Why adoption of AI in Finance is about to explode
To many finance professionals, artificial intelligence (AI) is something they may have heard plenty about, but had little real world experience with. This is all about to change.
New research from Gartner reveals that organisations are rapidly embracing AI, with over 40% of all new implementations of enterprise applications involving AI technologies. Another report published last year by analyst group IDC revealed that 67% of organisations worldwide have already adopted, or plan to adopt, AI within five years, with an estimated $58 billion being spent on the technology over the same period.
It's clear that AI adoption throughout organisations is growing year on year, but is this runaway trend impacting finance departments?
Finance is often seen as one of the last departments to reap the benefits of new technologies, and AI is no exception. While a recent survey by the Association for Finance Professionals (AFP) found that 46% of finance professionals are actively planning to implement AI solutions, this is only the tip of the iceberg. In the same survey, 58% also said the biggest hurdle to adopting emerging technologies such as AI in their organisation is “awareness and engagement.”
While lack of 'awareness and engagement' has historically been a barrier to adoption for finance departments, this is no longer the case. With the increasing adoption of, and focus on, artificial intelligence in the wider organisation, finance professionals are starting to see the real-world benefits of AI in other departments throughout their own business, and want in on the action. Growing awareness of AI among finance professionals is only one reason for the coming explosion in adoption, however.
Conditions are right for the adoption of AI solutions in finance to explode...
Finance departments are understandably cautious about change and disruption. Unproven and immature technologies that threaten to overhaul procedures and re-write established processes are rightly looked at with suspicion, lest they disrupt the critical lifeblood of the business. Surprisingly, AI solutions are far from immature, and are in fact well established, with a long track record of proven results in transforming finance departments.
AI finance technology such as Rimilia's intelligent finance solutions have been serving large organisations such as Santander, TalkTalk, Hitachi Capital and Hertz for over 10 years. These solutions are established, stable and trusted by a wide range of blue-chip companies. Rimilia's out-of-the-box solutions benefit from years of development and real world implementation, leading to streamlined, rapid installations and experienced customer service, eliminating the uncertainty and risk usually associated with young technologies.
Not only are AI solutions easy to implement with reliable results, but according to information gathered from the 2018 Gartner CIO Agenda Survey, organisations themselves are more prepared to handle adoption than ever before. In the study, 79% of CIOs report that digital business is making their organisations more change ready, meaning that now is a good time to implement change and adopt AI. The time has never been better...
With all of these factors combining to create a fertile environment, the explosion in adoption of AI by finance departments looks imminent. Innovative finance departments are already starting to get ahead of the curve by digitally transforming their business processes using AI, meaning that finance professionals that do not embrace new technologies risk being left behind.
For finance professionals, AI solutions are not only beneficial for their department, their company and their customers, but also for their careers. At Rimilia, we've seen time and time again finance leaders becoming heroes within their organisations for recognising the advantages that good AI solutions can deliver to their business.
Why not check out our case studies, to find out how others have transformed their finance departments ahead of the coming AI explosion.