Global Autonomous

Finance Benchmark

The journey to AI-powered

Autonomous Finance
2024

In partnership with
Foreword Research Methodology
The research report contains insights from over 1,600 finance professionals and CFOs across nine
geographies and six sectors, working for organizations with revenue greater than £250 million GBP or
In my 18 years at Aptitude, I’ve spoken to and worked with hundreds of finance professionals to understand equivalent foreign currency. All participants self-reported as decision makers within their organization.
and address the challenges and opportunities they face and provide them with best-of-breed software A mixed mode methodology was used including in-depth qualitative interviews and a larger scale quantitative
solutions that drive growth, efficiency and sustainability. survey. All research was conducted in partnership with independent insight specialists, Beautiful Insights.

Over the course of those years, the role of the CFO and the Finance Team have evolved and continue to do Qualitative Research
so at a breathtaking pace. Technological advances have pushed the finance function forward, moving it from
• Hour long interviews with eight C-suite executives conducted in February 2024
data siloes and manual processes to a function powered by cloud computing, data analysis and increased
automation. These technologies have enabled finance professionals to automate repetitive tasks, improve • Subjects included five CFOs and three CTOs/CIOs from North America, APAC and EMEA
accuracy and gain deeper insights from data, allowing them to start to focus more on strategic decision • Represented sectors included Banking, Insurance, Media, Platforms/Tech, Manufacturing and CPG/Retail
making and adding value to the business.
Quantitative Research
In fact, with the maturation of cloud and cognitive computing tools over the last few years and the adoption
• Surveys were administered via an online, self-completed questionnaire of approximately 10 minutes in length
of AI in the finance function picking up speed, a new era of finance is emerging - coined by Gartner as
in English or the respondent’s local language
Autonomous Finance.
• Base = CFO; CIO; CTO; Finance Director for a total 1,620 respondents
However, despite all the chatter about AI and Autonomous, in speaking with our clients, partners and finance • Represented regions included ANZ, Benelux, Canada, DACH, Hong Kong, Scandinavia, Singapore, UK and US
professionals we found there were few resources available to help CFOs and their teams understand what where (n) equalled 180 per market
good looks like, benchmark progress against their peers and map out a practical plan to achieve AI-powered
Autonomous Finance. • Represented sectors included Banking, Insurance, Media, Platforms/Tech, Manufacturing and CPG/Retail
where (n) equalled 180 per sector
And so, the idea for this research survey was born. The methodology and survey design were selected to ensure the ability to quantify and track the attitudes
and behaviors of finance professionals and the adoption of Autonomous Finance across a broad range of
To better understand where senior finance leaders and their teams are in their journey to Autonomous Finance sectors and regions, with surveyed populations large enough to observe similarities and differences between
– and if it’s a journey they want to be on – Aptitude, in partnership with Microsoft and HSO, commissioned a the regions and sectors themselves. The research also establishes a benchmark to allow for the comparison
third-party research effort to survey over 1,600 finance and IT professionals across the globe. Survey topics of status to date and allow progress to be measured over time. Finally, it also acts as a tool to allow other
ranged from current priorities and AI usage to obstacles to technology adoption, establishing a culture of organizations to plot their own progress versus the broader sample.
change, progress towards Autonomous Finance and more.
Breakdown of Demographics & Firmographics
Our aim is to help organizations define the pathway, track progression and learn from each other. Through
qualitative and quantitative research, key themes started to emerge which I’m excited to share with you in
this report.
Company size (total revenue) Role
This is the start of an exciting journey for finance teams – one that will push the function further into the role T/O (relevant currency aligned with £ values) ALL Other
of a strategic change agent. We are thrilled to publish this inaugural report and look forward to revisiting the 9%
£250m - £500m 51%
progress of CFOs and their teams annually.
>£500m 49%
Best,
IT/IS Finance
24% 67%
Experience
58%
How long have you been working in
finance roles (not just your current position)? ALL
Under 2 years 0%
2-4 years 20%
Alex Curran 4-6 years 27%
CEO, Aptitude Software 6-10 years 31%
10+ years 22%

3
Executive Summary 06

Key Themes 07
1. Finance teams want to strategically support the broader
organization and see technology as a way forward 09

