Most companies already use AI in their financial operations

A study carried out by KPMG at a global level revealed that the growing adoption of Artificial Intelligence (AI) in the financial functions of companies has achieved important levels of return on investment (ROI) – 57% of executives say that it exceeds expectations – as well as several other advantages.

The report on the application of AI in finance surveyed “2,900 organizations across 23 countries, building on previous research that covered 1,800 organizations across 10 countries. Based on a maturity model, organizations were classified into three levels of readiness for AI adoption: “Leaders” (24%), “Implementers” (58%) and “Beginners” (18%).”

Rui Gonçalves, Partner and Head of Technology Consulting at KPMG Portugal commented that “this study confirms that AI is a global phenomenon, adopted by finance teams across multiple markets and sectors. The benefits that AI enables and the ROI it generates make it a strategic priority and a very powerful tool, and as new capabilities emerge, the pace of adoption will only accelerate. Companies need to act to remain competitive and sustainable, and it is difficult to find another technology with such high levels of return.”

Regarding the growth of AI implementation and the central role of generative AI, “71% of the organizations surveyed currently use AI in some form in their financial operations, with 41% already implementing it moderately or significantly. This percentage is expected to increase to 83% in the next three years.”

Regarding Overcoming Barriers and Return on Investment, KPMG highlighted that “despite the challenges faced by all organizations – such as data security (57%), lack of AI skills (53%), difficulties in collecting data (48%) and costs (45%) – corporate leaders stand out for the effective way in which they overcome these obstacles. For these executives, the challenges become more sophisticated, such as integrating AI into existing systems and overcoming internal resistance”.