- AI boosts efficiency but requires clear strategies to succeed, report claims
- Automation drives ROI, reducing errors and saving valuable time
- Uncertainty slows AI adoption despite its transformative potential
As artificial intelligence (AI) continues to reshape industries, finance leaders are reaching a critical juncture, new research has claimed.
A survey by Basware and Financial Times Longitude reveals while interest in AI remains high, scepticism over its measurable return on investment (ROI) is causing hesitation.
Half of the Chief Financial Officers (CFOs) surveyed reported they would reduce AI spending within a year if the results were not apparent.
Rising AI interest amid uncertainty
The survey, which gathered insights from 400 CFOs and finance leaders worldwide, found that 78% of organizations plan to increase their AI investments over the next 12 to 18 months. Many leaders acknowledge the potential of AI tools to transform financial operations, but nearly one-third (31%) admit their organizations lack a strategic vision for AI implementation.
This lack of clarity is a major barrier, with 41% of finance leaders finding it difficult to prioritize AI investments amid broader macroeconomic and geopolitical uncertainty. Even major corporations, such as Meta have faced scrutiny over the challenges of proving ROI on substantial AI investments, reflecting broader industry concerns.
Despite the hesitancy, the report highlights areas where AI is already yielding results. In finance, automation is seen as a way to reduce manual tasks, improve compliance, and detect errors or fraud more quickly. According to the survey, 75% of CFOs believe AI enables teams to focus on more strategic activities, such as regulatory compliance and e-invoicing.
One promising application is accounts payable automation. Organizations that have prioritized AI in this area reported significant financial benefits, including a 136% ROI over three years.
While the benefits of AI are clear, many organizations struggle with challenges related to change management and unclear strategy. The survey found that 40% of finance leaders cite inadequate change management capabilities as a key obstacle, while 31% believe a lack of strategic vision is hindering AI adoption in the finance function.
“The office of the CFO is tasked with overseeing a complex range of functions from regulatory compliance through to cash flow management and financial reporting,” noted Perttu Nihti, Chief Product Officer at Basware. “All of which are areas where AI-powered automation can help to reduce hours and relieve pressure. But the success of AI investment hangs on knowing where to start and proving impact.”
“We’re at the AI tipping point. Focusing on high-value wins, such as AI-powered efficiency that demonstrate quantifiable ROI quickly, in areas such as compliance, error reduction and fraud detection, will help justify investment across a company’s organization,” Nihti concluded.