2. Finance is still a long way from automating core processes 13

3. Data is a top challenge…and a top opportunity 17

4. AI is in place within finance but there are laggards 21

5. CFOs need to see faster value in technology projects 25

First Annual Autonomous Finance Benchmark 28

Benchmark framework and measures 29

Global Benchmark results 31

Final Reflections 34

Industry sector results 35

Regional Results 49

5
Executive Summary Key Themes

The term Autonomous Finance has been around for Key findings from the research AI is in place within finance but there are leaders
the last few years and is defined by Gartner as a and laggards
finance function that goes beyond automated and Finance teams want to strategically support the broader
Globally, 62% of respondents reported that AI is
is capable of delivering augmented real-time and organization and see technology as a way forward
either extensively integrated into various financial
predictive insights, effortless compliance and greater Finance professionals reported a desire to spend processes (17%) or used in some specific areas of
flexibility in financial strategy. less time on historically fundamental finance tasks, financial operations (45%) with the remaining 38%
The promise of Autonomous Finance is significant. including ad-hoc internal requests, accounting and reporting that AI is not currently used in finance
Finally, finance teams can leave behind time-consuming, compliance and spend more time on strategic planning or being explored but not implemented. The most
manual data, accounting and reporting processes to for their function/organization and data. When it cited barrier to greater adoption to AI? Lack of
embrace a role that is more strategic, rewarding and comes to achieving that shift, a strong percentage of understanding or expertise in AI technologies (38%)
capable of adding more value to their organizations. those surveyed believe that technology is essential followed by concerns about data privacy and
However, the reality of where most teams are is for efficiency and innovation (51%) or helpful (32%) security (35%).
very different than this world of self-learning and in optimizing financial processes, reporting and
interoperable systems, optimized and intelligent tasks opportunities within their organizations. CFOs need to see faster value in technology projects
and trusted, real-time data.
According to the survey, finance technology change
Finance is still a long way from automating
In fact, a 2022 survey by Gartner found that, while programs still take years from inception to value
core processes
64% of CFOs believe autonomous finance will become creation. 60% stated it took three or more years to
a reality by 2028, few are making progress toward it. When it comes to automating core finance processes, see value from a finance transformation. When asked
(source*) there is clearly still work to do. In fact, Process, controls which team within an organization is best placed to
and accounting ranked as the top Autonomous Finance drive the vision and development of AI strategy in
To successfully navigate this journey, senior finance and
focus area for respondents – ahead of Data, Reporting the finance function, the reaction was mixed. 24%
technology leaders will need to progress down a path
and forecasting and People, culture and leadership. 61% stated that a combination of Finance and IT made
that involves implementing seamless data flows, process
of respondents reported still processing data weekly or the optimal team, while 20% opted for Finance to
improvements, technology advancements, culture shifts
monthly and only 13% have access to real time data. lead the charge and 19% stated IT / IS should lead
and innovative leadership from Finance and IT leaders.
the way.
The key themes, benchmark results, sector and regional Data is a top challenge… and a top opportunity
results and CFO perspectives that follow in this report
In both the qualitative discussions and quantitative
provide concrete data and insightful observations about
surveys, data came up as both a challenge for
the state of Autonomous Finance in 2024.
organizations and an area in which finance teams
saw significant potential. Data quality and reliability
emerged as the primary obstacle to using financial data
and analytics to make strategic decisions, followed by
budget constraints for investing in analytics solutions
and skills and training. However, data was also identified
as the area where respondents felt their organizations
would see the greatest ROI in the next 3-5 years when it
comes to digital transformation. CFOs who can create
a detailed, real-time data foundation that is accessible
to the rest of the business can create a significant
strategic advantage for their organization.

