A recent report by Basware, in collaboration with Financial Times Longitude, highlights that 78% of CFOs are keen to increase AI investments in the next 12 to 18 months to enhance efficiency and automate financial operations. However, 50% are prepared to cut funding if AI fails to deliver measurable ROI within a year. The survey of 400 global CFOs revealed cost efficiency as the primary focus for financial leaders, with 70% reporting that staff favors AI for automating administrative tasks. Despite its potential, macroeconomic and geopolitical uncertainties, coupled with challenges in change management and unclear AI strategies, are making it difficult for 41% of finance leaders to prioritize AI investment.
The report underscores that targeted AI applications in areas like accounts payable are yielding significant returns, with organizations seeing an average ROI of 136% over three years. For example, Billerud, a packaging manufacturer, implemented Basware’s SmartPDF AI solution, reducing manual invoice validation rates from 15% to 9% and automating over 90% of invoices. Benefits such as error reduction, fraud detection, and enhanced compliance are driving the demand for AI in finance.
