Business Leaders Ready to Embrace AI and Other Emerging Technologies to Enhance Financial Operations
As technology continues to advance at a rapid pace, business leaders are recognizing the potential of artificial intelligence (AI) and other emerging technologies to transform their financial operations. According to a recent survey by BlackLine Inc., a leading provider of financial automation software, 91% of business leaders believe that AI and other emerging technologies will have a significant impact on their organization’s financial operations in the next three years.
The survey, which included responses from over 1,000 finance and accounting professionals, found that 58% of respondents are already using AI or plan to implement it in the next 12 months. This is a significant increase from the previous year’s survey, where only 16% of respondents reported using AI.
One of the main reasons for this increase is the potential for AI to automate repetitive and time-consuming tasks, freeing up finance professionals to focus on more strategic and value-added activities. In fact, 75% of respondents believe that AI will improve the accuracy and efficiency of their financial operations.
In addition to AI, business leaders are also looking to other emerging technologies such as robotic process automation (RPA) and blockchain to enhance their financial operations. RPA, which uses software robots to automate manual tasks, is already being used by 56% of respondents, with an additional 19% planning to implement it in the next 12 months. Similarly, 55% of respondents are either using or planning to use blockchain technology in their financial operations.
The survey also revealed that business leaders are aware of the potential risks associated with implementing these emerging technologies. 63% of respondents cited data security as their top concern, followed by the cost of implementation (55%) and the need for specialized skills (52%).
To address these concerns, organizations are taking steps to ensure the responsible and ethical use of these technologies. 68% of respondents reported having a formal process in place to evaluate the ethical implications of AI, and 64% have a similar process for RPA.
Overall, the survey highlights the growing acceptance and adoption of AI and other emerging technologies in the financial sector. As these technologies continue to evolve and improve, they have the potential to revolutionize financial operations and drive significant business growth. However, it is important for organizations to carefully consider the potential risks and have proper processes in place to ensure responsible and ethical use.