* https://www.gartner.com/en/finance/topics/autonomous-finance#:~:text=What%20Is%20Autonomous%20Finance%3F,-%20and%20back-office%20operations

7
 Key themes

1. Finance teams want to

strategically support the
broader organization and see
technology as a way forward

9
Finance teams want to strategically Which of these would you like to spend more time/less time on?

support the broader organization and Dealing with ad-hoc internal requests 25% 23%

Accounting 23% 27%

see technology as a way forward Compliance 21% 27%

Reporting 19% 23%

Communicating internally 17% 28%

From bookkeeper to strategic Freedom to choose the Communicating externally 16% 27%
business partner right partner Forecasting 15% 33%

The research highlights that most CFOs and CTOs When asked if they preferred taking a single vendor Data 15% 35%

have a vision for how they want the finance function approach, a best-of-breed approach or a combination of Process controls 15% 29%
to change. This is driven by the need for competitive the two, only 25% stated they preferred a single vendor People & culture 15% 34%
advantage as well as the desire of this new finance approach. This likely reflects the growing preference for
Strategic planning for the organization 11% 44%
function to shift from traditional tasks to strategic work. interoperable systems and modular solutions that can be
implemented quickly to solve a problem or capitalize on Strategic planning for my function/team/department 9% 39%
Survey respondents indicated that they would like an opportunity.
to reduce their work on ad-hoc internal requests, Less time It’s about right currently More time
accounting and compliance - all of which have been It also aligns to recent statements from Gartner
viewed as fundamental finance tasks for decades. that show “at every level of the business technology
Instead, finance leaders report wanting to do more stack, composable modularity has emerged as the
strategic planning for both the finance function and foundational architecture for continuous access to How do you perceive the role of What approach do you have for financial software?
the organization as a whole and have more time to adaptive change,” and that “Businesses rely on it to technology in optimizing financial
spend on data analysis. achieve sustainable business resilience and growth.”* process, reporting and opportunities
within your organization? Combination Single/preferred vendor
51% of both
Finance and IT leaders want the flexibility to select a
The road to digital maturity 17%
supplier most suitable to the task rather than be tied 25%
to a single vendor.
When asked how they plan to achieve this shift, many
reported technology as the tool that will empower 32%
This theme also came up in the qualitative interviews
them. 51% of respondents believe that technology is
with subjects remarking that the right partner for
essential to optimizing financial processes, reporting
finance transformation may not be the traditional
and opportunities within their organizations, with 4% 13%
technology providers many organizations currently
another 32% remarking it helpful. 58%
do business with today. While traditional technology
players can offer value in security and scalability, Not relevant Presents Helpful but not Essential for
While the belief in technology is there, many finance to current challenges due a priority efficiency and
Finance and IT leaders recognize that they can also challenges to set-up costs innovation
departments (64%) placed themselves at the early to Best of breed/right for the need
lead to longer transformation programs and more and complexities
moderate stages in their digital transformation efforts
complex configurations. The interviews suggested
with 41% reporting moderate progress with room for
that partnerships between established broad-based
improvement, 14% at the beginning stages and 9%
technology companies or consulting firms and younger,
at the very early stages.
AI-specialists could offer a good solution, providing
both the security and innovation needed.
When asked to compare the overall maturity of their Comparison of the overall maturity
finance department’s digital transformation efforts to of digital transformation between 41%
that of their overall organization, respondents rated finance department and overall 36%
finance as marginally more advanced, with 37% placing organization
26%
finance in the leading two categories compared with
The future of the finance function lies in 19%
23%
32% of respondents placing the overall organization in
the leading two categories. This assessment remained achieving a higher degree of automation 13% 14%
11%
9% 9%
consistent even when controlling for potential biases and autonomy, where routine processes
on the part of respondents in Finance roles as those in are streamlined, and decision-making is
IT roles also reported Finance teams were ahead of the
supported by predictive analytics. Very early stages, minimal Beginning stages, with some Moderate progress, Advanced stage, significant Highly advanced, fully
broader organization in digital transformation efforts. digital initiatives in place digital initiatives underway several digital initiatives digital transformation integrated digital
implemented but room for initiatives in place transformation across all
improvement aspects of the organization
-CFO, Global Energy Organization
Organization Finance Department

* https://www.gartner.com/en/documents/5083331

11
 Key themes

2. Finance is still a long way from

automating core processes

13
Finance is still a long way from How desirable is each outcome to you and/or your organization

automating core processes Data: processed in real time 36 27 23 6 3 5

Process controls, accounting

27 32 26 8 2 5
and close: Continuous close

People culture and leadership:

