AI Adoption in Finance
In 2024, more than half of finance functions have integrated artificial intelligence, with 58% utilizing this technology, according to a survey by Gartner, Inc. (link).
Interestingly, of the 42% not yet using AI, half are planning to implement it soon.
Why the Shift?
Marco Steecker, a senior director at Gartner, highlights the quick advancement of AI in finance. He notes that two-thirds of finance leaders are now more optimistic about AI’s impact compared to last year.
“AI adoption in the finance function is advancing quickly,” says Marco Steecker.
Key Use Cases
Gartner identifies four primary AI use cases in finance:
- Intelligent Process Automation: Used by 44% for enhancing information processing.
- Anomaly and Error Detection: Used by 39% for identifying errors in large datasets.
- Analytics: Used by 28% for better financial forecasts and decision making.
- Operational Assistance: Used by 27% for AI-driven decision emulation.
Challenges Ahead
Despite the enthusiasm, challenges like data quality and talent shortages persist. Steecker emphasizes the need for a strategic approach to acquiring AI skills.
Gartner suggests moving from a “single version of the truth” to a “sufficient versions of the truth” approach for data management, balancing quality with decision-making utility.
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