Survey: 60% of CFOs Believe Enterprises Are Ready to Apply AI, but Only 35% Actually Use AI in Finance

Foster City, CA — The world's leading financial automation companyTipaltireleased new research on July 26, 2024, revealing CFOs' priorities when addressing business growth challenges in 2024. The report, titledSeizing the AI and Automation Opportunity: The CFO's Stance, examines CFOs' AI readiness, digital technology adoption, and business performance expectations for the coming year.

Tipalti, in collaboration with CFO Dive, surveyed 150 financial executives from various industries, yielding the following key findings:

• Resource Constraints:72% of financial executives believe that in 2024, CFOs and finance functions are being asked to do more with fewer resources or budgets compared to 2023. Additionally, 84% believe manual tasks still consume too much of their teams' time, up 8% from last year, highlighting the necessity of automation and technology investment to support long-term growth.
• AI Adoption:69% of financial executives say their organizations are using, exploring, or investing in AI within finance; 60% believe their organizations are ready to implement AI tools. However, the majority (65%) rate their organization's readiness as "moderate" or lower.
• Technology Readiness:CFOs with a value-creation mindset are more likely to feel ready to implement AI (70% vs. 49%) and are more inclined to prioritize digital transformation in 2024 to achieve business goals.

The report also notes that business continuity and resilience have become significant areas of focus, with 59% of financial executives prioritizing it in 2024, up from 51% in 2023 and 40% in 2022. The report explores how CFOs can leverage digital technology and automation to build robust financial processes that support growth.

"CFOs want to lead their companies in building efficient back-office teams, so they must harness the transformative power of digital technology to streamline workflows and eliminate manual processes," said Sarah Spoja, CFO of Tipalti. "Our latest report found that CFOs with a value-creation mindset are significantly more likely to exceed organizational goals and expectations than their peers focused solely on finance and accounting management. To drive enterprise value, CFOs must prioritize automating manual tasks, freeing up their own time to engage in strategic value-creation activities. By doing so, they not only enhance efficiency but also enable their organizations to thrive in an increasingly competitive landscape."

Tipalti's report also delves into CFOs' priorities in financial automation, their readiness for AI, and the manual tasks that still hinder their teams.

Read the full report:Seizing the AI and Automation Opportunity: The CFO's Stance。

About Tipalti

Tipalti is a global financial automation company that helps finance teams drive business growth by automating accounts payable, mass payments, procurement, and employee expenses in one connected suite. Tipalti eliminates the complexity, cost, and risk in time-consuming financial workflows, enabling finance teams to easily collaborate with employees and suppliers. Tipalti partners with blue-chip banks and financial institutions such as Citibank, Wells Fargo, JPMorgan, and Visa, enabling global businesses to pay suppliers efficiently and securely in 196 countries, 6 payment methods, and 120 currencies. More than 4,000 growing companies worldwide use Tipalti's solutions to reduce manual finance workload by 80% and accelerate the close process by 25%, while strengthening financial and expense controls. For more information, visittipalti.com。