Finance professionals are on the lookout for their organisations as they brace for anticipated AI disruption.
In a study by the Chartered Institute of Management Accountants (CIMA), it was found that there is a significant gap between finance professionals’ expectations of AI’s impact and their organisations’ readiness to adopt it, revealing that there is uncertainty and a lack of organisational preparedness around AI adoption and skills.
The survey, which polled 1,446 senior finance and accounting leaders and managers, shows that:
- 88% of respondents believe AI will be the most transformative technology trend in accounting and finance over the next 12–24 months.
- Yet only 8% feel their organisation is very well prepared to manage the AI trend, while 21% feel their organisation is well prepared.
- 56% of respondents identified Generative AI (GenAI) as the most prominent skills gap. This reflects a broader shift in the skills landscape, with IT and technological capabilities moving from a secondary concern (20% in 2021) to the top priority today (46%).
Further, the study highlights key barriers to technology adoption, with half of respondents (50%) citing a lack of human capital, skills, and talent as the biggest challenge, closely followed by safety and security concerns (47%) and doubts about technology maturity (42%).
Other key findings of the survey:
- Barriers to productivity: Lack of skills (41%) and low motivation (37%), followed by incompatible technology systems and poor coordination in tech implementation (both at 32%), which not only hinder organisational productivity but also slow the adoption of new technologies.
- Skills gaps beyond GenAI: Broader technology skills (AI, big data, cloud, IoT, robotics) remain a concern (37%), alongside data and analytics (36%). Significant gaps also persist in key areas such as communication, influencing, and critical thinking (33%) and business partnering (32%).
- Addressing skills gaps: On-the-job training ranks highest (61%) for effective technology upskilling, reflecting a strong preference for practical, just-in-time learning that integrates with daily work.
