Only 13 per cent of finance executives are using artificial intelligence (AI), analytics and automation to transform multiple processes across their enterprises, according to Genpact.

The professional services firm commissioned Longitude to survey 516 c-suite and senior finance executives across the United States, United Kingdom, Japan, Australia, Norway, France, Germany, Netherlands, Sweden, Switzerland and Denmark. Respondents work at companies with revenues from $500 million to over $50 billion, with a quarter being chief financial officers.

The research revealed that when it came to meeting business expectations to generate actionable insights from company data, not a single survey respondent stated that their function can do so significantly; while 58 per cent said that finance just somewhat delivers insights. None of the executives said they have a structured way to generate predictive insights to meet businesses’ changing and varied demands.

Customer experience was cited as the number one corporate priority, ahead of increasing cash flow and driving revenue growth. This was reflected in businesses’ expectations from the finance function in the next two years, where enhancing the experience for customers, suppliers and employees came out on top. While most survey respondents believed they were somewhat improving these experiences, only one per cent said they were significantly meeting this expectation.

To support strategic business goals, the finance function must evolve to become the company’s enterprise data guardian, according to Genpact, with nearly half (49 per cent) of respondents agreeing this is their role, although only seven per cent strongly agreed.

Despite, or perhaps even because of, technology implementation issues, the executives surveyed recognised the importance of embracing AI, analytics and automation when recruiting talent. The top two skillsets that finance organisations most urgently sought were knowledge of advanced digital technologies and data science skills.

Katie Stein, chief strategy officer at Genpact, commented: “The need for new skills is clear – not just for finance operations alone, but more importantly, for the function to enable enterprise transformation.

“CFOs and their teams can lead as strategic partners and provide faster, smarter access to critical data - the opportunity is there - it’s up to finance executives to implement digital technologies and analytics more effectively, combining their domain expertise to deliver business insights that drive competitive growth.”

Share Story: