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Forbes
4 days ago
- Business
- Forbes
Why 2026 Will Be A Big Year For AI In Business Finance
From the looks of it, 2026 is going to be AI's big year in the finance department. A new study from AI-powered procurement software company Tropic found that half of finance departments are currently piloting AI solutions, but 86% plan on using it in much fuller force by 2026. And they aren't just doing it because of the competitive pressure from other companies embracing AI. Two-thirds said their top driver in AI adoption is its operational efficiency. Most companies aren't yet seeing the expected efficiency boost, but it's slowly getting there. Just over half of companies say they're only seeing a slight improvement in productivity from AI, though that may also be because they're running smaller-scale pilot projects. And when asked what business-level outcomes finance leaders are seeing from AI, the most common answer—from 43%—was that there's no measurable impact yet. However, the rest of the respondents are seeing positives, with 30% reporting cost savings and 20% reporting better forecasting and planning. Nearly half of CFOs said that proven ROI could accelerate AI adoption. But they're already moving budgets around to accommodate the new technology. More than three-quarters anticipate increased software spending on financial AI next year, with 24% expecting a significant increase in investment. They're putting their faith and trust in ROI—which a well-thought-out deployment of AI can bring. But high ROI is not a foregone conclusion: A recent study from BCG found that many finance departments target a 20% ROI, and the median reported was just 10%. BCG found that the key to realizing a better ROI was deploying AI with a broad focus on value, looking at how it can transform the entire department, and not just a few functions. This is the published version of Forbes' CFO newsletter, which offers the latest news for chief finance officers and other leaders focused on the budget. Sign up here to get it delivered to your inbox every Tuesday. The Eccles Building, location of the Board of Governors of the Federal Reserve System and of the Federal Open Market Committee, in Washington, D.C. Though experts have been warning for months that Trump's tariffs could undo economic progress to slow inflation, that hasn't yet come through in the numbers. May's consumer price index showed price increases of 2.4% compared to a year ago, and an increase of just 0.1% since April. It was lower than economists' estimates, which were 2.5% year-over-year inflation, and 0.2% month-over-month. The Federal Reserve Open Market Committee meeting begins today, and although both Trump and Vice President JD Vance have essentially demanded that the board use this information to lower interest rates, the consensus projection is they will not budge. Forbes senior contributor Christian Weller writes that while the CPI report looks positive, there are troubling areas that could foreshadow larger problems in the coming months. Prescription drugs are seeing higher price increases—up 0.6% in May alone, after a 0.4% increase in April. Prices ticking upward could show the beginning of a trend of these items getting much more expensive, especially since many prescription drugs are imported. Prices for hospital services have increased 3.9% over the last 12 months, and that may keep going up as Republican lawmakers cut federal funds that many hospitals rely on. Insurance rates are also way up, Weller writes, with motor vehicle insurance up 7% in the last 12 months. The tariffs are looming on the horizon—though Trump announced a deal with China last week that imposes a 55% tariff on Chinese imports, as well as relaxes controls on rare earth minerals and magnets crucial to developing advanced technology. On Thursday night, Trump said his administration was negotiating tariffs with 15 countries, and would be sending 'take it or leave it' letters to all trading partners in the coming weeks with the U.S.'s final tariff offer. A new Quinnipiac University poll last week showed 57% of registered voters disapprove of the way Trump handles trade, writes Forbes senior contributor Stuart Anderson. Trump's final tariff declaration caused stock prices to drop on Friday morning, and they fell more sharply as the day continued as Israel attacked Iran, escalating geopolitical tensions in the Middle East. The nations continued strikes with no signs of a truce in the near future. However, the major indexes rebounded this week, even as tensions in the Middle East grew. IRS Commissioner Billy Long at his confirmation hearing before the Senate Finance Committee. The auctioneer is now officially leading the IRS. Last week, senators voted 53-44 to confirm Billy Long as the next IRS commissioner, writes Forbes' Kelly Phillips Erb. The vote was strictly along party lines, with all Republicans voting in