The gradual adoption of GenAI in finance and accounting (F&A) is expected to enhance decision-making and productivity and bring operational efficiency to daily processes. With GenAI’s integration, automation of routine tasks, analysis of large data sets in real time, and generation of predictive insights are expected to become a reality, easing day-to-day operations. Finance executives are becoming increasingly optimistic about GenAI’s potential to transform their tasks, which is crucial for redefining workflow, data-driven decision-making, and value creation.
- Data accuracy can elevate the decision-making process: 55% of the finance executives indicate that GenAI adoption can contribute to a data-driven work culture by enabling them to derive actionable insights from the large volume of structured and unstructured data. Tools such as chatbots and virtual assistants have started showing positive results in providing real-time insights in areas, including cost optimization, compliance, and market trends. Finance executives see the potential of GenAI in providing predictive insights that enhance the decision-making process.
- Leveling up automation for increased efficiency: 50% of finance executives expect GenAI could take automation up a notch, leading to improved productivity. Conventionally, F&A processes leverage robotic process automation (RPA) to automate repetitive tasks such as invoice processing, reconciliation, and payroll. But GenAI has the potential to automate processes further by understating the context, predicting outcomes, and generating relevant content; for example, it can create financial summaries, analyze complicated datasets, or assess trends in real time, enabling teams to focus on more strategic efforts. The CFO of an information technology company highlights using “GenAI in some functions such as investor relations and memos. It is at an experimental stage in different areas. In finance, it can help to improve performance.”
The data shows that GenAl could contribute to a leap in productivity, and finance leaders echo that and expect GenAI to deliver more than just enhanced efficiency. As automation removes manual interventions, the focus turns to higher-value work, including forecasting, strategic planning, and risk assessment.
- The right skillsets are a must for GenAI adoption: Effective integration of GenAI requires the workforce to acquire new skills, and 47% of the finance executives agree. While automation eases processes for routine tasks, GenAI requires finance talent to upskill and sharpen their technological acumen to drive focus on strategic initiatives. Enterprises should prioritize training programs that prepare teams to effectively harness value from AI tools and promote synergy between human and machine intelligence. Additionally, with GenAI adoption, new roles, such as data scientists, may become more embedded in F&A teams as organizations embrace a dynamic work environment. This gradual transition underlines the importance of resilience and continued learning within the finance workforce. The CFO of a leading healthcare company shares, “Upskilling can also be effective, depending on their interests. Employees who are data-driven and possess data experience and expertise are highly valuable.”
- Changing work dynamics for transformative growth: While a mere 3% of finance executives say GenAI adoption will have no impact on work dynamics, 97% of the participants expect GenAI will alter those dynamics as the technology matures and steers human expertise from a transactional mode to an analytical one with a stronger focus on data interpretation and strategic thinking to deliver long-term success.
The Botton Line: GenAI adoption can enable finance and accounting functions to integrate a culture of data-driven decision-making and help finance executives focus on strategic activities that will improve productivity.
