boomers (73%).
79% of leaders surveyed agree that their companies need to implement AI to remain competitive. However, 59% are concerned about quantifying productivity gains from AI.
According to the report, “Leaders agree that AI is a business imperative, but organizations lack a plan or vision to apply AI to monetize its impact on individuals. I think there are.” “The pressure to quickly show ROI in the face of AI inevitability leaves a leader lethargic.”
The findings are based on a survey of 31,000 people in 31 countries, identifying labor and employment trends from LinkedIn, analysis of Microsoft 365 productivity signals, and research with Fortune 500 customers. You can read the full report here.
While many knowledge workers are enthusiastic about leveraging AI, some employees are hesitant to use the technology.I read an article recently harvard business review That speaks to this. It's titled “To Succeed with AI, Get Everyone On Board” by David de Kremer, professor of business and technology at Northeastern University. Kremer argues that it's counterproductive for leaders to exclude rank-and-file employees from getting involved in AI projects.
Kramer writes: “If you want to avoid employee resistance when implementing AI, you need to push them out of their comfort zone while making sure they understand why you are doing it. You need to know how you plan to take care of them, and have patience because it will take time and effort for workers to get used to AI and understand how it can help them in their work. He offers suggestions for what organizations must do to develop AI practices that are inclusive of their workforce.
Moving beyond AI experimentation to business transformation is difficult. But that seems like what's needed to stay competitive. Have a nice weekend.
Cheryl Estrada
sheryl.estrada@fortune.com
What will happen next: participate luck A conversation on “Using Decision Intelligence to Reduce Risk in an Uncertain World” will be held June 18th from 11am to 12pm ET. This virtual discussion is part of the “Emerging CFO” series in partnership with Workday, giving emerging finance leaders the opportunity to hear from her CFO on top of her agenda. Explore the new science of decision intelligence, a combination of AI, machine learning, and advanced computing power, and how it helps CFOs make predictions, connect planning and execution, optimize spending, and navigate disruption. Explain how you can manage risk. You can find more information and register here.
Leader board
Some notable moves:
Emily Reuter Mr. Reuter was promoted to CFO of Instacart (NASDAQ: CART) effective May 7. Mr. Reuter will replace CFO Nick Giovanni, who resigned from the company starting in 2021. Giovanni will remain with the company for a transition period until July 1. Reuter has been Instacart's vice president of finance since January. Prior to that, he spent nearly a decade at Uber in various financial roles, including director of investor relations.
Susan Healy Mr. Healy has been appointed executive vice president and chief financial officer (CFO) of casual shoe maker Crocs Inc. (NASDAQ:CROX), effective June 3. Mr. Healy succeeds Anne Melman, who was recently appointed president of the Crocs brand. Healey is a marketplace for car buyers and sellers. He joined Crocs, Inc. from IAA, Inc., where he served as CFO, and his $7 billion with Ritchie Bros. Auctioneers Incorporated. He led the company through a merger. Prior to IAA, Healy served as Vice President of Finance for Ulta Beauty.
Gavin Felder Mr. Felder was appointed CFO of Smoothie King Franchise, Inc., effective May 28. Felder will succeed Thomas Kim, who retired in September. Mr. Felder joins the company from Yum Brands, where he most recently served as chief strategy officer. During his 16 years with the company, he also served as Commercial Director for KFC in the UK, CFO for KFC Africa, and CFO for Yum's global KFC division.
Taryn Miller He has been named CFO of Wolverine World Wide (NYSE: WWW), a casual footwear and apparel company. Prior to this appointment, Mr. Miller served as Vice President of Corporate and Commercial Finance at his Corteva Agriscience. She also served as her CFO for Kimberly-Clark Corporation's global business unit, Enterprise FP&A, and Investor Relations.
Chris Zitch He has been appointed CFO of Southern First Bancshares (NASDAQ: SFST), the holding company of Southern First Bank. Most recently, Zych served as Director of Corporate Development and Investor Relations at United Community Bank. Prior to that, he was Manager Strategy and Management Reporting at First Citizens Bank.
blake mccarthy Mr. McCarthy was appointed CFO of Atlas Energy Solutions (NYSE:AESI), a proppant production and logistics provider, effective May 13. Mr. McCarthy joins the company from NOV, where he served in various operational and financial roles. Previously, McCarthy was a principal investor at Citadel Global Equities, covering the global oil and gas industry with a particular focus on the oilfield services sector.
Brian Bolster has been named CFO of NextEra Energy Partners (NYSE: NEP), a subsidiary of renewable energy company NextEra Energy. Mr. Bolster replaces Kirk Kruse, who has been with the company since 2016 and has been promoted to the role of EVP and Chief Risk Officer. Mr. Bolster worked for Goldman Sachs for 25 years, where he was head of natural resources for the Americas.
no big deal
According to ISACA's Pulse survey of 3,270 digital trust professionals, only 15% of organizations have an AI policy, and 40% of organizations do not offer any AI training. Given that 70% of respondents say their staff is using AI and 60% say their employees are using generated AI, organizations are labeling these gaps as a “concern.” ”.
even deeper
here are some luck Weekend articles:
“Many Americans can't afford veterinary care. Are new business models to blame?” by Luisa Beltran
“Spirit Airlines CEO remains stubborn after JetBlue merger failure, calls airline industry 'rigged game' and consumers 'long-term losers'” by Dylan Sloan
“At least 10” new witnesses are coming forward after Boeing whistleblower's death, lawyer says. By Sean Tully
“Equinox offers a $40,000 annual personalized wellness program to help you live longer.” By Beth Greenfield
overheard
“There are those who believe that artificial intelligence exists to automate the economy, eliminate jobs, and wreak havoc on society. Such concerns are understandable, but in the aviation industry, AI may have the exact opposite effect. ”
—Brian Tossan, Chief Technology Officer, Greater Toronto Airports, writes: luck Opinion article. In baggage handling, for example, “AI-driven scheduling software is revolutionizing staff allocation,” he writes Tossan.