The drive to automate is there The current state of automation Real time finance data is 26 30 26 9 4 5
shared (with access
When it comes to automating core finance processes, The survey collected data on the state of several core Reporting and forecasting:
there is clearly still work to do but the desire on the part finance tasks. Globally, respondents reported the Reporting across organization 25 31 28 8 2 6
of finance professionals to increase the efficiency of following: on a self-service...
core financial processes is strong. 0% 100%
On current data processing frequency
The survey and interviews showed that improvements 5 - Would like to achieve this 4 3 2 1 0 - Do not want to achieve this
A surprising 21% of respondents reported still processing
in Process controls, accounting and close and Real-
data monthly with 40% stating they processed data
time data processing were the most desirable outputs
weekly. 23% of respondents reported a daily processing
of an Autonomous Finance program, ranking above
time frame and 15% have achieved a real-time data What is the data processing frequency currently? How long does it take to complete period end close?
improvements in People, culture & leadership and
processing frequency.
Reporting and forecasting.
40% 58%

The interviews confirmed the attractiveness of these On time taken to complete period end close.
improvements with subjects citing the current time The majority (58%) stated it takes between 1-5 days
requirements of these typically ‘traditional’ finance and to close the books followed by 21% of respondents who 21% 23% 21%
accounting activities. Efficiencies gained in these areas said they ran a daily close and 7% who have achieved a 15%
will likely free-up significant resources to focus on the real-time continuous close. 14% reported still taking 5+ 14%
strategic role most finance leaders are keen to embrace. days to complete a period end close. 7%

On self-reporting availability in the organization

Monthly Weekly Daily Real time 5+ days 1-5 days Daily Real time/
14% stated they had no or extremely limited self- Continuous
reporting available. 36% stated that self-service close

reporting was limited to IT and finance power users while

40% of respondents said the majority of reports were What is the finance self reporting availability in your organization?
available as self-service across the organization. Only
10% stated that all reporting was fully available across 40%
their organization on a self-service basis
36%

In both the survey and in-depth interviews, it was

evident that improvements in these areas – making
the data processing and closing activities quicker – 14%
were the most desirable outcomes of digital
10%
transformation work.

None or Self-service Majority of Reporting

extremely limited to IT/ reports available available across
limited finance power as self-service organization
users across the on a self-service
organization basis

15
 Key themes

3. Data is a top challenge…

and a top opportunity

17
Data is a top challenge… What are the primary obstacles you encounter in using financial data
and analytics to make strategic decisions? Please tick all that apply:
and a top opportunity 44%

36% 36% 35% 34% 30%

Garbage in, garbage out Today it takes a huge variety of different

With the proliferation of cloud-based systems and multiple
types of analytics to get at the core
platforms, disciplined and strategic management of data drivers, to understand what we need to do
quality, granularity and processes can be a challenge. and make sure we don’t extract the wrong Data quality Budget Skills and Resistance to Integration issues Lack of analytical
and reliability constraints training adopting data-driven with existing tools or expertise
thing. We have to spend so much time for investing decision making systems
Globally, 44% of respondents named Data quality and in analytics culture
reliability as a primary obstacle encountered in using
just wrestling the data to the ground to solutions

financial data and analytics to make strategic decisions generate these reports.
– the highest of any other option. Two other data-
related challenges also made the list, with 35% of survey
-CFO, Mortgage Company Which areas of your organization’s operations have been most
respondents selecting Resistance to adopting data-driven
decision-making culture and 34% selecting Integration impacted by digital transformation efforts? Please tick all that apply:
issues with existing systems as primary obstacles. 50%

46%

Data projects deliver return on investment 40%

31% 31%
While data was identified as a challenge, it was also
26% 25%
identified as the area where respondents have been most
impacted by digital transformation efforts.
6%

In addition to providing current value, it’s also the area

where respondents felt organizations would see the
Financial Data analytics Customer relationship Human Supply chain Marketing Our core products None of
greatest future ROI in the next 3-5 years. In both current management and business management resources management and services the above
and future digital transformation efforts, finance leaders and reporting intelligence
have seen and expect to see the most significant gains
in Data analytics and business intelligence and Financial
management and reporting.
Where do you feel the overall organization will see the greatest
ROI in the next 3-5 years when it comes to digital transformation?
Please rank the following, with the area seeing greatest ROI at the top:

