The adoption of artificial intelligence in finance functions has grown significantly, with 58% of finance teams utilizing the technology in 2024, according to a recent survey by Gartner, Inc. This represents a 21 percentage-point increase from 2023, reflecting a rapid shift in the finance sector's embrace of AI. Key areas of AI implementation include intelligent process automation, anomaly detection, financial analytics, and operational assistance. While 42% of finance functions have yet to adopt AI, half of these are planning to implement the technology soon. The survey also highlights that finance’s AI adoption has nearly caught up with other administrative departments such as HR and procurement.
Gartner’s report also outlines challenges that finance leaders face in adopting AI, including inadequate data quality and a lack of data literacy or technical skills. To meet the growing demand for AI talent, CFOs are advised to develop comprehensive strategies to attract and retain the necessary expertise. Additionally, Gartner experts recommend shifting from a “single version of the truth” approach to a more flexible data management philosophy to improve AI's effectiveness. The findings were discussed at the Gartner CFO and Finance Executive Conference 2024, where leaders explored AI’s transformative potential for enterprise value creation.
