CFO Insights: Why Finance is Ready for a Breakout Transformation with AI
Over the past few years, numerous finance departments have navigated this delicate equilibrium using intelligent technologies, such as process automation and predictive analytics. In fact, nearly 62% of finance leaders agree that AI is an essential tool to manage the unexpected. But despite these efforts, most of them have yet to fully tap into the true potential of these technologies to increase their efficiency, strengthen compliance procedures, and build their resilience during this time of dynamic disruptions and change.
Recent breakthroughs in generative artificial intelligence (AI) now offer an opportunity to transform the finance function. However, according to Gartner®, 18% of finance staff demonstrate digital competency, compared with just 11% of their managers.
Through a strategic approach, finance leaders can pursue efficiency gains and cost savings while upholding compliance, preserving operational integrity, and bolstering stakeholder trust. AI models mine and learn from extensive datasets to offer prescriptive guidance and optimal outcomes for the finance function and the broader business. This implies that companies prioritizing investments in data warehousing enhancements, analytics advancements, and process simplification can further capitalize on those foundational advancements.
In our conversations with finance leaders worldwide, finance processes – including travel and expense (T&E) management – emerged as a prime area of transformation with generative AI. Let’s take a look at three core focuses.
