Fintech PR
The AI Tipping Point: Half of CFOs will axe AI investment if it doesn’t show ROI next year
- 4 out of 5 organizations are set to increase AI investment, but CFOs ‘don’t know where to start’
- 31% lack clear strategic vision for AI within the finance function
- This uncertainty is preventing 41% of finance leaders from prioritizing AI investment
- 75% of CFOs want greater investment in AI to focus more on strategic activities such as e-invoicing compliance and regulation
CHARLOTTE, N.C., Nov. 13, 2024 /PRNewswire/ — Four out of five Chief Financial Officers (78%) have expressed a desire to increase their investment in AI over the next 12 to 18 months, recognizing its value in transforming financial operations, but admit they ‘don’t know where to start’, according to a new *global survey.
While this signals growing confidence in AI, it’s accompanied by a strict demand for accountability. Half of CFOs (50%) report they will axe AI investment if it fails to deliver measurable ROI within a year, highlighting a narrow window for proving its impact.
The findings were revealed in accounts payable automation Basware’s AI to ROI Report, conducted by independent research firm Financial Times Longitude. The study surveyed 400 global CFOs and finance leaders on their attitude, priorities and challenges when it comes to AI in the finance department.
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Uncertainty is Restricting Investment
The biggest priority for financial leaders when implementing finance transformation projects is cost efficiency, with one-third (32%) listing it as their primary focus.
However, any financial confidence will remain rocky with macroeconomic and geopolitical uncertainties continuing to swirl up until the end of the year, and beyond.
This uncertainty is directly impacting AI adoption within finance functions, making it challenging for 41% of finance leaders to prioritize AI investment.
No one is exempt from the fallout of uncertainty. Even Meta’s latest earnings saw a reduced stock-price revision worth $5.1bn to reflect concerns over the company’s capacity to mobilize AI investments and sustain growth. Meta has invested in a “significant acceleration” in AI-related infrastructure, but analysts warn that they need to prove they can continue to cover its rising AI costs and deliver ROI. For companies like Meta, a bounce-back is likely, but recoverability in the short-term isn’t achievable for all.
Unclear AI Strategy
According to the report, finance leaders want to invest more in AI to reduce manual tasks and allow their teams to focus on priorities in their business. 70% of finance leaders said that staff want AI support for administrative tasks, while 75% report that AI has enabled their workforce to focus on more strategic activities such as e-invoicing compliance.
However, the biggest barrier to finance transformation is change management and an unclear AI strategy. 40% of finance leaders state that their organization lacks change management capabilities, while 31% highlight a lack of clear strategic vision for the future of the finance function.
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These factors hinder ROI for AI projects, resulting in question marks over investment without tangible financial benefits.
Perttu Nihti, Chief Product Officer at Basware, commented on the new AI study:
“The office of the CFO is tasked with overseeing a complex range of functions from regulatory compliance through to cash flow management and financial reporting. All of which are areas where AI-powered automation can help to reduce hours and relieve pressure. But the success of AI investment hangs on knowing where to start and proving impact. We’re at the AI tipping point. Focusing on high-value wins, such as AI-powered efficiency that demonstrate quantifiable ROI quickly, in areas such as compliance, error reduction and fraud detection, will help justify investment across a company’s organization.”
Turning Investment into Results
Accounts Payable is one such starting point that is already returning greater levels of ROI. The survey revealed that organizations prioritizing AI investment are realizing a return of 136% ROI, with savings exceeding $1.36 for every $1m invested over the duration of three years.
Among CFOs prioritizing AI innovation and applying it to processes in accounts payable, reducing errors, faster fraud detection, reduced operational costs and improved regulatory compliance were found to be the greatest benefits.
How One Global Company Realized AI’s ROI
One example of how AI has driven ROI for an enterprise is paper and packaging manufacturer Billerud. The accounts payable team was previously hindered by time-consuming manual invoice processing, which cost them several hours each day. To address this inefficiency, they implemented Basware’s SmartPDF AI Instant Learning solution, which uses AI and text extraction to convert PDF invoices into authentic e-invoices.
Billerud has seen a substantial reduction of invoices needing validation, dropping from 15% to 9% due to AI Instant Learning, and saving AP staff several hours each day. Now, powered by AI, over 90% of their invoices are validated automatically due to faster, more accurate data extraction.
