AI adoption is increasing, but not all benefits are realized

A study commissioned by Unit4 and undertaken by DJS Research found a high level of awareness within finance teams around AI usage — particularly for financial controlling and FP&A.

Our research uncovered that 70% of respondents claim to know at least a little about what AI means for finance teams. And half stated that AI was being used by their organization’s finance department.

And the barriers to adoption no longer focus on machines taking over roles, or lack of trust. Instead today they’re more practical, with 45% of those surveyed citing difficulties in integrating AI tools with existing systems.

Trust and opposition from the leadership are at the bottom of the list, telling us that finance teams now believe AI has a role to play, and that humans are still very much required.

AI can help finance professionals realize long-held ambitions to become more strategic. And those organizations that have adopted AI are more confident about the future compared to those that haven’t.

47% with AI tools in finance feel their organization is in a very strong position
vs.
28% without AI tools

43% of organizations with AI tools in finance believe they will maintain their strong position over the next 12 months
vs.
21% without AI

Interestingly, finance leaders were more likely to state they need to improve their technology skills with almost two-thirds definitely planning to undertake training related to AI, machine learning, coding, analytics, and data science capabilities. And overall a third of respondents accepted that their organizations would need to bring in new hires to realize the potential of AI and other finance innovations.

Overall number stating that Yes definitely to upskilling is 43%

vs.

C-suite role more likely to say Yes definitely at 59%

This is surprising when you consider finance has a seat on the board and plays a strategic role in the organization. And CFOs often highlight the need for soft skills such as influencing and telling the story behind the numbers. So let’s investigate further.