Gartner Survey Shows 39% Organisations Currently Use AI In Finance

Sixty-eight percent of finance organisations are using artificial intelligence or plan to use the technology, according to a survey of finance leaders by research and consulting firm Gartner.

The survey of 133 finance leaders found that 39% of respondents are using AI/machine learning, and an additional 29% said AI/ML is planned in their organisation and pilots are being developed. Of the leaders surveyed, 30% said that no AI/ML implementation has been planned in the finance function of their organisation.

According to Gartner experts, successful AI-forward finance organisations embrace AI at the C-suite level and embed data science teams directly within finance departments while avoiding reliance on third parties for providing AI solutions.

“It's only when employees embrace AI as a co-worker rather than a threat to their jobs that organisations see the highest likelihood and magnitude of success,” said Mark D. McDonald, senior director analyst in the Gartner Finance Practice.

AI In Finance Success Strategies

To help chief financial officers and finance leaders navigate the trend of increasing adoption of AI in finance, Gartner experts have identified three characteristics of the most successful finance organisations using AI today.

• Short-Term Results Are Possible, But Transformative Results Take Time: According to experts, short-term benefits from AI are possible through simple or purchased solutions. However, to leverage the transformative value of AI in finance, a degree of maturity is required, which takes time to build.

• Data Science Emerges As A New Role In Finance: A majority of finance teams reported using data scientists. Once seen as a risky and frivolous resource, modern finance teams commonly use data scientists whether they leverage AI or not.

• Acceptance Plays A Role In AI's Success: Organisations with a high level of AI acceptance reported a high level of success with the technology. Without the buy-in from knowledgeable process owners, building AI-driven processes that emulate their decisions and actions proves difficult.

“These three quite simple factors have an impact on success rates with AI in the finance functions. Put the data scientists close to the processes and people that will train AI, make sure those people understand that AI can make their jobs easier and give them the time needed to produce transformative results,” said McDonald.