Expert Shares Insights on AI Technologies Shaping Future of Finance, Business

By Rebecca Ejifoma

Artificial Intelligence integration is reshaping how organisations approach financial data and business intelligence. Olufemi Olamoyegun, chief financial officer at Cadworks Ltd, is a seasoned expert with 13 years of experience in finance, and data analytics. He has witnessed firsthand the transformative power of these technologies. In this interview, he gives valuable insights into the future of finance and the necessary preparations for professionals to stay relevant.

Can you walk us through your journey in finance and data analytics; with specific experiences that shaped your expertise in business intelligence?

I graduated from the University of Ibadan with a degree in Adult Education and Economics, which gave me a strong foundation in understanding economic principles and human behavior. Transitioning into finance, I was drawn to the dynamic relationship between financial data and strategic decision-making. This passion inspired me to build skills in interpreting complex financial statements, analysing market trends, and uncovering actionable insights through data analytics.

Over time, I’ve had the privilege of working on projects that shaped my expertise in business intelligence. These include developing dashboards combining financial and operational data for real-time decision-making and leveraging predictive analytics to forecast market trends.

Earning business intelligence and Power BI certifications further enhanced my skills, enabling me to explore the potential of data visualisation and analytics tools in providing clear, actionable insights that inform strategy and decision-making.

What tools and technologies are essential for effective financial data analytics? How have you leveraged these tools to drive business insights in your previous roles?

Effective financial data analytics relies on a combination of tools and technologies that facilitate data collection, processing, and visualisation. Essential tools include advanced spreadsheet software like Microsoft Excel for data manipulation, as well as business intelligence platforms such as Tableau or Power BI for visualising complex datasets. Additionally, programming languages like Python or R are invaluable for statistical analysis and automating data workflows. Database management systems, such as SQL, are crucial for querying large datasets efficiently. Cloud-based solutions, like Google Cloud or AWS, also play a significant role in providing scalable storage and computing power, enabling organisations to analyse vast amounts of financial data in real time.

I leverage these tools to drive business insights by implementing a structured approach to data analysis. For instance, dashboards that highlight financial ratios such as EBIT and gross profit margins.

How will artificial intelligence transform finance and business intelligence?
AI is revolutionising finance and business intelligence by enhancing data analysis, automating processes, and improving decision-making. With its ability to process vast datasets in real time, AI enables businesses to uncover insights into market trends, customer behaviors, and operational efficiency. This results in more accurate forecasting, better resource allocation, and personalised customer experiences.

AI also automates routine tasks like transaction processing, compliance checks, and report generation. This allows finance professionals to focus on strategic initiatives rather than manual processes. As AI continues to evolve, its integration into finance will create a more agile and customer-centric ecosystem. The finance industry will witness improvements in fraud detection, risk management, and operational efficiency, ultimately driving growth and innovation.

With the rapid advancement of AI technologies, what do you believe will be the most significant changes in the finance industry over the next five to 10 years?

The finance industry is poised to undergo transformative changes driven by AI over the next decade. Automated trading systems will become more advanced, allowing for instantaneous analysis of large datasets and the development of sophisticated strategies. AI-powered chatbots will provide personalised financial advice and support, transforming customer service experiences.

AI will also revolutionise fraud detection and compliance by employing advanced algorithms to monitor transactions and identify anomalies in real time. This will help businesses mitigate risks and ensure regulatory adherence. These advancements will make financial services more efficient, secure, and tailored to individual needs.

How should finance professionals prepare for these changes?

Finance professionals should proactively adapt by acquiring technical skills in AI and data analytics. Familiarity with AI-driven tools for financial modeling, risk assessment, and automation will become essential. Staying updated on industry trends and advancements is equally critical for staying competitive in a rapidly evolving landscape.

Participation in relevant training programs and networking with tech-savvy peers can also help professionals embrace the integration of AI. Building a strong foundation in statistical analysis and understanding AI algorithms will enable them to leverage these technologies effectively.

As AI becomes more integrated into financial services, what ethical considerations should be taken into account?

Ethical considerations are crucial as AI becomes more prevalent in finance. Algorithmic bias is a significant concern, as biased models can lead to unfair outcomes. Transparency in AI decision-making processes is also essential to ensure trust and accountability.

Data privacy is another critical issue. Organisations must take steps to protect sensitive information and comply with regulations governing data usage. This includes implementing robust security measures and obtaining user consent where necessary.

To address these concerns, companies should establish clear ethical guidelines for AI development and usage. Creating systems that prioritise fairness, accountability, and transparency will help build trust among users and stakeholders.

You recently became a Fellow of the Artificial Intelligence Management and Finance Institute (F.AIMFIN). Tell us about the impact of this membership on your career.

Becoming a Fellow of AIMFIN has been a transformative milestone in my career. The membership has provided me access to a network of esteemed professionals and cutting-edge research at the intersection of AI and finance. This exposure has significantly deepened my understanding of how AI can be leveraged to improve financial management.

The collaborative opportunities within AIMFIN have been equally valuable. Engaging with peers and thought leaders has enabled me to exchange ideas, refine my perspectives, and contribute to advancing the industry. These interactions have also inspired innovative approaches to solving complex financial challenges.