NEW YORK, May 8, 2024 /PRNewswire/ — Could 2024 be the year that generative artificial intelligence (AI) sees accelerated adoption in finance and accounting? Deloitte Control CenterMT surveyWhile few executives (6.6%) say their organizations have already implemented generative AI solutions to support finance and accounting processes, many more indicate they are actively discussing use cases (15.4%) or have future plans to adopt the technology (27.8%).
Looking ahead to the next 12 months, surveyed executives say cash flow forecasting (23.7%) presents the greatest opportunity for generative AI within their organization’s finance and accounting function, followed closely by scenario planning (21.1%), expense reporting (18.1%) and financial controls management (14.1%).
“As in any industry, there are areas of accounting and finance that could be ripe for experimentation with generative AI,” said Court WatsonA Deloitte Risks & Financial adviceDeloitte & Touche LLP, which specializes in the use of AI in controlling functions. “Processes that rely on estimates for which organizations have robust, ready-to-use datasets of algorithms, such as cash flow forecasting and scenario planning, could be ideal areas for finance and accounting teams to start testing the use of generative AI.”
Data, which is the primary source of information for generative AI models, is the biggest pain point according to respondents. Nearly a quarter (24.4%) of executives surveyed say that improving data quality would improve their level of trust in generative AI tools.
“Overall, organizations continue to tell us that the lack of clean, model-ready data is a major challenge for integrating generative AI into finance and accounting workflows. Implementing a robust data strategy and process to prepare finance and accounting data for use in generative AI models – as well as with automation and other technologies – is a critical first step in helping organizations achieve truly actionable insights and results,” said Watson.
Interest in generative AI solutions in finance and accounting is growing, as are considerations about the technology’s implications for governance strategies. More than a third of executives surveyed (38.7%) say their organization has already implemented or will implement a generative AI strategy—protocols to guide its adoption and use—for finance and accounting in the next 12 months. Yet a similar number (39%) say they have no plans to develop a strategy in the future.
Dave StahlerA Deloitte Risks & Financial advice “Generative AI is expected to transform finance and accounting processes, including real-world financial data, making governance an important piece of the puzzle. Treating AI governance like any other financial transformation effort will be critical to safely integrating the technology into an organization’s financial operations. For many, this will mean adopting an enterprise-wide approach that includes a well-managed data strategy, assurances of accuracy and reliability, alignment with financial regulations and standards, close strategic collaboration across business functions, and, most importantly, executive support,” added Deloitte & Touche LLP.
About the online survey
More than 1,430 senior executives and other leaders were surveyed in a Deloitte Control Center webcast, titled “A New Frontier: Exploring Artificial Intelligence in Finance,” on October 26, 2023Response rates differed across questions.
About Deloitte
Deloitte provides leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90 percent of the Fortune 500® and more than 8,500 private companies headquartered in the United States. At Deloitte, we strive to live our purpose of making an impact that matters by building trust in a more equitable society. We leverage our unique combination of business acumen, technology savvy and strategic technology alliances to advise clients across all industries as they shape their futures. Deloitte is proud to be part of the largest global professional services network, serving our clients in the markets that matter most to them. Building on more than 175 years of service, our network of member firms spans more than 150 countries and territories. Discover how Deloitte’s approximately 457,000 people worldwide are connecting for impact. www.deloitte.com.
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SOURCE Deloitte
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