Why Finance Is Ready for a Breakout Transformation with Artificial Intelligence

Over the past few years, numerous finance departments have navigated this delicate equilibrium using intelligent technologies, such as process automation and predictive analytics. According to the SAP Concur CFO Pulse Survey, nearly 62% of finance leaders agree that artificial intelligence (AI) is an essential tool to manage the unexpected.

 

Recent breakthroughs in generative AI now offer an opportunity to transform the finance function. However, according to Gartner, 18% of finance staff demonstrate digital competency compared with just 11% of their managers.

 

In our conversations with finance leaders worldwide, finance processes – including travel and expense (T&E) – emerged as a prime area of transformation with generative AI, and here are the 3 core focuses.