Jesper Persson, Business Developer at Billerud, said:
“Since day one, we’ve perceived the desired values from the project. The quality of invoices has improved considerably, and the AI continues to evolve and improve with each passing day. The efficiency gains we achieved translated directly into tangible cost savings, paving the way for a rapid return on investment within just a few months.”
The findings reveal a tipping point for AI in finance. While 50% of CFOs may cut AI investments without clear ROI, those that identify specific starting points for AI implementation – such as invoice processing automation – can achieve measurable returns within months rather than years. These successes are creating a blueprint for broader AI adoption across finance functions.
Notes to Editors
* Invoice automation company Basware and Financial Times Longitude surveyed 400 global CFOs and finance leaders
For the full report, visit here: https://www.basware.com/en/resources/from-ai-to-roi-cfos-and-the-fast-track-to-value
About Basware
Basware is how finance leaders in global enterprises can finally automate their complex, labor-intensive invoice processes and stay compliant with regulatory change. Our AP automation and invoicing platform helps you achieve a new level of efficiency – in a matter of months – while reducing errors and risks. We bring a unique combination of true automation, complete coverage, and deeper expertise to make it all just happen for our customers. That’s why the world’s most efficient AP departments at thousands of companies rely on Basware to handle over 220 million invoices per year. With Basware, Now it all just happens.™
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Fintech PR
Noble Corporation plc announces submission of request for removal from trading and official listing on Nasdaq Copenhagen
SUGAR LAND, Texas, Nov. 14, 2024 /PRNewswire/ — Noble Corporation plc (“Noble“, the “Company“) (NYSE: NE, CSE: NOBLE) announces that today, Noble has submitted a request for the voluntary removal of its shares (in the form of share entitlements) (the “Danish Shares“) from trading and official listing on Nasdaq Copenhagen A/S (“Nasdaq Copenhagen“) (the “Delisting“) pursuant to Rule 22(ii) of Supplement A of the Nordic Main Market Rulebook for Issuers of Shares. If Nasdaq Copenhagen accepts the request for voluntary delisting, Noble expects the Delisting to occur by mid-December 2024.
The request for the Delisting will not affect Noble’s listing on the New York Stock Exchange and Noble will remain traded on the New York Stock Exchange as Noble’s primary listing exchange.
Background for applying for the Delisting
As described in Noble’s company announcement of July 18, 2024, following a comprehensive review, Noble believes that the trading volume of its Danish Shares on Nasdaq Copenhagen no longer justifies the expense and administrative requirements associated with maintaining this dual listing. Noble’s primary listing on the New York Stock Exchange provides its shareholders with sufficient liquidity, as the New York Stock Exchange accounts for approximately 99% of its trading volume. The substantial savings in exchange fees, legal fees, and managerial time and effort to maintain a dual listing can be redirected to initiatives intended to generate shareholder value.
Consequently, the board of directors of Noble has resolved to request Nasdaq Copenhagen for a Delisting of Noble.
Possible courses of action for holders of Noble’s Danish Shares
Provided that Noble’s request for Delisting is accommodated, holders of Danish Shares may:
- Dispose of their Danish Shares on Nasdaq Copenhagen before the Delisting is effective; or
- Convert their Danish Shares to an equivalent number of Noble shares tradeable on the New York Stock Exchange (“Noble NYSE Shares“).
Alternatively, holders of Danish Shares may do nothing but will hold an illiquid asset following the Delisting.
Disposal of Danish Shares before the Delisting is effective
Following receipt of the expected approval of Noble’s Delisting, the Danish Shares will remain tradeable on Nasdaq Copenhagen for a period of approximately 4 weeks. As such, it will be possible to dispose of the Danish Shares on Nasdaq Copenhagen within the trading period.
Conversion of Danish Shares to Noble NYSE Shares
If holders of Danish Shares want to continue to own publicly tradeable Noble shares after the Delisting, the shareholder must convert its Danish Shares into Noble NYSE Shares either before or after the Delisting.
To convert Danish Shares to Noble NYSE Shares, the holder of Danish Shares must instruct its financial intermediary (bank or broker) to contact Euronext Securities Copenhagen (Noble’s Danish transfer agent). The procedure for converting Danish Shares into Noble NYSE Shares may take several trading days.
