A global survey of finance professionals conducted by Unit4 found out that most finance teams are now using artificial intelligence-powered systems to outperform peers as demand for skills increases.
More than 1760 working professionals from various countries like the United States, the United Kingdom, France, Canada, Australia, Belgium, Singapore, Netherlands, and Germany participated in the survey.
The survey undertaken by DJS Research indicated increased awareness of artificial intelligence among working professionals, especially for financial planning and analysis (FP&A). 47% of the companies that had adopted artificial intelligence said their productivity has increased, compared to 28% of non-adopters.
Chief Executive Officer of Unit4, Gordon Stuart, said, “Artificial intelligence should not just be seen as a way to automate processes. Finance professionals should also use it as an opportunity to move into a more strategic role, becoming storytellers and influencers, interpreting data through technology analysis, and translating the findings into meaningful insights relevant to their organizations.”
The finance sector does not entirely understand the importance of artificial intelligence and how it can help in making informed decisions. The companies which have adopted artificial intelligence services are performing better than their rivals, the study mentioned.
It was revealed that more than 33% of employees feel that artificial intelligence can be used to reduce operational time and improve data quality but are reluctant to believe that it can help them make quicker decisions.
86% of the finance leaders across the globe are now planning to undertake artificial intelligence training to improve the skills and productivity of their enterprises.
Chief Financial and Risk Officer of Nuclear Waste Management Organization Georgina Kossivas said, “Communications skills are also essential to articulate insights in terms that are relevant to senior decision-makers. Investments in artificial intelligence will only deliver on their true potential if finance professionals have developed these skills sufficiently.”