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      New research from KPMG reveals the extent to which artificial intelligence (AI) is being deployed in Irish organisations’ finance operations – with compelling levels of ROI and a wide range of benefits including better data and decisions, lower costs, and greater ability to predict trends.

      Over half of organisations in Ireland (54%) are now using AI across their finance function, and over two-thirds (66%) are implementing some level of workflow automation in financial reporting. The report, titled “AI in finance”, covers 2,900 organisations across 23 countries and includes 100 responses from Ireland.

       

      In short

      • Top benefits of AI include enabling better data-enabled decisions (38%), lowering costs (37%) and ability to predict trends (36%) 
      • Two-thirds (66%) have implemented some level of automation of workflows in financial reporting, with 25% planning to do so 
      • Almost half (49%) say ROI of AI initiatives is meeting or exceeding expectations, as companies are looking to auditors to communicate more about AI 
      • AI adoption is most common in Treasury Management, followed by financial planning, Accounting, Tax and Operations and Risk Management 
      • AI now accounts for nearly 15 percent of the IT budget, and is set to double within three years. 
      • Nearly half (45%) include AI Control guidelines to ensure response use of AI

      Commenting on the research findings, Keith Stafford, IT Audit Partner at KPMG in Ireland, said, "Our research confirms AI is continuing to have a profound effect on how companies operate, including their systems, processes, controls, and governance over all areas of the finance function, and this is set to accelerate in the next few years.

      AI will transform not only the technical aspects of financial operations but also fundamentally reshape strategic decision-making and risk management practices. The increasing adoption of AI reflects its critical role in driving efficiency, accuracy, and predictive capabilities, which are essential for staying competitive in an ever-evolving marketplace.

      The integration of AI in financial services is not just a trend but a transformative shift. Our research highlights the significant strides companies are making in AI adoption, as well as the challenges they face. It is essential for organisations to invest in talent development and establish robust guidelines to harness the full potential of AI responsibly."

      Our research confirms AI is continuing to have a profound effect on how companies operate, over all areas of the finance function, and this is set to accelerate in the next few years.

      Keith Stafford

      Partner - KPMG Ireland

      AI adoption trends

      The research indicates that AI adoption is most prevalent in Treasury Management, followed closely by Financial Planning, Accounting, Tax, and Operations and Risk Management. This trend underscores the growing adaptation of AI to streamline and enhance financial processes.

      The research also finds two-thirds (66%) of companies have implemented some level of automation in their financial reporting workflows. Additionally, 25% of respondents plan to adopt automation in the near future. This shift towards automation reflects the industry's commitment to improving efficiency and accuracy in financial reporting.

      The top benefits of AI identified in the research include:

      • Enabling better data-driven decisions (38%)
      • Lowering operational costs (37%)
      • Enhancing the ability to predict trends (36%)

      ROI of AI initiatives and investment

      Almost half (49%) of those surveyed reported that the return on investment (ROI) of their AI initiatives is meeting or exceeding expectations. This highlights the tangible benefits that AI brings to the financial services sector, encouraging further investment and innovation.

      AI is also now reported to account for nearly 15% of the IT budget for businesses, with projections indicating that this figure is set to double within the next three years. 

      Challenges and guidelines

      Despite the promising trends, the research highlights limited AI skills and talent as the biggest barrier to AI adoption. Companies are facing challenges in finding and retaining skilled professionals who can effectively implement and manage AI technologies.

      Nearly half (45%) of the surveyed companies have established AI control guidelines to ensure the responsible use of AI. These guidelines are crucial in maintaining ethical standards and mitigating risks associated with AI deployment.

      Finally, the study also reveals that companies are increasingly looking to auditors in particular to provide more communication and insights about AI. This demand for transparency and guidance emphasises the need for auditors to stay informed and proactive in their approach to AI-related matters.

      KPMG global AI in finance report

      Download the full report

      KPMG global AI in finance report

      (PDF, 4.5.MB)

      Get in touch

      If you’d like to learn more about how KPMG can help your organisation to implement AI in your finance function, please reach out to Keith Stafford of our IT Audit team.

      Keith Stafford
      Keith Stafford

      Partner

      KPMG in Ireland

      Providing independent, quality financial statement audits & accounting strategies
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      Media queries

      If you’re a media professional and have any questions about this article or would like to speak to one of our experts for background or interview purposes, please don't hesitate to reach out to us. Contact Kathryn Moley of our Communications team for more information.

      Kathryn Moley
      Kathryn Moley

      Communications Manager

      KPMG in Ireland