Virtual Welcome and Opening Keynote: Mapping Automation & AI in Finance

In an era where digital transformation is at the forefront of strategic business initiatives, understanding the role of Automation and Artificial Intelligence (AI) within the finance sector has become paramount for organizations aiming to maintain a competitive edge. The intersection of finance and technology is evolving rapidly, reshaping traditional financial operations and unlocking new avenues for efficiency and growth. Mapping Automation & AI in Finance is not just about integrating new technologies; it’s about reimagining the future of finance with innovation and strategic foresight.

In this session, Dan Wells and Chris Tredwell discussed the implementation of automation and AI technologies in finance teams, highlighting the potential impact on finance roles and the need for process mapping, good technology, and people in house to make the transition successful.

Here are the highlights:

Automation and AI can significantly improve finance team efficiencies by reducing human errors and freeing up time for more strategic work. However, many teams still face challenges in adoption.
Processes across finance functions generally lack optimization, with complex workflows, manual tasks, and lack of system integration hindering progress. Outdated legacy systems also impact 16% of processes.
The most time-consuming activities for finance teams include data analysis, reporting, and stakeholder communication, presenting opportunities for automation.
Automation technologies like workflow automation, APIs, and robotic process automation can help automate recurring tasks and integrate systems.
Adoption of AI in finance remains low, with familiarity but lack of expertise among many teams. Data analysis, forecasting, and risk management were cited as priority areas for potential AI use.
Budget constraints, lack of in-house expertise, and past project failures were highlighted as key barriers preventing greater automation and AI adoption in many finance functions.

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Finance Function Automation and AI Survey Report

The Finance Function Automation and AI Survey Report is an exciting exploration. It delves into the current trends and challenges within the finance industry, offering valuable insights into how innovative finance leaders are utilizing Automation and AI to transform their operations.