Finance leaders embracing AI-generated data for key business decisions
by Ben Poole
AI-generated data has become the single most important tool in financial leaders’ decision-making process, according to research from Taulia, part of SAP Group. These findings offer further evidence to indicate AI is no longer viewed as a peripheral tool but is becoming foundational for strategic decision-making among finance leaders.
Over half (57%) of global financial leaders are currently using AI-generated insights to inform key decisions, making it significantly more likely to be used than internal (48%) and external (46%) data points alone, their judgment calls (35%), and inputs from colleagues (32%). Because of this, finance leaders are anticipating that the role AI-generated insights will play within their function will become more critical, with 85% of leaders expecting AI’s influence on their decision-making to increase within the next 12 months.
AI-generated data insights have quickly become central to finance functions globally, with 60% of leaders currently sitting in teams that use AI in some capacity and 92% believing they will be using AI-generated data insights within the next 12 months. The most common applications of AI-generated data insights being put to use is in inventory and supply chain management (48%) and process automation and efficiency (46%).
“Our findings highlight a significant shift in the way that successful finance functions run, with AI no longer an emerging technology, but a core component of strategic decision making,” commented Cedric Bru, CEO, Taulia. “Generative AI has the power to simplify access to insights and empower finance leaders. We are excited to support finance leaders by providing AI-powered analytics to create effective working capital management strategies. Financial leaders are already placing significant trust in AI-generated data, utilising it for business critical decisions and valuing it above all other inputs.”
When asked specifically where AI data has had the most influence on decision-making so far, nearly half of financial leaders (47%) said that it was key to improving process automation, followed closely (45%) by cash forecasting. The larger the business, the more likely AI was to feature heavily in the decision-making process, with 62% of large businesses (over 1000 employees) using AI data for guidance compared to 39% of businesses with 249-500 employees.
Global finance leaders largely agree (90%) that AI has had a positive impact on their ability to make informed decisions, with over a third (36%) saying it’s had a massively significant positive impact. The value of AI insights is not lost on financial leaders, and as the importance of AI continues to grow within the financial function, financial leaders have already started to reshape their team structures around the value it can provide. Almost half (45%) of finance functions are planning to hire dedicated AI experts in the near future.
“It’s clear the role of AI within the finance function is only going to increase, meaning those able to understand and harness it effectively will have a substantial competitive advantage,” added Bru. “Successful financial leaders are already exploring a range of AI-powered solutions and partners to ensure they don’t fall behind the innovation curve.”
The research for the Taulia study was conducted by Opinium between 14 August to 28 August 2024, surveying 600 directors and decision-makers in the finance and treasury functions of their business. All respondents were from mid to large corporations (with 250 or more employees) and in key industries.
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