Skip to main content

Accounting

60% of CFOs Say Their Organizations are Ready to Implement and Work With AI, but Only 35% are Using AI in Finance

The report also notes a significant focus on business continuity and resilience, with 59% of finance executives prioritizing these areas in 2024, up from 51% in 2023 and 40% in 2022.

Isaac M. O'Bannon

Jul. 30, 2024

Tipalti, the leading global finance automation company, has released new research revealing the priorities of CFOs in 2024 as they navigate the challenges of business growth. The report, titled Seizing the AI & Automation Opportunity: Where CFOs Stand, examines CFOs’ AI readiness, digital technology adoption, and business performance expectations for the coming year.

In partnership with CFO Dive, Tipalti surveyed 150 finance executives across various industries, uncovering key insights:

  • Resource Constraints: 72% of finance executives agree that CFOs and finance functions are tasked with doing more with less—i.e., fewer resources or smaller budgets—in 2024 compared to 2023. Moreover, 84% believe manual tasks still consume too much of their teams’ time, up 8% from last year, highlighting the need for automation and technology investments to support long-term growth.
  • AI Adoption: 69% of finance executives report that their organizations are either using, exploring, or investing in AI in finance, and 60% feel their organizations are ready to implement AI tools. However, the majority (65%) rate their organizations’ readiness as moderate or less.
  • Technological Readiness: Enterprise Value Creating CFOs are more likely to feel ready to implement AI (70% vs. 49%) and prioritize digital transformation to achieve business goals in 2024.

The report also notes a significant focus on business continuity and resilience, with 59% of finance executives prioritizing these areas in 2024, up from 51% in 2023 and 40% in 2022. It explores how CFOs can leverage digital technology and automation to establish robust financial processes for growth.

“As CFOs want to lead their companies in building efficient back office teams, it’s imperative they harness the transformative power of digital technology to streamline workflows and eliminate manual processes,” states Sarah Spoja, CFO of Tipalti. “Our latest report uncovers that CFOs who adopt a value creation mindset are significantly more likely to exceed their organizational goals and expectations compared to those who focus solely on financial and accounting stewardship. To drive enterprise value, CFOs must prioritize automating manual tasks, thus freeing their capacity to engage in strategic, value-creating activities. By doing so, they not only enhance efficiency but also position their organizations to thrive in an increasingly competitive landscape.”

Tipalti’s report also delves into CFOs’ priorities in finance automation, their preparations for AI, and the manual tasks still hindering their teams.

Read the complete report: Seizing the AI & Automation Opportunity: Where CFOs Stand.