AI in the finance department: adoption is outpacing impact

84 % of finance departments are investing in AI, but barely 7 % see a significant business impact

AI has quickly established itself within the finance function. However, its impact on the business remains limited for the time being. New global research by talent solutions partner Robert Walters shows that 84 % of finance departments have already implemented AI or plan to do so. Only 7 % report seeing a high or very high business impact at present.

There is therefore a clear gap between AI adoption and AI value. The question for the finance sector is now less about whether AI is being used, and more about how organisations ensure that the technology actually delivers results.

It’s not just about the right AI tool

According to the research, the biggest challenges do not lie with the technology itself. Data quality and data governance are most frequently cited as key barriers to further scaling up AI within finance.

This makes data quality particularly important for CFOs. AI only works effectively if the underlying data is reliable and well managed. A new AI tool can be implemented quickly, but without good data, its impact remains limited.

“The AI market has moved beyond the stage where the key question is which tool a finance function should buy. The more difficult question is whether the organisation is ready to derive value from it,” says Faye Walshe, Global Director of Innovation at Robert Walters. “CFOs must therefore not only understand what AI is capable of, but above all know what data, processes and people are needed to put AI into practice in a reliable way.”

Growing pressure on CFOs

At the same time, pressure is mounting on CFOs to make effective use of AI within their organisations. However, confidence in their own capabilities is lagging behind. Only 36% of the CFOs surveyed are confident in their ability to make an impact across the entire organisation using AI. 44% are confident in accelerating AI adoption within finance. And barely 42% are confident in attracting and retaining the digital finance talent required to do so.

AI is therefore increasingly becoming a challenge for finance leaders. They must not only introduce new technology, but also adapt processes and get staff on board.

At the same time, they must maintain control over data, risks and compliance.

AI is changing the CFO’s role

According to the research, AI is not taking over the CFO’s role. The CFO scores 28 out of 100 on Horsefly’s AI Impact Score, a measure of the extent to which AI influences the CFO’s work. It interprets the result as an indication that AI is changing tasks within finance, without taking away the strategic and leadership core of the CFO’s role.

This means that whilst the CFO’s role is changing, it is not disappearing. As AI takes over more routine financial work, there will be greater scope for interpretation, strategic decision-making and guiding change within the organisation.

“The confidence gap should not be read as a call for CFOs to become technologists. Like everyone in today’s ever-changing workforce, they need to keep upskilling. But the real test is whether they can lead through uncertainty, build trust in AI-enabled decisions, and maintain control over data, risk and value creation,” concludes Faye.

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