AI projects at major corporations must prove their worth to secure funding, according to top finance executives from Chevron, ServiceNow, and Nasdaq. Eimear Bonner, CFO of Chevron, emphasized that AI initiatives must compete for capital and demonstrate a clear path to value. Chevron focuses on AI applications that improve business performance, such as unlocking oil reserves, reducing costs, or shortening cycle times.
Gina Mastantuono, president and CFO of ServiceNow, highlighted the importance of measuring the cost of inaction alongside potential gains. She noted that AI projects must strengthen competitive differentiation and deliver measurable value within a clear timeline. Mastantuono also stressed the need to evaluate outcomes, not just activity, such as revenue, efficiency, and speed. ServiceNow expects to save $500 million this year through its AI-driven initiatives.
Sarah Youngwood, EVP and CFO of Nasdaq, outlined the company's investment strategy, categorizing projects into foundational needs, short-term returns, medium-term bets, and long-term R&D. Nasdaq's decade-old investments in cloud and algorithmic AI position it to serve clients today, leveraging data from 3,500 institutions representing $12 trillion in assets. Youngwood oversees AI KPIs that track inputs like training and platform engagement, as well as outcomes such as coding speed and client retention.
Bonner, who will become president of Chevron's oil, products and gas business on January 1, 2024, emphasized regular check-ins with project teams to ensure progress. Chevron is also involved in the AI boom as a supplier, planning to power a Microsoft data center in West Texas through a 2.67-gigawatt natural gas project.