A Wolters Kluwer survey reveals that the integration of artificial intelligence (AI) into finance functions is rapidly shifting from uncertainty to optimism. The report, titled AI in Finance: From Skepticism to Optimism, indicates that a significant majority of finance professionals are ready to embrace AI technologies, with 70% planning investments in the next five years.
The survey highlights that over two-thirds of finance leaders are currently exploring AI initiatives, while 60% of those who have implemented AI projects consider them successful. This trend aligns with the launch of the CCH Tagetik AI-powered Intelligent Platform in May 2024, designed to enable finance teams to manage large data sets more efficiently, enhance accuracy in financial processes, and improve decision-making capabilities.
Ralf Gärtner, senior vice president & general manager at Wolters Kluwer CPM, emphasises the urgency of AI adoption: “Our findings suggest that AI is, indeed, the next frontier of finance technology. It’s no longer a question of ‘if’ – but ‘when’ and ‘how.’” He points out that 70% of finance professionals are planning to invest in AI, highlighting the need for access to advanced technologies to fully leverage AI's potential.
Key insights from the report include:
- Transformational potential: 56% of respondents recognise AI's ability to revolutionise financial processes, reflecting a growing acceptance of AI in the finance sector. Only 5% doubt AI's impact on daily operations.
- Efficiency as a driver: The primary motivations for AI adoption are efficiency gains (41%), cost reduction (18%), and improved risk management and decision-making (18%).
- Success among early adopters: With two-thirds of respondents in the exploratory phase of AI implementation, early adopters report a success rate of over 60% in their AI projects, indicating a positive impact on operations.
- Accelerated investment plans: A significant 70% of finance professionals plan to invest in AI within five years, with over 60% aiming to make these investments in the next two years.
The survey, distributed to finance leaders globally, underscores a decisive shift in the finance landscape, driven by the promise of AI. As Gärtner concludes, “We are committed to continuous innovation to ensure finance teams are future-ready.” This commitment is crucial as organisations navigate the evolving demands of modern financial management.