Item Overall rank Rank Distribution

Data analytics and business intelligence 1

Financial management and reporting 2

Customer relationship management 3

Our core products and services 4

Marketing 5

Supply chain management 6

Human resources 7

Lowest Rank Highest Rank

19
 Key themes

4. AI is in place within

finance but there are
leaders and laggards

21
AI is in place within finance but there How extensively is AI (Artificial Intelligence) currently utilized in your organization’s
financial operations?
are leaders and laggards 45%

Defining AI usage Barriers to adoption 22%

17% 16%
When asked about the use of AI in financial operations, When asked to select the barriers preventing greater
62% reported it was used to some extent - either adoption of AI in the finance function, the top three
extensively (17%) or in some specific areas within finance barriers included Lack of understanding or expertise in
(43%). 38% of respondents reported that AI had not yet AI technologies (38%), Concerns about data privacy
been implemented in their finance function. and security (35%) and Budget constraints for AI
AI is extensively AI is used in some AI is being explored but AI is not currently used
implementation (32%). integrated into various specific areas of not yet implemented in financial operations
financial processes financial operations
The qualitative interviews conducted provided the
opportunity to dig a bit deeper into the state of AI usage. Surprisingly, only a quarter of respondents selected
These in-depth interviews revealed that CFOs are indeed Resistance from employees to adopt AI solutions as a
experimenting with many AI use cases but also showed the barrier to adoption. What are the main barriers preventing greater adoption of AI in financial management
wide range of what finance professionals might consider an within your organization? Please tick all that apply:
AI implementation. Several of the qualitative interviews touched on how
business cases for AI investment in the finance function 38%
When prompted with a more comprehensive view of AI as a can be successfully progressed when competing with AI 35%
32%
component of Autonomous Finance, most finance directors investment in other core functions – especially revenue- 31%

rated their maturity as traditional or integrated, as opposed generating functions. Interview subjects overwhelmingly
24%
to automated or autonomous. Both the survey and the cited that demonstrating a clear ROI in addition to the
interviews supported the fact that the finance function broader benefits to business areas outside of finance is
has certainly started their AI journey but have only just key when making an investment case. 14%
scratched the surface of its potential.
The why behind AI

Topping the list of AI benefits was improved efficiency

(52%) followed by better accuracy (44%) and advanced
data insights (37%). What wasn’t top of the list? Lack of Concerns about Budget constraints Integration Resistance from There are
understanding data privacy for AI implementation challenges with employees to adopt no barriers
Reduction in headcount which was tied for the lowest or expertise in AI and security existing systems AI solutions
technologies
I read a Gartner stat stating that by 2026, ranked in the list of nine benefits. Perhaps this indicates
that most finance professionals see AI, not as a
organizations that have three or more replacement for humans, but as a partner and copilot.
years of AI experience would be twice as What do you see as the main benefits of investing in AI architecture for the finance function?
productive as organizations that don’t Please tick all that apply:
have that experience. The recommendation
is definitely that everyone needs to start Improved efficiency 52%
today – or even yesterday – because it’s
Better accuracy 44%
a new technology, you need to learn how
Advanced data insights 37%
it works, what it can do and build your
confidence and trust. Real time reporting 35%

Better overall business outcomes 33%

- Anat Katz-Arotchas, ERP Strategy Lead, Microsoft Competitive advantage 32%

Audit and compliance support 32%

Scalability 26%

Reduction in headcount 26%

None of the above 8%

23
 Key themes

5. CFOs need to see faster value

in technology projects

25
CFOs need to see faster value in In terms of vision and developing strategy for AI in the finance function, which team(s)
would be the primary driver?
technology projects
24%

20% 19%

Finance transformation efforts are Respondents divided on change leaders 12%

falling short against CFOs’ objectives. 10%
When asked which team within an organization is best 8%

