A recent survey conducted by Gartner found that an overwhelming majority of chief financial officers (CFOs) are looking to increase their budgets for AI initiatives in 2024.

The survey polled 302 CFOs and senior finance leaders in December 2023, and found that 90% of them anticipate higher AI budgets this year, and none planning a reduction in spending. 

The survey also revealed that 71% of CFOs intend to boost spending on AI by 10% or more compared to the previous year. Generative AI emerged as a focal point for increased investment, with 81% of CFOs projecting higher spending in that area. 

According to Forbes Advisor, the UK AI market is worth over £16.9 billion, and expected to grow to £803.7 billion by 2035. As of the latest government count, one in six UK organisations have already implemented at least one AI technology.

The 2024 Budget Priorities for CFOs report highlighted technology in general as a top priority for increased budgets in 2024, with 82% of CFOs planning to allocate more funds compared to the previous year. Within the realm of technology, AI stands out as a key area of focus for CFOs.

“CFOs should complement increased spending on AI with critical C-suite discussions about the organisation’s AI ambition,” continued Bant. 

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This would involve determining whether AI will be leveraged to improve existing business models or create entirely new ones, as well as deciding its role in internal operations versus customer-facing initiatives.

“As AI spending increases, CFOs have a unique role to play both in determining how it will impact finance department structure, and – given their holistic understanding of core business value drivers that this technology could put at risk – in establishing proper enterprise-wide governance that balances opportunity and oversight,” Bant added.