- AI increases efficiency but requires clear strategies to succeed, claims say
- Automation drives ROI, reduces errors and saves valuable time
- Uncertainty is slowing AI adoption, despite its transformative potential
As artificial intelligence (AI) continues to reshape industries, financial leaders are reaching a critical juncture, new research shows.
A questionnaire by Basware and Financial Times Longitude shows that while interest in AI remains high, skepticism about its measurable return on investment (ROI) is causing hesitation.
Half of Chief Financial Officers (CFOs) surveyed reported that they would reduce AI spending within a year if results were not clear.
Rising interest in AI amid uncertainty
The survey, which gathered insights from 400 CFOs and finance leaders worldwide, found that 78% of organizations plan to increase their AI investments over the next twelve to eighteen months. Many leaders recognize the potential of AI tools to transform financial operations, but almost a third (31%) admit that their organizations lack a strategic vision for AI implementation.
This lack of clarity is a major barrier: 41% of finance leaders find it difficult to prioritize AI investments amid broader macroeconomic and geopolitical uncertainty. Even large companies, such as Meta, have faced criticism over the challenges of proving ROI on substantial AI investments, reflecting broader industry concerns.
Despite the hesitation, the report highlights areas where AI is already delivering results. In the financial world, automation is seen as a way to reduce manual tasks, improve compliance and detect errors or fraud faster. According to the survey, 75% of CFOs believe AI allows teams to focus on more strategic activities, such as regulatory compliance and e-invoicing.
One promising application is accounts payable automation. Organizations that prioritized AI in this area reported significant financial benefits, including a 136% ROI over three years.
While the benefits of AI are clear, many organizations struggle with challenges related to change management and unclear strategy. The research shows that 40% of finance leaders cite inadequate change management capabilities as a key obstacle, while 31% believe a lack of strategic vision is hindering AI adoption in the finance function.
“The office of the CFO is charged with overseeing a complex range of functions, from regulatory compliance to cash flow management and financial reporting,” said Perttu Nihti, Chief Product Officer at Basware. “These are all areas where AI-powered automation can help reduce hours and relieve pressure. But the success of AI investments depends on knowing where to start and proving impact.”
“We are at the AI tipping point. Focusing on high-value wins, such as AI-powered efficiencies that quickly demonstrate quantifiable ROI, in areas such as compliance, error reduction and fraud detection, will help justify investments across a company’s organization. Nihti concluded.