The adoption of AI within the CFO’s office is no longer about ‘if,’ but ‘when’ and ‘how.’
Singapore, October 17, 2024 – Wolters Kluwer, a renowned global provider of professional information, software, and services, has released a new research report titled AI in Finance: From Scepticism to Optimism. This report sheds light on the growing adoption of artificial intelligence (AI) and the evolving attitudes towards its use in corporate finance. Over two-thirds of finance professionals surveyed revealed that they are currently exploring AI implementation within their departments. Among those who have already launched AI-driven finance projects, 60% reported successful outcomes.
This report comes shortly after the introduction of Wolters Kluwer’s CCH Tagetik AI-powered Intelligent Platform in May 2024. The platform enables finance teams to manage large-scale data, optimise financial processes with greater accuracy and efficiency, unlock valuable insights, and enhance decision-making capabilities.
Ralf Gärtner, Senior Vice President and General Manager of Wolters Kluwer CPM, commented on the findings, “Our research confirms that AI is the next frontier in finance technology. The question surrounding AI adoption within the CFO’s office is no longer ‘if,’ but ‘when’ and ‘how.’ The report highlights that 70% of finance professionals are planning to invest in AI within the next five years. To maximise this opportunity, these teams will require access to advanced, high-quality technologies. At Wolters Kluwer, we remain committed to continuous innovation and the development of cutting-edge products to ensure that finance teams are fully prepared for the future.”
Key findings of the report, AI in Finance, from Skepticism to Optimism, include:
• AI Drives Finance Transformation: 56% of respondents acknowledged AI’s potential to revolutionise financial processes, indicating a growing acceptance of its role in reshaping the finance function. Only 5% of participants doubted the impact of AI on day-to-day finance operations.
• Efficiency as a Key Driver of AI Adoption: The survey revealed that efficiency improvements (41%), cost reductions (18%), and enhanced risk management and decision-making capabilities (18%) are the primary factors motivating organisations to embrace AI.
• Success Among Early Adopters: More than two-thirds of respondents indicated they were in the early stages of AI exploration, with 6% having already implemented AI to some degree and 9% looking at ways to scale their AI initiatives. Of those who had launched an AI project, over 60% reported successful deployments, signifying a positive and tangible impact on their operations.
• AI Investment Set to Surge: 70% of finance professionals are planning to invest in AI technology over the next five years, with more than 60% anticipating these investments to occur within the next two years.
Research Methodology:
Wolters Kluwer distributed the survey through email to its CCH Tagetik database of finance leaders and to attendees of live events hosted by the company. The survey was completed anonymously and included participants from a variety of global regions, including Europe, Asia Pacific, North America, India, the Middle East, and Africa. A total of 181 professionals took part, representing a diverse array of roles: finance (61%), IT (20%), other (13.9%), and business (4.9%).
For more information, view an infographic with key findings and download the full survey.