According to the survey, finance technology change placed to drive the vision and development of an AI 5%

programs still take years from inception to value strategy in the finance function, the reaction was mixed.
creation. 60% stated it took three or more years to see
value from a finance transformation. This finding aligns 24% stated that a combination of Finance and IT
Financial Finance IT / IS Finance, Board Finance & IT / IS &
with recent research from Gartner which found nearly made the optimal team, while 20% opted for Finance and IT / IS IT / IS & the board the board
three-quarters (70%) of the CFOs surveyed described leading the charge and 19% stating IT / IS should lead combined the board combined combined
combined
their finance transformation’s impact as “less impactful the way. 12% felt like the AI strategy for the finance
or moving slower than expected.” function should be led by a combination of Finance,
IT and the Board.
How long does it take to deliver a significant technology/finance change from project inception
Regardless of who is leading the charge, the research
to delivering value?
indicated that finance technology change programs still
take years from inception to value creation. A staggering
60% stated it took three or more years to see value 35%
from a finance transformation, followed by 23% stating
it typically takes 1-2 years and only 18% stating it takes
less than a year.
23%

18% 23%

7%
Xxxxx xxx xxx xx xxx xxx xx xxx xxx xx xxx
xxx xx xxx xxx xx xxx xxx xx xxx xxx xx xxx
xxx xx xxx xxx xx xxx xxx xx xxx xxx xx xxx Over 5 years 4-5 years 3-4 years 1-2 years Less than a
xxx xx xxx xxx xx xxx xxxuoxx xxx xxx xx xxx year
g q te
aitinxxx
xxx xx xxx xxx xxAwxxx lienxx
t xxx xxx xx xxx
from c
xxx xx xxx xxx xx xxx xxx xx xxx xxx xx xxx
xxx xx xxx xxx xx xxx xxx xx xxx xxx xx xxx
xxx xx xxx xxx xx xxx xxx xx xxx xxx xx xxx
xxx xx xxx xxx xx xxx xxx xx xxx xxx xx xxx
xxx xx xxx xxx

- Xxxxx xxxxxx

* https://www.cfo.com/news/70-of-finance-transformations-have-slow-underwhelming-impact-gartner/706051/

27
First Annual Autonomous Finance Benchmark Benchmark Framework and Measures

In addition to the research aim of quantifying and tracking The table below outlines the framework used to define The following table is intended to provide clarity
time spent on core finance processes, barriers to change the key finance areas and stages for respondents. and ground everyone in a shared terminology and
and perceived value of AI and Autonomous Finance, an Questions in the quantitative survey allowed understanding of what we mean when we talk about the
important goal of the research was to measure and plot respondents to both self-identify their stage based on stages and the journey leading to Autonomous Finance.
respondents on a defined journey to Autonomous Finance. the descriptions below as well as where they identified
This would allow both the survey respondents and the against the leading indicator metric for each row.
consumers of the report to place their organizations on
a continuum using the same definitions of the points
leading up to an Autonomous Finance function. This report Stage
establishes a benchmark which can then be revisited and
remeasured over time. Key Finance Area Traditional Integrated Automated Autonomous Leading Indicator

Data Inputs & Indicator: Monthly Indicator: Weekly Indicator: Daily Indicator: Data Data Processing
In both the quantitative and qualitative research, Quality batch process batch process batch process processed in real frequency (How
time often data is
participants were exposed to the information below, which Mostly siloed source Data flows Fully integrated processed from
presents a framework defining the stages of traditional, systems and data connected to data flows with Real-time finance monthly batch to
integrated, automated and autonomous across four key flows, heavy use of Finance data hubs Machine Learning/ data is shared (with real time)
EUC tools via APIs, embedded AI algorithms to access controls)
areas of the finance function. data management identify and rectify via self-service to
capabilities data quality issues finance and other
departments

Process Controls, Indicator: 5+ days Indicator: 1-5 days Indicator: Daily Indicator: Time to complete
Accounting and to complete period- to complete period- close Continuous close period-end close
Close end close end close (Time it takes to
Calculations and Touchless close close the books)
Batch-based or Centralized and reconciliations process with
manual processes transparent completed without exceptions
run on aggregated accounting rules manual processes; managed through
data; extended with mostly full transparency human-monitored
reporting timelines automated period- and visibility of AI routines
common end close process; the end-to-end
not able to run a accounting process
continuous or
daily close

