Is the CFO a ‘Mini-COO’ in the AI and Automation Era?

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What does a CFO really do? Traditionally, the answer has been: manage financial operations, oversee planning, analysis, and reporting, and steer the company’s finance department. However, in today’s AI and automation-driven world, that job description has undergone a significant shift.

In an exclusive conversation with MIT SMR India, Vikram Khosla, Chief Financial Officer at Automation Anywhere, explains how the CFO’s role is being redefined.

“You know, traditionally, CFOs were seen more as cost monitors. But if you look at my role today, or that of any of my peers over the last decade, it’s become highly strategic. It’s no longer confined to just the finance function,” Khosla said. 

His role now spans across corporate development, overseeing the CIO function, driving deals, and strategic initiatives. It’s almost like operating as a mini-COO. “And that’s really the mindset we need to adopt, because CFOs are not just close to the numbers, we’re deeply connected to how the entire organization runs,” he noted. 

How Investment is Decided

At Automation Anywhere, Khosla believes in the philosophy that a team works as one. “In my case, our CIO is part of my group, and the entire GAO organization, aside from HR, reports in. That structure makes it much easier to align priorities and identify where investments will have the most meaningful impact,” he explained.

In today’s tech-forward environment, CIOs look to CFOs to drive smart investments. Meanwhile, CFOs are ensuring that those investments are secure, compliant, and scalable. Even when they operate in separate reporting lines, this partnership is essential. “The technology is there. It’s not a question of capability anymore. It’s about mindset,” Khosla said. 

And with the right mindset, the scale of transformation possible is immense. According to him, companies now can automate 80–90% of their processes. The question is no longer if something can be automated, but how leaders can drive the adoption.

CFOs Must Go All-In on AI

In the first wave of automation and AI adoption, many organizations chose caution. Pilot programs were launched, use cases tested, and risks thoroughly weighed. But the world has moved on, and so has the role of the CFO. According to Khosla, the time for dipping toes in the water is over.

“I wouldn’t necessarily call it a mistake, but that was the starting point around two years ago. Since then, automation and AI have come a long way,” he said. 

Back then, many CFOs were hesitant, and rightly so. Concerns around data security, compliance, and responsible AI made full-scale deployment seem risky. “If you look at the data, most CFOs, about 18 to 24 months ago, were still testing the waters. They were running pilot programs, experimenting with use cases, but not making significant investments,” Khosla noted. 

His message is straight: when it comes to AI and automation, we need to go all in. Incremental thinking won’t cut it anymore. It’s about reimagining how work gets done, strategically and at scale.

While early AI tools were focused on boosting personal productivity, like basic text generation or simple chatbots, the technology has matured. Now, it’s about deploying enterprise-grade solutions that bring transformative ROI.

“The shift I’m seeing is toward building confidence in a broader vision, understanding where autonomous automation can truly transform operations,” Khosla mentioned.

And the momentum is real. About 60% of the CFOs he speaks with are now actively investing in AI, and they’re no longer hesitant. The returns are becoming very tangible. In fact, they already have over 1,000 customers using AI today.

Case Study: How Petrobras Recovered $120M in Weeks

If you’re looking for proof of impact, Khosla pointed to an example: Brazil’s energy giant, Petrobras.

“They approached us around 18 months ago with a significant challenge. In Brazil, tax codes change approximately 43,000 times a year. It’s a staggering number, and it’s not meant to scare anyone, but simply to highlight the complexity they were dealing with,” he recalled. 

With 1,000 tax professionals on staff, Petrobras wasn’t aiming to reinvent the wheel, just to optimize it. Automation Anywhere stepped in with their AI agent solution, feeding a decade’s worth of historical tax data into the system alongside the evolving tax code.

“Within just three weeks, the AI identified that they had overpaid nearly $100 million in taxes. And within six weeks, we helped them recover approximately $120 million. Now, they’re on track to save close to a billion dollars,” Khosla shared. 

But the transformation didn’t end with cost savings. They reinvested that freed-up capital into clean energy and other strategic initiatives, underscoring how automation can generate broader business value.

There was also a ripple effect inside the organization. “Many junior tax professionals were able to elevate their roles. With access to advanced tools, they no longer needed to constantly consult senior colleagues for decisions. This significantly accelerated employee development and confidence,” he said. 

The AI system also incorporated a human-in-the-loop model. If a decision was overridden, the AI learned from it, ensuring the same mistake wasn’t repeated. This combination of automation, continuous learning, and human oversight created a truly transformative impact. 

The Evolving Metric

According to Khosla, many CFOs today are still asking the wrong questions. “When I speak to peers, I often hear the question: ‘What percentage of my budget should I invest in AI or automation—5%, 20%?’ But that’s the wrong question. The better question is: ‘What percentage of my function should be autonomous, assisted, or manual?’”

That shift in thinking is what sets transformation apart from incremental improvement. At Automation Anywhere, the finance team currently aims for a mix of 20% autonomous, 30% AI-assisted, and 50% manual processes. Next year, the goal is to push those numbers to 30% autonomous, 40% assisted, and just 30% manual.

“It’s about setting intentional goals. Without that, you’re just tweaking processes, not reimagining them,” he said.

From Accounts Payable to Customer Delight

In its finance organization, which runs on Google infrastructure, Automation Anywhere currently deploys over 70 AI agents across various departments. One of the most impactful changes came in accounts payable.

“They realized the existing model just wasn’t working. They needed to completely reimagine it. As a result, they achieved over 50% cost efficiency while significantly improving vendor response quality and timeliness,” said Khosla.

The customer service function saw similar results. “My CEO and I spoke about which other functions involved heavy knowledge work, and customer support stood out. Today, around 40% of our customer service operations are fully automated at levels 1 and 2, with another 30–35% operating in an AI-assisted mode,” he said. 

The impact goes beyond cost savings. It is also reflected in better customer experiences, faster response times, reduced churn, and stronger revenue outcomes.

CFO Mindset is Growth

Khosla emphasized that no matter the circumstances, a growth mindset is absolutely essential. “Yes, there will always be a part of the CFO’s role that demands caution. We must protect assets and create shareholder value. But no CFO can truly succeed without embracing a growth mindset.”

That also means being a team player. It goes hand in hand with being a collaborative partner, to your CEO, to peers like the Chief People Officer, Chief Technology Officer, Chief Revenue Officer, and beyond. It’s one team. You rise together, or not at all.

Currently, Automation Anywhere works with over 5,000 customers across sectors like healthcare, finance, insurance, manufacturing, and supply chain. “Many companies have already taken the leap and are beginning to see tangible results. Those still sitting on the fence, waiting another 12 to 18 months may find themselves too far behind,” he said. 

The pace of change is relentless. “I won’t say it changes every month, but every six months? Absolutely.”

To stay competitive, CFOs must constantly ask: What’s changing? What’s emerging in terms of compliance, responsible AI, and cybersecurity? The time to invest in automation and AI is now. If we don’t take the plunge, we may miss the opportunity entirely.

A previous version of this article misstated the headline as “Is the CFO a ‘Mini-CEO’ in the AI and Automation Era?” It has been updated to reflect the intended reference to the CFO as a ‘Mini-COO.’