Finance organizations are increasingly using artificial intelligence or plan to use the technology in their functions, according to a report released today by Gartner. The organization’s survey of finance leaders found that 39% currently use AI and machine learning, and an additional 29% have plans to use AI and machine learning in their functions.
“The most successful AI-forward finance organizations embrace and evangelize AI at the C-suite level and embed data science teams directly within finance departments while avoiding reliance on third parties,” said Mark McDonald, senior director analyst at Gartner. “It’s only when employees embrace AI as a co-worker rather than a threat to their jobs that organizations see the highest likelihood and magnitude of success.”
Gartner found that finance organizations using AI have shorter-term results, but transformative results take time. In addition, organizations with a high level of AI acceptance report high success. However, without the buy-in from knowledgeable process owners, building AI-driven processes that emulate organizations’ decisions and actions proves difficult, according to the report.
Meanwhile, the report found that 30% of organizations have no planned AI and machine learning implementation in their finance functions.
Gartner surveyed 133 finance leaders in May for the report.