favor and all Democrats voting no. Long, a former U.S. Representative from Missouri, was an auctioneer before his election to Congress and has been a longtime Trump ally. He has no formal tax and finance experience, and did not serve on any taxation committees while in Congress. After leaving Congress in 2023, he worked with businesses as a consultant to help them apply for and receive pandemic-era tax credits. Long's confirmation brings some permanency to the head of the tax agency; since former IRS Commissioner Danny Werfel resigned on January 20, there have been three acting commissioners. Long's term ends November 12, 2027. It remains to be seen what kinds of changes Long may bring to the IRS. However, small businesses are focusing on tax changes. Forbes' Brandon Kochkodin writes that nearly a fifth of them ranked taxation as their biggest problem in May's Small Business Optimism Index from the National Federation of Independent Business. The House of Representatives recently passed a bill extending Trump's 2017 corporate tax cuts and adding in other tax breaks, but several aspects of the sweeping bill face opposition in the Senate. Reuters reports that several changes have been proposed by Republicans on the Senate Finance Committee—though none of them seem to touch the corporate tax cuts. Chime CEO Chris Britt rings the opening bell at the Nasdaq MarketSite at the company's IPO last week. As the markets are once again on an upswing, two big IPOs last week saw success in their debuts, a sign that could entice more companies to go public now. Digital bank Chime began trading on Thursday and saw its price pop 37% on its first day on the market, bringing its valuation to $16 billion, writes Forbes' Jeff Kauflin. Chime, founded 13 years ago, caters to lower and middle-income consumers. It became popular by offering free checking accounts and debit cards with early access to paychecks, and requires customers to set up direct deposits to access several features, including small loans and secured credit cards. Chime makes the bulk of its revenue on interchange—the 1% to 2% fees merchants pay to accept debit and credit cards, though lending represents a significant future revenue opportunity. However, it's risky: losses from lending, disputed charges and fraud represented 21% of its revenue in the most recent quarter. The world's largest meatpacker, Brazil's JBS, saw its stock increase 5% as it made its long-awaited IPO on Friday, writes Forbes' Chloe Sorvino. For years, the company had eyed a U.S. IPO, but a lengthy rap sheet of corruption charges, both at home in Brazil and in the United States, got in the way of SEC approval for the IPO. Until this year, there had been a bipartisan effort in Congress to block the company from listing on the NYSE, with support from senators including Republicans Josh Hawley of Missouri and John Barrasso of Wyoming, as well as Democrats Cory Booker of New Jersey, Bernie Sanders of Vermont and Elizabeth Warren of Massachusetts. JBS received SEC approval for its listing two days after the Trump Administration's new SEC chairman was sworn into office—and that campaign finance filings revealed JBS's Pilgrim's Pride was the highest donor to the Trump Inaugural Committee, giving $5 million. JBS is also listed on Brazil's B3 stock exchange, where it's been trading since June 9. Forbes CEO Sherry Phillips; Mizuho Americas Head of Investment & Corporate Banking Michal Katz; Member of the UK's House of Lords and Co-Principal of Versaca Baroness Dambisa Moyo; and Quinn Emanuel Urquhart & Sullivan, LLP Partner Alex Spiro onstage at the Forbes Iconoclast Summit. Earlier this month, a collection of business and financial titans gathered in New York City to discuss the most pressing financial, economic and market issues of the day at the 2025 Forbes Iconoclast Summit. Forbes CEO Sherry Phillips moderated a panel discussion looking at financial issues facing companies featuring Michal Katz, head of investment & corporate banking for Mizuho Americas; Alex Spiro, partner at Quinn Emanuel Urquhart & Sullivan LLP; and Baroness Dambisa Moyo, member of the U.K. House of Lords and co-principal of Versaca, a family office. This excerpt of the session has been edited for length, clarity and continuity. You can watch the entire session here. Phillips: Dambisa, you talk so much about preparedness, and I know you're so involved with boards. Your optimism in terms of the history of resiliency was so important to share with every one of us who may not have been through that before. Can you talk about that a little bit? Moyo: The most important thing I can emphasize is that we're always in an era of uncertainty. The distribution of outcomes may have changed. If you think about a normal distribution, the skew and the kurtosis have obviously been altered in the new challenges, whether it's financial markets or geopolitics or macroeconomy. But from a board perspective, our responsibility