Fintech
Billtrust’s new report Insights into CFOs’ adoption of Gen AI
As generative AI continues to transform industries, the B2B order-to-cash and digital payments market leader, Billtrust’s new relationship discover US CFOs’ perspectives on the adoption and impact of this disruptive technology.
Billtrust’s “Generative AI & The Office of the CFO” survey surveyed 375 CFOs across the United States, offering valuable insights into how financial leaders are leveraging generative AI to drive efficiency, improve decision making, and fuel growth within their organizations.
The findings reveal that generative AI has moved well beyond the exploratory phase, with 65% of CFOs now integrating AI into their strategy, up from 42% in the previous quarter, according to Deloitte. However, the report also highlights a prevalent knowledge gap, as only 49% of CFOs consider themselves “very knowledgeable” about the capabilities of generative AI, underscoring the urgent need for better training. An additional 34% believe the next generation of finance leaders will be needed to bring the implementation of generative AI in finance to scale.
Despite this knowledge gap, CFOs are moving forward and starting to realize tangible benefits from generative AI. The report found that organizations are seeing average efficiency gains of 32% in areas where they have applied technology. Additionally, 61% of CFOs said generative AI has improved the quality of financial reporting and decision intelligence.
Key insights from the report include:
- Strategic Impact Areas: Generative AI is predominantly applied to guide/recommend/personalize actions or insights related to financial transaction processing, buyer behavior, and risk assessment and reporting, unlocking new levels of operational efficiency.
- Commitment to AI innovation: 77% of CFOs plan to increase investment in generative AI technologies for financial operations within the next year to drive innovation.
- Overcoming obstacles: Data privacy, systems integration, and workforce training remain key challenges to maximizing the potential of generative AI within finance teams.
“Generative AI is revolutionizing the strategic CFO landscape, enabling unprecedented operational efficiency and decision intelligence,” said Ahsan Shah, senior vice president of Data Intelligence, Billtrust. “However, our report also highlights a significant knowledge gap among CFOs regarding the full capabilities of generative AI, underscoring the critical need for further training. Despite these challenges, it is clear that CFOs are enthusiastically adopting generative AI, witnessing substantial efficiency gains and improved financial reporting quality, positioning their organizations for resilient and innovative growth.”
Download the full report “Generative AI and the Office of the CFO.”