AI Adoption in Finance Functions Soared in 2024

The buzz around AI’s potential to save time and boost efficiency has led many companies to quickly implement it in the workplace. While administrative functions like HR, legal, and procurement were early adopters, finance initially lagged behind. However, that’s no longer the case. “The adoption of finance AI by finance functions has increased significantly in the past year with 58% using the technology in 2024 – a rise of 21 percentage points from 2023 – according to a survey by Gartner, Inc.”

Why The Surge Now?

Although finance was slower to embrace AI, some forward-thinking professionals saw its potential early on. Early adopters who experimented with AI in their businesses have demonstrated success, encouraging others to follow suit.

The surge is driven by four main use cases:

1. Intelligent process automation
2. Anomaly and error detection
3. Analytics
4. Operational assistance and augmentation (generative AI)

Finance departments deal with numbers, codes, and rules daily ...