is not only to mitigate risk, but also continue to find opportunities within which a board and organization can grow. That hasn't changed. When I look back in history, we've been in periods of pandemic, not just in 2020, but in 1918. We've been in periods of deglobalization, in the Progressive Era in the 1930s where the state grew and there was plenty of regulation. We've been in geopolitical warfare. I've been on the board of a company that's been around for over 350 years. They were there during the Industrial Revolution. All the technological gains that were experienced then is something that's in the DNA of corporations that have been around for several decades. This is to say our job is not to navel gaze because of all the uncertainty that has emerged. It's really to see through it, and to, of course, think about updating our processes and make sure financially and strategically and operationally the organizations are sound. But at the same time, we have to keep looking for opportunities to improve, deliberate, to think about margin increases, and also to invest in different regions or in different products. Deals are getting done right now and there are winners. We saw winners out of the pandemic. Where do you find that optimism in this space? Katz: I don't think we've talked enough about some of the structural imperatives that I think should drive deal activity. We know that private equity has been sitting on the sidelines for the last couple of years during the era when interest rate environments creeped up and made the cost of financing incredibly taxing in terms of returns. There are about 29,000 to 30,000 captive portfolio companies sitting in private equity funds that have yet to be monetized, and 50% of them are at least four years or so in terms of the investment cycle. Those companies will need to get monetized and will need to trade. There's other dynamics on the venture side of things. A lot of deals got done during the 2021 timeframe, perhaps at valuations that these companies have not grown into just yet. During that period of time, their growth has slowed down. I wouldn't call them fallen angels, but they're no longer the type of companies that would attract the public company investors as potential IPO exit. Those are a great cohort of companies that could be potential for M&A activity. Lastly, we've all talked about the regulatory environment over the last couple of years. The hurdle was incredibly high for companies seeking to put two companies together, as there was no visibility as to whether a transaction could actually get clearance and get to the finish line. The scrutiny has remained in effect, but we do have an administration and a regulatory body in place that is more willing to negotiate a settlement to allow these transactions to happen. So on the one hand you have the structural, the strategic imperatives, which is the industrial logic, why you want to grow, which areas you want to go to, like AI and geographic diversification. But on the other hand, there are structural imperatives that will help catalyze this activity, and that's why I'm incredibly optimistic about the opportunity ahead of us to try to get some deals done. How do you navigate the tariffs with your clients? How are you explaining to them that calmness, but also the innovation, that exists out there? Spiro: If you're dealing with a crisis or chaos—and there's a lot of chaos out there right now—I think the number one rule is you don't panic. The best CEOs, CFOs I know have been just methodically going over their books, their supply chain, how it impacts them mathematically and getting ready for what comes next. I try to learn from the people that do pretty good in crises and do different things. You don't have to agree with everything that they do, but Elon [Musk] likes to cut costs during a time like this because he thinks that then you're most nimble coming out of it. You can always rehire, you can always rebuild and do that. Other people like Jeff [Bezos] say there's so many things I don't know. I don't know what's going to happen next, but what are the things I can be certain of? And he pours his energy and his brainpower into what he can be certain of. Yes, you want to beat your competitors, but paying attention to their every move isn't the best way to do that. What you should be doing is focusing on your own company: Think big picture, play to your strengths and draw inspiration from outside places. Here's how to do that and more. It doesn't matter how long you've been a business leader: There's always much more to learn. It's beneficial to always do leadership training, which will exercise your critical thinking skills and help you be prepared for the future. Forbes surveyed several billionaires about the one indulgence they found essential. What was the most common response? A. Second homes B. Private jets C. Yachts D. Prestige cars See if you got the right answer here.
