DataSnipper, the leading intelligent automation platform for audit and finance professionals, today released its new AI Report 2024. This in-depth report explores the transformative impact of artificial intelligence on the audit and finance industry, providing a comprehensive analysis of how AI is revolutionizing workflows, enhancing productivity, and improving job satisfaction across the sector.
The audit and finance industry is in the midst of a significant transformation, driven by the rapid adoption of AI technologies. After introducing a new suite to automate data extraction from documents at scale using AI, DataSnipper’s AI Report 2024 captures key trends and insights from over 150 industry professionals, offering a well-rounded perspective on AI adoption.
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Turbocharging Efficiency: AI as a Game-Changer
A striking 77% of auditors now trust AI to deliver quality and efficiency in their roles, a notable increase from 74% in last year’s report. This growing trust underscores the reliability and effectiveness of AI in enhancing audit processes. As one survey participant shared, “AI has really earned our trust. It has boosted the accuracy in our work so much. It’s like having an extra teammate we can always count on.”
AI continues to transform the audit landscape by automating repetitive tasks, allowing professionals to focus on more complex and strategic work. An impressive 88% of respondents reported that AI helps reduce the time spent on manual tasks, up from 86% last year. The efficiency gains are undeniable, with AI enabling faster data analysis and streamlined workflows. One auditor shared, “AI has reduced our data processing time by half, allowing us to dedicate more time to client interactions and strategic planning.”
Retaining Talent: The AI Advantage
AI is proving to be a crucial factor in retaining top talent. This year, 80% of participants indicated they would be more inclined to stay at a firm with strong AI initiatives. This finding highlights the importance of AI in creating a modern, efficient work environment that appeals to younger professionals. “Knowing my firm invests in AI makes me feel valued and future-ready,” said a young auditor.
AI’s impact extends beyond work efficiency to improving work-life balance. In 2024, 63% of respondents said AI helps them achieve a better balance, a significant increase from 46% last year. AI is making auditing a more enjoyable and less stressful profession, enhancing overall job satisfaction. One respondent noted, “AI helps improve my work-life balance by cutting down on the time I spend on repetitive tasks. It has made a huge difference in my overall happiness.”
Adoption in Progress: Room for Growth
Busy seasons are becoming less daunting with AI on board. This year, 81% of survey respondents reported increased efficiency during peak periods thanks to AI, up from 68% last year. AI not only saves time but also reduces errors, ensuring higher quality work under tight deadlines. “AI has been a lifesaver during the busy season. It handles the grunt work, so we can focus on critical analysis and reporting,” remarked an auditor.
While many professionals are leveraging AI, there is still significant room for broader adoption. Currently, the largest group of respondents reported that less than 25% of all employees benefit from using AI. Firms are encouraged to continue training their staff and integrating AI technologies to stay competitive and fully realize AI’s potential.
Strategic Investment: Leading with AI
Looking ahead, 88% of our survey respondents anticipate significant advancements and increased implementation of AI tools in their firms over the next 24 months. This projected growth underscores the industry’s recognition of AI’s value and the commitment to integrating these technologies for improved efficiency, accuracy, and strategic insights.
Investment in AI by Partner and C-level executives is on the rise, with 70% indicating their firms are willing to invest in AI over the next 12 months. This commitment to innovation is critical for long-term success in the audit and finance industry.
“The 2024 AI Report clearly illustrates that AI is here to stay, making significant improvements to the audit and finance profession -from boosting efficiency and retaining talent to improving work-life balance. Businesses that embrace AI are not only future-proofing their operations but also fostering more satisfied and productive workforces,” says DataSnipper CEO Vidya Peters.
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