• About
  • Subscribe
  • Contact
Wednesday, April 30, 2025
    Login
FutureCFO
  • Business Insights
    • Competencies and Capabilities
    • Digital Transformation
    • Leadership and Roles
    • Mergers and Acquisitions
    • Risk and Regulation
    • Strategies and Tactics
  • Operations
    • Audit and Compliance
    • Finance Accounting and Reporting
    • Operational Accounting and Control
    • Tax Management and Optimization
    • Treasury and Cash Management
  • Technology
    • Artificial Intelligence
    • Automation
    • Big Data
    • Blockchain
    • Business Applications
    • Cloud, Platforms and Ecosystems
    • Future Technology
  • Resources
    • Whitepapers
    • PodChats
    • Videos
  • Events
  • Awards
  • Knowledge Hub
    • Sustainable Finance
No Result
View All Result
  • Business Insights
    • Competencies and Capabilities
    • Digital Transformation
    • Leadership and Roles
    • Mergers and Acquisitions
    • Risk and Regulation
    • Strategies and Tactics
  • Operations
    • Audit and Compliance
    • Finance Accounting and Reporting
    • Operational Accounting and Control
    • Tax Management and Optimization
    • Treasury and Cash Management
  • Technology
    • Artificial Intelligence
    • Automation
    • Big Data
    • Blockchain
    • Business Applications
    • Cloud, Platforms and Ecosystems
    • Future Technology
  • Resources
    • Whitepapers
    • PodChats
    • Videos
  • Events
  • Awards
  • Knowledge Hub
    • Sustainable Finance
No Result
View All Result
FutureCFO
No Result
View All Result
Home Operations

Streamlining financial operations: Singapore optimistic towards AI

FutureCFO Editors by FutureCFO Editors
December 21, 2023
emerging tech

Image by mast3r on iStock

When it comes to streamlining financial operations, Singapore shows strong optimism towards AI to improve business and financial resilience, said BlackLine recently when releasing results of its survey.

An overwhelming majority of Singapore respondents said that generative AI (88%), new kinds of AI (85%) and cloud computing (85%) are essential for streamlining financial operations and improving business resiliency in the face of future disruption, the firm pointed out. 

The survey, conducted recently by independent research agency Censuswide, asked 1,339 C-suite and F&A professionals around the world (US, Canada, UK, France, Germany, Australia, and Singapore) about their views on emerging technologies and their potential impact on F&A and businesses more broadly, said BlackLine. 

Survey highlights

  • US and Singapore respondents displayed the highest confidence towards AI, with close to 9 in 10 believing that AI could effectively prepare F&A departments for disruption (US: 91%, Singapore: 88%). 
  • In contrast, confidence among European respondents was lower, with percentages ranging from 72% in the UK to 57% in Germany. 
  • When asked specifically about how AI could positively impact their industry, top benefits identified by Singapore respondents include enhanced audit capabilities, automation of repetitive tasks, and the ability to process large volumes of financial data at high spee
  • Respondents also recognised the hurdles the F&A industry will need to overcome to adopt AI technology effectively. 
  • The most commonly identified in Singapore, and globally, is training AI models to understand and interpret complex financial data accurately (41%).
  • Trusting the outputs of AI (34%) and ensuring robust governance frameworks to stop the potential misuse of AI (34%), were also key concerns.
  • As businesses explore how they can harness these technologies, most concede that they lack sufficient expertise in these areas. 
  • The accountancy sector in Singapore has been experiencing a talent crunch, with more than three in five respondents (64%) believing their organisations don’t have enough team members with deep technical knowledge to identify and resolve complex accounting issues. 
  • Bringing these skills into F&A departments is also proving particularly difficult. 
  • Nearly two-thirds (69%) struggle to recruit and retain enough skilled F&A employees to fulfil internal control responsibilities. 
  • The current shortage of skills in F&A could be exacerbated by a lack of skills in these new technologies, putting further strain on the skills gap. 
  • Just over one-third (39%) said their F&A department currently has the skills to be able to use new technology or software.
Related:  BlackLine announces AI-enabled intercompany accounting capabilities 
Tags: AIBlacklinefinancial operations managementSingapore
FutureCFO Editors

FutureCFO Editors

No Result
View All Result

Recent Posts

  • Modernising Days Sales Outstanding (DSO) for 2025
  • A Day in the Life: Shelly Maneth from Red Hat Asia Pacific
  • Singapore Inc: Expanding horizons in ASEAN and beyond
  • Technology essentials for the modern CFO
  • Transforming budgeting through automation

Categories

  • Artificial Intelligence
  • Audit and Compliance
  • Automation
  • Big Data
  • Blockchain
  • Business Applications
  • Business Insights
  • Case Studies
  • Cloud, Platforms and Ecosystems
  • Competencies and Capabilities
  • Digital Transformation
  • eBooks and eBriefs
  • ESG and sustainability
  • Finance Accounting and Reporting
  • Future Technology
  • General
  • Infographics
  • Leadership and Roles
  • Mergers and Acquisitions
  • Operational Accounting and Control
  • Operations
  • Polls and Surveys
  • Resources
  • Risk and Regulation
  • Strategies and Tactics
  • Tax Management and Optimization
  • Technology
  • Treasury and Cash Management
  • Videos/Tutorials
  • Webcasts/Podcasts
  • White Papers

Strategic Insights for Finance Executives

FutureCFO.net is about empowering the CFO and the Finance Team to take on the leadership position in the digitalization of the enterprise. It's more than just a portal for the exchange of industry best practices, it is about creating and growing a community of finance professionals able to share learned experiences, providing a platform for the current and next generation of finance leaders and professionals.

Quick Links

  • Videos
  • Resources
  • Subscribe
  • Contact

Cxociety Media Brands

  • FutureIoT
  • FutureCFO
  • FutureCIO
  • Privacy Policy
  • Terms of Use
  • Cookie Policy

Copyright © 2022 Cxociety Pte Ltd | Designed by Pixl

Login to your account below

or

Not a member yet? Register here

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Business Insights
    • Competencies and Capabilities
    • Digital Transformation
    • Leadership and Roles
    • Mergers and Acquisitions
    • Risk and Regulation
    • Strategies and Tactics
  • Operations
    • Audit and Compliance
    • Finance Accounting and Reporting
    • Operational Accounting and Control
    • Tax Management and Optimization
    • Treasury and Cash Management
  • Technology
    • Artificial Intelligence
    • Automation
    • Big Data
    • Blockchain
    • Business Applications
    • Cloud, Platforms and Ecosystems
    • Future Technology
  • Resources
    • Whitepapers
    • PodChats
    • Videos
  • Events
  • Awards
  • Knowledge Hub
    • Sustainable Finance
Login

Copyright © 2022 Cxociety Pte Ltd | Designed by Pixl

Subscribe