Summary
As investment in AI surges, CFOs are expected to lead the charge in shaping their organisations’ strategies. At a recent CFO conference, Marco Steecker from Gartner emphasised the need for finance leaders to view AI oversight as a “proof of concept,” allowing them to assess impacts, manage risks, and decide on the continuation of projects.
This topic garnered attention in a discussion with Josh Schwartz, SVP and CFO of Medidata Solutions. He highlighted that their platform for clinical trials has evolved from merely digitising processes to providing actionable insights through the expansive use of AI, ultimately aiming to accelerate drug approvals and lower costs.
Key Points
- CFOs are being called to take on greater roles in AI strategy as investment in the tech increases.
- AI is viewed as essential for improving processes and outcomes in clinical trials.
- Medidata has transformed from digitising paperwork to utilising AI for enhanced insights.
- Partnerships with data firms like Snowflake allow for deeper data analysis and insights.
- Medidata improved invoice processing efficiency to 90% through automation, significantly saving costs.
- Schwartz stresses the importance of long-term thinking and innovation to stay competitive in the industry.
Why should I read this?
If you’re interested in how finance and AI are intertwining, this article is a gem. It reveals how companies like Medidata are not just keeping up with trends but are at the forefront of driving innovation. Schwartz’s insights can give you a sneak peek into the future of corporate finance and operational efficiency. Don’t miss out on how the finance function can pivotal in leveraging AI for growth in the pharma industry!