Reporting & Indicator: No or Indicator: Self- Indicator: Majority Indicator: Reporting Self-service
Forecasting extremely limited service reporting of reports available available across reporting
self-service limited to IT / as self-service organization on a availability
reporting Basic, Finance power users across org self-service basis
static, reactive (Reporting available
reporting Single view of Fully automated, Systems have to all areas of the
capabilities with finance data for self-service relevant, high- business on a self-
inconsistent decision making; reporting quality data service basis
reporting rules consistent reporting capabilities and parameters
and manual available but limited available to finance/ necessary to make
requirements business users via and implement
easy access tooling the majority
and NLP querying; of decisions in
currently using ML, real time with
AI and predictive minimal human
analytics oversight; cognitive
technologies used
to support reporting
interpretation and
queries

People, Culture & Indicator: 4-5+ Indicator: 3-4 Indicator: 1-2 Indicator: Less than Finance change
Leadership years to deliver years to deliver years to deliver a year cycle time to value
a significant a significant a significant
technology/finance technology/finance technology/finance IT and Finance (How long it takes
change program change program change program teams working in full to deliver a tech
lockstep to scope, / finance change
IT and Finance are IT and Finance IT and Finance test and implement project from
siloed and have teams are well professionals new technology inception through to
conflicting priorities connected with a embedded in use cases; Finance delivering value on
and visions; defined process joint value stream is fully empowered average)
Finance team for evaluating new transformation and there is a
does not control technologies and programs; cross- strong culture of
their systems or defining a finance- organization innovation and
feel empowered to owned technology exploration of experimentation
enable change architecture autonomous/
AI use cases

29
A brief note on how to use this data to Global benchmark results
benchmark your finance function
In the presentation of the results below, we’ve shared
the percentage of respondents that identified at each
of the four stages – Traditional, Integrated, Automated The state of Autonomous Finance in 2024
and Autonomous across each of the four key finance
areas of: Given Autonomous Finance is a relatively new concept, we
expected to see relatively low numbers at the Autonomous
• Data Inputs and Quality stage of the framework. Not surprisingly, most respondents
• Process Controls, Accounting and Close reported being at stage two of four, or the Integrated stage.
They had automated some processes and had a mostly
• Reporting & Forecasting unified data view but were still tied to manual processes,
• People, Culture and Leadership. lacked real-time reporting and had not yet broadly
implemented AI.
Therefore, if you identify that, in the area of Data
Inputs & Quality, your finance function has fully Responses did vary between the nine regions and
integrated data flows with Machine Learning/AI six sectors we surveyed. In the sections below we’ve
algorithms to identify and rectify data quality issues, highlighted some of the notable differences but the full
you are ahead of 67% of respondents and would be regional and sector results follow later in the report.
placed in the Automated stage in the data area. You
may find you identify at a different stage depending
on the finance area.
Global results

Traditional Automated

Siloed Interoperable Autonomous

Integrated Principles-based
Manual Realtime
Static Self-service
Controlled Touchless
Conflicted Partners
Rules-based Intelligent

24%
Consistent
Aligned 26% Culture

41% 9%

31
 Results by key finance area
Reporting and Forecasting

Data inputs and quality Key takeaways

• 34% of global respondents described
Key takeaways their state as Automated

• Most global respondents • Regionally, Hong Kong and the US lead

Traditional Integrated Automated Autonomous the pack with 60% and 57% at the
(37%) described their data state
as Integrated latter two stages of their Autonomous
Finance journey
Traditional Integrated Automated Autonomous • 25% of US firms placed themselves
in the Autonomous stage versus a 23% 32% 34% • A considerable percentage of
11%
global average of 13% respondents from DACH (32%),
Scandinavia (42%) and the UK (36%)
30% 37% 21% • 50% of Benelux organizations placed are still in the Traditional stage
13%
themselves in the Traditional stage
versus a global average of 30% Basic, static Single view of Fully automated, self Systems have • Banks reported being furthest along on
reactive reporting finance data for service reporting relevant, high- their autonomous journey in reporting
• 42% of Manufacturers and 43% capabilities with decision making. capabilities available quality data and and forecasting with 51% in the latter
Mostly siloed Data flows Fully integrated Real time finance
of CPG/Retail industries placed inconsistent Consistent to finance and parameters to two stages
source systems connected to data flows with data is shared via
and data flows, finance hubs via ML/AI algorithms to self-service across
themselves in either the Automated reporting rules reporting available business users via implement most
heavy use of API’s, embedded identify and rectify the organization or Autonomous bucket. They were the and manual but limited to IT/ easy access tooling decisions in real
EUC tools data management data issues only industries to place above the requirements power users and NLP querying time with minimal
capabilities global average of 34% human interference

