AI in finance: US report

The use of AI in the finance function has reached its highest levels yet, with 88% using AI, and 62% of them to a moderate or large degree, according to our new survey report.

Importantly, 92% of companies report their finance function’s AI initiatives are meeting or exceeding their ROI expectations, and almost one-third plan to increase AI budgets or shift funds from other activities to drive further AI adoption.

The report, AI in Finance: Transforming into a new era with the AI-empowered finance function, included 300 US finance leaders as a subset of the global survey covering 2,900 companies in 23 countries. This survey builds on research conducted earlier this year which found that in the next three years, 100% of US finance leaders report they will be either piloting or using AI in financial reporting. And according to the press release, the new research shows AI adoption reaches high levels, and usage is widening to include accounting, financial planning and risk and tax management.

• Companies have made the most progress piloting or using AI for financial planning (78%), followed closely by accounting (76%). Less than half of companies (45%) report they are piloting or using AI for tax and operations.
• 92% of respondents report their AI initiatives are meeting or exceeding ROI expectations. As such, they are more inclined to shift spending priorities toward an AI-enabled financial reporting process.
• As the use of AI in finance grows, the dividends multiply. AI leaders are paving the way for an AI-enabled finance function and seeing greater benefits and ROI from integrating AI into their financial reporting processes.
• While cloud technology remains the #1 priority for US companies looking to enhance financial reporting, non-generative AI has risen to #2 and its usage is accelerating.
• Finance leaders anticipate AI will enable better and faster insights, but concerns remain around data privacy and cybersecurity.
• AI leaders ensure they have the talent and skills to drive AI innovation in finance.
• Companies are looking for third-party controls assurance over AI, and as AI becomes more commonplace, companies are increasingly relying on their external auditors to prioritize AI and GenAI in their audit approach.