A survey, run by the data management and finance platform OneStream, shows that eight in ten finance leaders believe AI will enhance productivity and efficiency. This is according to data based on a study that explored the attitudes of 800 prominent finance leaders globally.

According to the Association of Chartered Certified Accountants (ACCA), 90% of employers are reporting skills shortage, and the OneStream study shows that respondents believe AI is a crucial tool to address this gap.

Three quarters of respondents believe that AI can increase productivity by automating routine tasks, allowing finance professionals to focus on more strategic responsibilities. 

The top three areas where AI has made a significant impact, according to respondents, are financial reporting (74%), financial planning (67%), and demand forecasting/sales planning (60%).

Among respondents already using AI for these purposes, 70% said it helped them better predict and manage risk. Additionally, 72% of respondents believe that AI adoption in finance will create new opportunities for jobs in accountancy and finance.

“AI’s integration in finance isn’t just revolutionising processes; it’s inspiring the next generation of finance talent,” said Matt Rodgers, an executive vice president at OneStream.

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Looking ahead, the survey indicates a positive outlook for the integration of AI in financial processes. Over half of the businesses surveyed (58%) foresee AI becoming a core component of financial operations, with many believing that generative AI could automate report writing and significantly enhance financial forecasting.

“AI is becoming the heartbeat of financial operations, and the future of finance lies in our ability to embrace and leverage AI technologies,” continued Rodgers. 

“AI isn’t just important for technological advancement – it’s crucial for future planning too. As many countries face economic headwinds, socio economics issues and many other factors that affect businesses, AI is the crystal ball to finance professionals’ futures, helping them plan, prepare and weather any potential storm.”