Yahoo
10-06-2025
- Business
- Yahoo
New Survey: 86% of Finance Leaders Plan Major AI Investment by 2026 as Tropic Unveils Five Procurement Agents
Tropic launches purpose-built AI agent workforce designed to save time and money, as new survey identifies 2026 as the tipping point year for finance AI adoption NEW YORK, June 10, 2025 (GLOBE NEWSWIRE) -- Today, Tropic, the intelligent procurement partner, published its findings from a recent survey, showing that finance and procurement teams are preparing for a massive shift toward AI adoption, with 86% planning to implement or scale AI initiatives by 2026. This survey supports the unveiling of Tropic's next evolution of Tropic AI: five specialized agents that work together as a unified workforce to transform how teams manage spending, contracts, and supplier relationships. This announcement builds on Tropic's year-long AI innovation journey, which has focused on combining the power of AI with Tropic's unrivaled army of human specialists to change procurement and spend management from a complex, disconnected process into something intuitive and powerful. The company's vision has been clear: teams don't just need AI tools, they need partners that understand the growing responsibilities and pressures finance leaders face. With 50% report they're at the beginning of their AI transformation, Tropic's survey of 100 finance leaders reveals 2026 will be an inflection point, with nearly half of organizations already reallocating budgets from existing software tools to fund AI initiatives. "Finance leaders aren't just talking about AI anymore. They're budgeting for it," said Russell Lester, CFO at Tropic. "Our new research shows that 53% of finance leaders expect AI to influence their 2026 budget and planning priorities and 49% plan to or have already reallocated software and budget towards AI tools. At Tropic, we've been building toward this moment for over a year. What we're announcing today represents the maturation of our AI platform into a complete workforce that actually delivers the productivity gains teams have been promised." Operational Efficiency Drives AI Investment The survey found that 66% of finance leaders cite operational efficiency as their primary motivation for AI investment across the business, far outpacing competitive pressure or executive mandates. However, early results remain mixed. While 73% report AI has somewhat improved their team's productivity, only 4% cite significant gains. "There's a clear gap between AI promise and AI performance," Lester noted. "Teams know they need AI to become more effective and stay competitive, but they're struggling to implement solutions that deliver real value. We've spent the past year building and refining AI tools that actually solve procurement problems. These five agents represent the evolution of that work into a comprehensive AI workforce." Download the full report here. AI Agents Democratize Human Expertise at Scale When Tropic launched, the company solved these complex procurement challenges through professional services and human expertise. But as demand grew, a scale issue emerged. While Tropic's human experts remain an integral part of the platform, the company recognized that customers needed access to this knowledge 24/7. "We've essentially taken everything our procurement experts know and made it available as an always-on workforce," said Justin Etkin, Co-Founder and COO at Tropic. "These aren't generic AI tools. They're powered by unique human experiences and our $13B+ spend database." Tropic's five AI agents work alongside the company's broader platform and services, addressing specific procurement challenges through specialized roles: Smart Request Assistant streamlines procurement requests, making it effortless for any user to initiate and track purchases Compliance Copilot instantly checks requests and contracts against company policies, preventing bottlenecks and out-of-policy spend Contract Intelligence Engine automatically extracts key contract details and answers questions about agreements in plain language Negotiation Navigator provides instant access to price benchmarks and supplier intelligence from over $13B in spend data AI Invoice Match automatically verifies invoices against contracts and requests, protecting against overpayment and fraud These agents are designed specifically for procurement workflows and integrate seamlessly with existing systems and require no major change management. "We're not building AI for the sake of having AI," said Etkin. "Over the past year, we've methodically addressed major procurement pain points with tailored solutions. The Smart Request Assistant, for example, evolved from customer feedback on Ask Tropic. Each agent solves a specific problem that wastes hours of our customers' time every week." Proven Results Drive Adoption Among teams using AI today, 42% report faster process cycle times, and 30% cite cost savings. However, 47% of leaders say proven ROI remains the top requirement for scaling AI initiatives. AI in Procurement: The Next Wave Virtual Event While Tropic believes AI will help procurement and finance teams get ahead, the company recognizes that most teams are still at the beginning of their AI journey. To help finance leaders navigate this critical transition, Tropic is hosting a virtual event on June 25th from 1-4 pm ET, featuring additional survey findings, industry influencers