AI adoption within the Office of the CFO is no longer a question of ‘if’ but ‘when’ and ‘how’
Wolters Kluwer, a global leader in information, software, and services for professionals, published a new research report: AI in Finance, from Skepticism to Optimism. The report explores adoption and sentiment related to AI in corporate finance functions. Notably, more than two thirds of finance professionals surveyed confirmed that they were in the exploratory stage of implementing an AI initiative within their finance function; and 60% of respondents who had already deployed an AI-related Finance project characterized the deployment as successful.
The publication of this report follows the launch of the CCH Tagetik AI-powered Intelligent Platform in May 2024, which empowers finance teams to transform massive data sets at scale, support more efficient, more accurate financial processes, unlock insights and elevate decision making.
Ralf Gärtner, Senior Vice President & General Manager, Wolters Kluwer CPM said: “The findings of our research suggest that AI is, indeed, the next frontier of finance technology. AI adoption within the Office of the CFO is no longer a question of ‘if’ – but ‘when’ and ‘how.’ Our report shows that 70% of finance professionals are planning to invest in AI within the next five years and they will need access to high quality, advanced technologies to optimize the potential of this technology. We are relentlessly committed to continuous innovation and excellence in product development to support the office of the CFO, ensuring finance teams are future ready.”
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Key findings of the report, AI in Finance, from Skepticism to Optimism, include:
- AI accelerates finance’s transformation journey: 56% of respondents said they recognize AI’s potential to revolutionize financial processes, a strong indicator of the growing acceptance of AI’s role in transforming finance. Conversely, only 5% said they do not believe AI will have an impact on day-to-day financial processes.
- AI adoption driven by efficiency gains: The research revealed that improving efficiency (chosen by 41% of respondents), reducing costs (18%) and enhancing risk management and decision making (18%) are the three leading motivators driving AI adoption.
- Early AI adopters in finance report success: More than two thirds of respondents said they were in the exploratory stage of AI implementation; while 6% had already implemented AI in some capacity; and 9% were already exploring ways to scale AI projects more broadly. Among respondents who had already launched an AI project, more than 60% viewed their AI deployment as successful, which suggests that AI is having a tangible, positive impact on operations and processes.
- AI investment set to accelerate over five years: 70% of respondents indicate plans to invest in AI within the next five years – with more than 60% planning to invest in AI within the next two years.
Research methodology
The survey was distributed by Wolters Kluwer, via email outreach to a Wolters Kluwer CCH Tagetik database of finance leaders, and to finance leaders who participated in live events hosted by the company. Participants completed the survey anonymously, and represented multiple global regions including Europe, Asia Pacific, North America, India, the Middle East, and Africa. A total of 181 participants, representing various roles in their organization including Finance (61%), IT (20%), Other (13.9%) and Business (4.9%) completed the survey.
Wolters Kluwer (EURONEXT: WKL) is a global leader in information, software solutions and services for professionals in healthcare; tax and accounting; financial and corporate compliance; legal and regulatory; corporate performance and ESG. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with technology and services.
Wolters Kluwer reported 2023 annual revenues of €5.6 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 21,400 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.
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