Wolters Kluwer Survey Reveals AI Adoption Trends in Finance Sector
The latest insights from Wolters Kluwer showcase the evolving landscape of artificial intelligence (AI) adoption among financial leaders.
Current and Future AI Usage in Finance
Wolters Kluwer’s recent survey reveals that as of now, only 6% of financial managers are using agency AI. However, a significant 38% plan to integrate AI within the next year, projecting a remarkable rise to 44% by 2026, marking an astonishing 600% increase.
Impact of Economic Volatility
Economic uncertainties have driven 67% of financial managers to implement AI for financial planning and analysis (FP&A) for the first time. The need for adaptability in this volatile environment is pushing leaders to consider AI as a strategic tool.
Strategic Staffing Adjustments
To address economic challenges, 33% of survey respondents plan to expand their teams, while 24% are contemplating restructuring. Despite recognizing the need for optimal team resources, 22% of financial leaders admit they cannot implement necessary changes.
Importance of AI Skills in Recruitment
A staggering 85% of financial leaders highlighted the significance of AI skills when recruiting for financial roles, with 11% deeming them essential. This reflects a growing acknowledgment of the role AI will play in the future of finance.
AI Integration Strategies
Data preparation is flagged by 44% of respondents as a crucial factor in bolstering AI adoption. In response to these needs, Wolters Kluwer has launched a learning center dedicated to enhancing AI expertise among finance professionals, aiming to optimize technology use and boost productivity.
Benefits of AI Adoption
Financial leaders cite improved precision and a reduction in human error as the top benefits of embracing AI, with 40% highlighting these advantages. Moreover, 36% note that AI contributes significantly to efficiency and productivity.
Future Expectations and Time Savings
Looking ahead, 42% of financial managers anticipate saving 10% of their working time—equating to 26 days—thanks to AI within the next year. Additionally, 24% expect to achieve a 20% reduction in time spent (52 days), while 22% forecast a 5% saving (13 days).
Leadership Insight
Karen Abramson, CEO of Wolters Kluwer Corporate Performance & ESG, remarked, “At Wolters Kluwer, we are committed to continuous innovation for financial directors. Last year, we launched the intelligent CCH Tagetik platform, integrating advanced AI capabilities.”