and analysts, practical AI implementation guidance, customer case studies and live product demonstrations. Visit for more information and register for sessions. About Tropic Tropic is your intelligent procurement partner, purpose-built to help modern finance and procurement teams save time, cut costs, and drive impact. Whether you're a solo finance leader or part of a larger team, Tropic combines AI agents and expert services to handle the procurement work you don't have time for, from complex negotiations to renewal headaches. Powered by over $13B (and growing) in software spend intelligence, Tropic gives you unmatched visibility, automation, and negotiation leverage across your stack. We don't just flag problems, we solve them, transforming procurement into a strategic advantage that scales with your business. Learn more at and follow us on LinkedIn. Media Contact: Elissa Walters elissa@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Time of India
26-05-2025
- Science
- Time of India
When shadows ‘ceased to exist'
1 2 3 4 5 6 Nagpur: At 12.10pm on Monday, Nagpur experienced a celestial spectacle known as Zero Shadow Day, when the sun stood directly overhead and shadows weren't visible on the ground. This rare event occurs twice annually between the Tropics of Cancer and Capricorn. Zero Shadow Day happens when the sun's declination aligns with a location's latitude, a result of Earth's 23.5-degree axial tilt. "This phenomenon beautifully demonstrates the interplay of Earth's tilt and its orbit around the sun," said Manoj Kumar Panda, project coordinator at Raman Science Centre & Planetarium, under the National Council of Science Museums, Ministry of Culture. "On this day, the sun is at its zenith, and objects stand shadowless at noon, captivating students and science enthusiasts alike," he said. The Centre organised a workshop to engage students, showcasing the event's significance. At precisely 12.10 pm, participants observed the near absence of shadows, a moment that highlighted the sun's unique position. Unlike cities like Delhi or Srinagar, located beyond the Tropic of Cancer, Nagpur's latitude makes it ideal for this biannual event, with the next occurrence slated for July 17 at 12.20 pm. The Raman Science Centre & Planetarium continues to inspire curiosity through such events, offering hands-on learning about celestial mechanics. Panda noted, "It's a reminder of how science connects us to the cosmos."
Wales Online
09-05-2025
- Health
- Wales Online
The self-tan face drops which shoppers describe as ‘sun-kissed goodness'
The self-tan face drops which shoppers describe as 'sun-kissed goodness' If you are in need of something to help give you the perfect summer glow, this could be the answer to your prayers Lancaster Self Tan Sun-kissed Face Drops (Image: Boots ) Lancaster Self Tan Sun-kissed Face Drops offer a practical way to achieve a natural-looking tan without sun exposure. Designed for easy integration into your daily skincare routine, the drops promise to deliver visible results within one hour and can last up to a week according to Boots. Formulated with natural-origin biotech DHA and Lancaster's Tan Activator Complex, the drops also support the skin's natural tanning process for an even, consistent result. Suitable for year-round use, these face drops are intended to provide a subtle, buildable tan while maintaining your existing skincare regime. And it's also received the seal of approval from shoppers who have been raving about it in the reviews. For money-saving tips, sign up to our Money newsletter here One person entitled their review: 'Sun-kissed goodness' , writing: 'I absolutely love these drops. They're actually the first drops I've ever tried (usually I just apply a normal body self-tanner to the face). 'Because you add drops to a moisturiser every other day or so (I decided to try every day) you get no tan lines on your hairline or under your eyes. 'This makes the tan build and blend effortlessly without being patchy. What results is a beautiful bronze glow that looks great (NO orange) even on my super pale skin. 'The smell of the drops is incredible too. They have a coconut/tropical scent that is lovely and summery. Would absolutely recommend!' Someone else added: 'I recently tried the self tan face drops from Lancaster and I must say, I am thoroughly impressed. 'The product is easy to use and delivers a natural-looking tan without any streaks or blotches. 'The drops are lightweight and blend seamlessly into my skincare routine, giving me a healthy, sun-kissed glow. ' It wasn't for everyone, as one person said: 'I didn't notice much of a difference from using this product, perhaps just a slight glow which is ok if that's what you're after from facial tanning drops.' Yet lots of people were massively impressed. Another happy Boots customer wrote: 'As someone who has tried virtually every facial tan on the market I was really impressed with the natural shade of these tanning drops. 'No fake orange cast, just a lovely natural sun kissed glow that is achieved with minimal effort. Better still doesn't break me out or break up my makeup, just disappears into the skin.' You could also buy this Sun Drops gradual tanning face serum for £26 at Tropic , or the Bronzing Drops from e.l.f for £12 . Article continues below Or for something slightly different you could also go for the Isle of Paradise Self Tanning Drops for £21.95 .