To receive Noble NYSE Shares, the shareholder must be able to take delivery of shares issued through The Depository Trust Company (“DTC“). This requires access to a U.S. securities account.
Furthermore, holders of Danish Shares should contact their financial intermediary (bank or broker) about handling fees for the conversion of Danish Shares into Noble NYSE Shares and costs associated with holding shares in DTC and trading on the New York Stock Exchange. Any such costs may be borne by the individual shareholder. Noble currently pays ‘safe keeping’ fees for holders who hold Danish Shares and will continue to do so only until the anticipated Delisting, at which time any holders of Danish Shares who have not converted their Danish Shares into Noble NYSE Shares or disposed of their Danish Shares shall be responsible for these fees on their unlisted Danish Shares.
Holders of Danish Shares should contact their financial intermediary (bank or broker) to assist with any conversion and to answer any questions on process or fees.
Retaining Danish Shares as unlisted securities
Following the Delisting, any Danish Shares not sold or converted will cease to be admitted to trading and official listing on Nasdaq Copenhagen (or any stock exchange). As such, shareholders holding Danish Shares will have an illiquid asset and will most likely need to convert their Danish Shares into Noble NYSE Shares (see above) if and when they wish to sell their shares. A shareholder holding Danish Shares will continue to be able to convert their Danish Shares into Noble NYSE Shares after the Delisting, subject to certain fees.
Certain financial intermediaries (banks or brokers) may have policies regarding shares that are delisted and may require conversion from Danish Shares into Noble NYSE Shares. Please contact your financial intermediary, bank, broker or financial adviser for assistance.
Changes for shareholders holding Danish Shares
Shareholder rights
The ordinary shareholder rights associated with holding Danish Shares will remain unchanged following the Delisting. Consequently, if shareholders holding Danish Shares choose to retain their Danish Shares after the Delisting is effective, they will retain the same shareholder rights as prior to the Delisting, i.e., the right to vote at general meetings and receive dividends, etc. The Danish Shares will continue to be registered in Euronext Securities Copenhagen.
In addition, the shareholder rights, including entitlements to dividends and voting rights, associated with holding Noble NYSE Shares are the same as those associated with the holding Danish Shares. However, whereas the Danish Shares are eligible to receive dividends in DKK and while still admitted to trading and official listing on Nasdaq Copenhagen are traded in DKK, the Noble NYSE Shares are traded in USD and are eligible to receive dividends in USD.
Disclosure requirements
Shareholders holding Danish Shares should be advised that subsequent to the Delisting becoming effective, the shares of Noble will not be subject to the disclosure requirements applicable for companies with shares admitted to trading and official listing on Nasdaq Copenhagen. However, Noble will through its the primary listing of its shares on the New York Stock Exchange remain subject to the extensive disclosure requirements under U.S. securities laws and the rules and regulations of the New York Stock Exchange.
Tax consequences
The shareholders holding Danish Shares are treated as owning listed shares for Danish tax purposes.
The Delisting should not have any adverse Danish tax impact on Danish tax residents who choose to convert their Danish Shares and thus after the Delisting will hold Noble NYSE Shares.
The shareholders holding Danish Shares who choose to dispose of their Danish Shares will be taxed as a sale of listed shares.
The above assessments should apply to all Danish shareholders holding Danish Shares, regardless of whether they are individuals or corporate entities. Non-Danish shareholders are generally not taxable on a sale of Danish listed shares.
The shareholders holding Danish Shares that do not sell or convert their Danish Shares, and thus retain their Danish Shares after the Delisting, are expected to continue to own listed shares for Danish tax purposes. A binding ruling has been sought to confirm this expectation, but at the time of this announcement, no final ruling has yet been issued by the Danish tax authorities. If the Danish Shares are deemed to be unlisted for Danish tax purposes after the Delisting, the Delisting itself may trigger taxation for certain Danish tax resident individuals.
Noble does not provide tax or legal advice and the above information is informational only. Please note that as each holder of Danish Shares’ circumstances may differ, Noble encourages each holder of Danish Shares to consult with their own tax and/or financial adviser.
