In just six months since our last report, AI has moved on significantly in finance. More companies are rolling out AI, and not only within their financial reporting processes but across wider areas of finance, including accounting, financial planning, treasury management, risk management, and tax management. In addition, more companies are moving onto the hot ticket of generative AI.
We surveyed 300 UK finance executives (as part of a wider global survey) and found that although adoption been slower in the UK than in some other major markets, there is clear progress being made with 42% using AI in their finance function to a moderate or large amount.
The reasons aren’t hard to uncover. Employing AI brings significant and tangible benefits including faster, more efficient processes, more granular data analysis and accuracy, and better predictive power.
Importantly though, our research has also indicated some critical blind spots around the transparency of AI initiatives and the sustainability concerns that need to be addressed.
Read more about our findings and our recommendations in our latest report – KPMG AI in finance: transforming the finance function.
