CFOs Embrace Generative AI Amid Knowledge Gaps and Integration Hurdles

The report, ‘Generative AI & The Office of the CFO’, took in the views of 375 CFOs across the United States, to give a comprehensive look into the adoption and impact of generative AI in the financial sector. 

The findings signify a major shift from exploration to implementation, with 65% of CFOs now incorporating generative AI into their strategies, a notable increase from 42% in the previous quarter of 2024 as reported by Deloitte.

Despite this progress, a substantial knowledge gap persists: just under half of CFOs polled consider themselves “very knowledgeable” about generative AI’s capabilities, highlighting an urgent need for enhanced education and training. Additionally, one third of respondents believe that fully scaling the implementation of generative AI will require the next generation of finance leaders.

Despite these challenges, the tangible benefits of generative AI are becoming evident. Organisations report an average efficiency gain of 32% in areas where the technology has been applied. Moreover, 61% of CFOs have noted improvements in the quality of financial reporting and decision-making.

Further key insights include

• Strategic Impact Areas: Generative AI is primarily used for financial transaction processing, buyer behaviour analysis, and risk assessment and reporting, resulting in unprecedented levels of operational efficiency.
• Commitment to AI Innovation: A significant 77% of CFOs plan to increase investment in generative AI technologies for financial operations over the next year to drive further innovation.
• Overcoming Hurdles: Despite the optimism, data privacy, system integration, and workforce training remain critical challenges in maximising the potential of generative AI within finance teams.

Ahsan Shah, Senior VP Data Intelligence, Billtrust, said: 

“Generative AI is revolutionizing the strategic landscape for CFOs, driving unprecedented operational efficiency and decision-making intelligence.

“However, the report also brings to light a significant knowledge gap among CFOs regarding generative AI’s full capabilities, emphasizing a critical need for further education. Despite these challenges, it’s clear that CFOs are keenly adopting generative AI, witnessing substantial efficiency gains and enhanced financial reporting quality, positioning their organizations for resilient and innovative growth.”

Know the risks

As generative AI continues to reshape the financial landscape, it is clear that while progress is being made, there is still a considerable journey ahead to fully harness its capabilities.

The issues are examined in depth this October at #RISK London, where industry leaders debate how companies can navigate AI adoption responsibly, while gaining a significant competitive edge.