About Noble Corporation
Noble is a leading offshore drilling contractor for the oil and gas industry. The Company owns and operates one of the most modern, versatile, and technically advanced fleets in the offshore drilling industry. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921. Noble performs, through its subsidiaries, contract drilling services with a fleet of offshore drilling units focused largely on ultra-deepwater and high specification jackup drilling opportunities in both established and emerging regions worldwide. For further information visit www.noblecorp.com or email [email protected].
IMPORTANT INFORMATION
This announcement is for information purposes only and does not constitute or contain any invitation, solicitation, recommendation, offer or advice to any person to subscribe for or otherwise acquire or dispose of any securities of Noble.
Certain statements in this announcement, including any attachments hereto, may constitute forward-looking statements. Forward-looking statements are statements (other than statements of historical fact) relating to future events and Noble and its subsidiaries (collectively, the “Noble Group“). The words “targets”, “believes”, “continues”, “expects”, “aims”, “intends”, “plans”, “seeks”, “will”, “may”, “might”, “anticipates”, “would”, “could”, “should”, “estimates”, “projects”, “potentially” or similar expressions or the negatives thereof, identify certain of these forward-looking statements. The absence of these words, however, does not mean that the statements are not forward-looking. Other forward-looking statements can be identified in the context in which the statements are made.
Although Noble believes that the expectations reflected in these forward-looking statements are reasonable as of the date of this announcement, such forward-looking statements are based on Noble’s current expectations, estimates, forecasts, assumptions and projections about the particular events in question.
Any forward-looking statements included in this announcement, including any attachment hereto, speak only as of today. Noble does not intend, and does not assume, any obligations to update any forward-looking statements contained herein, except as may be required by law or the rules of the New York Stock Exchange or Nasdaq Copenhagen. All subsequent written and oral forward-looking statements attributable to Noble or to persons acting on its behalf are expressly qualified in their entirety by the cautionary statements referred to above and contained in this announcement, including any attachment hereto.
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Fintech PR
UN International Procurement Seminar Held in Asia for the First Time: A Collaborative Initiative Between the UN and Ningbo
NINGBO, China, Nov. 14, 2024 /PRNewswire/ — On November 13, the 2024 United Nations International Procurement Seminar (IPS) commenced in Ningbo, marking the first time this authoritative, high-profile and professional conference has been held in Asia. The event brought together 50 senior procurement officials and representatives from 16 UN agencies, alongside over 200 supplier representatives from both domestic and international markets.
The selection of Ningbo as the venue prompts the question of why the UN chose Asia, and specifically China, for this significant event. A representative from the UN Development Programme (UNDP) office in China encapsulated the sentiment with the phrase “mutual engagement.”
In recent years, the total value of UN procurement has steadily climbed, reaching as high as $29.6 billion. Traditionally, the IPS has been held primarily in Europe three times a year. As the UN seeks to innovate its procurement methods and achieve sustainable development goals, it has increasingly turned its attention to China.
“China has a diverse industrial landscape, offering high-quality products and services at competitive prices. By increasing its procurement of Chinese goods, the UN can enhance the efficiency of its funding use, allowing more developing countries to benefit from UN development aid projects. This aligns with our mutual interests,” noted an official from the Ministry of Commerce’s Department of International Trade and Economic Relations.
Ningbo has consistently emphasized the importance of UN procurement, organizing various initiatives for local enterprises to engage in UN procurement activities in recent years. In September last year, the city hosted the China (Ningbo) UN Procurement Promotion Conference, helping nearly 110 companies successfully register on the official United Nations Global Marketplace (UNGM) website.
Following this event, the UNDP office in China expressed gratitude, recognizing Ningbo’s thriving manufacturing and foreign trade service sectors as having substantial potential to provide innovative solutions for UN procurement. “Ningbo serves as both a catalyst and a bridge, linking China with the world and the UN,” stated Neris M. Baez, Director of the UN Secretariat Procurement Division.
The UN procurement system offers several advantages, including duty exemptions, low exchange rate risks, market stability, and avoidance of trade barriers. These factors can assist in opening markets in countries and regions involved in the Belt and Road Initiative, generating potential benefits and spillover effects.
“China possesses a comprehensive and robust industrial and supply chain and is a globally influential logistics hub. However, we currently lack the necessary channels to connect with international high standards. The key to expanding institutional openness lies in mastering international high-standard trade regulations,” emphasized a representative from the Ningbo Committee of the China Council for the Promotion of International Trade.