Daily Maverick
04-05-2025
- Politics
- Daily Maverick
The legend of Modjadji — sacrifice, prophecy and ethical dilemmas
Somewhere between the Limpopo and Zambezi rivers, where the Tropic of Capricorn slices through the natural splendours of the ancient civilisation of Mapungubwe, survives the Balobedu. This small clan, often mistaken for being Pedi or Venda because of local linguistic varieties and geography, once faced an existential crisis. A relentless drought had parched their lands, withered crops, drained rivers, killed livestock and threatened their survival. As desperation set in, whispers of dissent grew louder. The King, tasked with safeguarding his people, found himself trapped between ancestral traditions and the brutal realities of leadership. His sons, impatient with his inability to end the drought, gathered in secret to strategise – a meeting misconstrued as treason. In a fit of rage and fear, he executed all but his youngest son, a newborn smuggled to safety by loyalists. Yet the skies remained barren and the clan's suffering deepened. As hope dwindled, the King sought guidance from his sangoma, a spiritual intermediary. The sangoma delivered a harrowing decree: to save his people, the King must sire a daughter with his favourite child, Princess Dzugundini. This girl child, they proclaimed, would become the first Rain Queen, a divine conduit to the heavens whose birth would herald life-giving rains. The directive plunged the King into moral torment. Making a baby with his favourite daughter would save his people, the message had promised. Yet the taboo of incest and the betrayal of a beloved child paralysed him. Torn between a moral dilemma and survival, he devised a compromise. He approached another daughter, born to a lesser-loved wife, negotiating a transactional arrangement. In exchange for her compliance, he pledged land, cattle and autonomy to her maternal lineage, a strategic move to preserve his conscience (well, this too was his daughter!) while honouring the ancestors' demand. Their union, however, defied prophecy: a son was born and the drought raged on. The sangoma warned of ancestral wrath; the King had faltered by sidestepping the directive to mate with the chosen one, she who he favourited the most. Forced to atone, he eventually had a 'passionate' encounter with the favoured daughter. Adhering strictly to the 'calling' bore fruits. A girl, Modjadji, was born. Rain soaked the Capricorn, reviving the land and securing the clan's future. Thus began the reign of the Rain Queens – a matrilineal dynasty enduring for decades (only now threatened by succession squabbles). The legend of Modjadji brings to the table profound ethical tensions. The King's choices: executing his sons, manipulating familial bonds and engaging in incest exposes the corrosive compromises leaders face in times of crises. His initial refusal to violate his favourite daughter reflects a flicker of humanity, yet his subsequent bargaining with another child reduces her to a transactional vessel, raising questions about agency and exploitation. It did not work. The sangoma's role further complicates the moral dilemma. By framing the ancestors' will as non-negotiable, the spiritual adviser legitimises acts that transgress societal norms, complicating the King's life. This underscores the risks of conflating divine mandate with human interpretation, a theme resonant in modern debates over authority and ethics. Of course, right now I may be sounding very judgemental, right? To stretch it further, the prophecy's gender specificity may represent patriarchal underpinnings. Only a female heir could summon rain, yet her power derives from male orchestration. While Modjadji's lineage elevates women as rulers, its origin is rooted in their subjugation, illustrating the paradox of 'empowerment' through violation. In any reading and re-reading, context matters. Balobedu's survival came at a cost: the erosion of trust, the commodification of kinship and the moral compromise of a leader who prioritised pragmatism over principle. The Rain Queens' legacy, though celebrated, is a testament to the fraught interplay between cultural preservation and ethical dilemmas whose interpretation can be jaundiced by colonial encounters and Judeo-Christian readings of history and culture. Broadly speaking, this is a reminder that salvation often demands a price not easily reconciled with contrived Euro-American lenses of what constitutes normative social arrangements. Stretching it, again? The tale of Modjadji endures not merely as folklore but as a mirror to humanity's perennial struggle: how far can we go to survive and who bears the scars of our choices? If we go by the script at face value, an ethical line was crossed when the father fathered a child with his daughter. But importantly, a nation was saved through that act; rain fell, and life persisted. Was that not a greater moral obligation – to save the Balobedu? Was it not through the foretold and premeditated murder of Jesus that Christianity was made? While dramatised, with street-level scriptwriting (beyond the opening episodes, the series was poorly chronicled), the Queen Modjadi TV series, currently streaming, opens a window to the ethical questions that the story raises, which deserve more space in our public discourse. DM