If this seminar enables participants to become familiar with international high-standard trade regulations, it could establish a robust support system for engaging in UN procurement. This would create new opportunities in the international public procurement sector, empowering enterprises to secure more international orders through the UNGM website. From this perspective, the seminar represents an important “icebreaking journey.”
Contact: Sun Jiali
Tel.: 0086-18069269225
E-mail: [email protected]
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Fintech PR
Blockchain for Good Alliance Hosts Web3 Oscar, Celebrating Innovators Advancing UN’s Sustainable Development Goals
DUBAI, UAE, Nov. 14, 2024 /PRNewswire/ — The highly anticipated Web3 Oscar, a prestigious event hosted by the Blockchain for Good Alliance (BGA), celebrating blockchain projects driving real-world impact aligned with the UN’s 17 Sustainable Development Goals (SDGs). Industry leaders gathered in Bangkok to honour innovators shaping a sustainable future.
The event was part of BGA’s November lineup, featuring two major initiatives for global change through blockchain: the Sustainable Innovation Summit and the Web3 Oscar Awards.
Sustainable Innovation Summit: A Hackathon for Social Impact
Held from September 9 to November 11, 2024, the Sustainable Innovation Summit hosted a hackathon with a $100,000 prize pool, inviting participants worldwide to create blockchain solutions addressing key issues such as poverty, clean water access, and gender equality. The summit concluded with a Demo Day at the Grand Hyatt Erawan in Bangkok, where finalists showcased their projects to blockchain pioneers, investors, and industry leaders, with opportunities for incubation support and equity-free funding.
Rising Stars
In a cinematic presentation style, 10 shortlisted projects from across the globe, participating in the Sustainable Innovation Summit’s 17 SDGs Challenge, took the stage. Each team presented their blockchain solutions to address sustainability challenges, telling the story of a “hero” confronting a global crisis (one of the 17 SDGs), with blockchain as the “tool” they wield for change.
Winners for the 17 SDGs Challenge:
- 1st Place: Grand Social Impact Award 🥇 EthicHub
- 2nd Place: Outstanding Social Innovation Award 🥈 Plastic Odyssey
- 3rd Place: Emerging Impact Award 🥉 ResearchHub
Rising Star Awards (top 10 projects, in no specific order):
- Wavy Health
- LAKE (LAK3)
- KulaDAO
- erable°
- arkreen
- UCO Network
- Edu3Labs
Web3 Oscar Awards: Honouring Leaders in Blockchain for Social Good
Coinciding with the hackathon’s Demo Day on November 11, the BGA Web3 Oscar Award recognizes individual contributions to blockchain for social good across three categories, with up to 7 total winners.
Each category highlights individual efforts aligning with BGA’s mission.
The Collaboration Bridge Award honours individuals who have played a vital role in guiding the strategic direction of the Blockchain for Good Alliance (BGA). This year’s recipients are:
- Harn, CEO of Trigger Asset Management
- Mariana de la Roche Wills from INATBA (International Association for Trusted Blockchain Applications) and de la Roche W. Consulting
The Public Welfare Contribution Award celebrates individuals who have harnessed #BlockchainForGood. This award was presented to:
- BreeAnne Yek, Consultant at The Verdant Room
- Milica Dimitrijevic from Positiveblockchain.io
These individuals have demonstrated remarkable dedication, guidance, and pioneering work, significantly advancing the mission of the Blockchain for Good Alliance (BGA) in promoting sustainable development through blockchain technology.
In her closing remarks, Helen Liu, Co-founder and COO of Bybit and founder of BGA, explained how blockchain can bring people together to make a real difference worldwide. Her vision for leveraging blockchain to create worldwide impact was both inspiring and forward-thinking.
About Blockchain for Good Alliance (BGA)
The Blockchain for Good Alliance (BGA) is a long term collaborative non-profit initiative with key partners with the main aim to contribute to societal good by using blockchain technology to solve real world problems. By convening leaders, innovators, and organisations from across the blockchain community, BGA seeks to drive innovation, collaboration, and action towards a more sustainable and equitable world.
For more information
Email: [email protected]
Website: www.blockchainforgood.xyz
Twitter: www.twitter.com/chainforgood
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