Observations
Observations
34% of global respondents placed themselves at the due to continued challenges in creating the needed data
Most global respondents (37%) described their Data There were variations in the data by region and by sector. Automated stage in the area of Reporting and forecasting. foundation to draw on.
inputs & quality state as Integrated, meaning they have For example, 25% of US respondents self-identified at Of the four key finance areas, Reporting and forecasting Digging into the sector and regional responses reveals
established data flows connected to Finance data hubs the Autonomous stage, compared to a global average of had the highest number of respondents at the top two that Banks are furthest along on their Autonomous
via APIs and implemented embedded data management 13%. Contrastingly, 50% of Benelux respondents placed stages. This was not surprising given the innovation journey in this particular area, with 51% reporting at the
capabilities. Data inputs and quality had the highest themselves at the Traditional stage – defined by mostly and investment in Business Intelligence and Analytics latter two stages while Media lagged with only 38% at the
percentage of respondents at the Autonomous state with siloed source systems and data flows, with heavy use of solutions in the last few years. Despite the widespread latter two stages. Regionally, Hong Kong and the US lead
13% stating they have access to real-time finance data End User Computing tools – compared to a lower global adoption of these tools however, only 11% indicated they the pack with 60% and 57% at the latter two stages of
that is shared via self-service across the organization. average of 30%. were at the Autonomous stage with access to high quality their Autonomous Finance journey.
data and real-time decision support. This is likely

Process Controls, Accounting and Close People, culture and Leadership

Key takeaways Key takeaways

• 46% of global respondents described • 47% of global respondents described
their state as Integrated their state as Integrated
• Singapore showed the highest • The US reports the highest percentage
Traditional Integrated Automated Autonomous Traditional Integrated Automated Autonomous
percentages as Automated and at the autonomous stage at 21% - well
Autonomous with 44% vs the global over the global benchmark
benchmark of 30%. Benelux was the
• 6 of the 9 regions reported <9% are at
lowest at 15%
24% 46% 26% 4% 21% 47% 22% 10% the autonomous stage
• 77% of Banks and 71% of Media
companies placed themselves in either
the Traditional or Integrated stage,
above the global benchmark of 70%
Batch-based or Centralized and Calculations, Touchless close IT and Finance IT and Finance IT and Finance IT and Finance
manual processes transparent reconciliations process with • This finance area had the lowest siloed with teams are well- embedded in joint value working in full
run on aggregated accounting rules with completed without exceptions percent at the Autonomous stage conflicting connected with a stream transformation lockstep to scope,
data. Extended mostly automated manual process. Full managed through priorities and defined process for programs test and implement
reporting timelines period-end close transparency and human-monitored visions. Finance evaluating new tech new tech use cases
common process. No visibility of the end-to- AI routines does not control
continuous close end accounting process systems

Observations
Observations
Almost half of the respondents sit at the Integrated Regionally, the US reported the highest percentage at the
Almost half of respondents (46%) placed themselves at There were variations in the results by sector and region. stage with regards to People, culture and leadership. For Autonomous stage at 21%, well over the global benchmark
the Integrated stage when it came to Process Controls, Singapore showed the highest percentages at Automated this group, IT and Finance are well connected but perhaps of 10%. Looking at the sector breakdown shows 15% of
Accounting and Close. These finance and IT leaders felt and Autonomous with 44% versus the global benchmark not fully joined up and working together as a single Manufactures and 13% of CPG/Retail organizations have
they had centralized and transparent accounting rules of 30%. Benelux was the lowest at 15%. Banking had the unit. People, culture and leadership did have the lowest reached the Autonomous stage in this area.
with a mostly automated period-end close process. Only most respondents in the traditional or integrated stages percentage of respondents at the Traditional
4% identified with the Autonomous stage – the lowest at 77% versus the global average of 70% stage compared to the other three areas.
percentage of the four key finance areas.
33
Final reflections

The quantitative and qualitative research demonstrates Integrating AI into your financial operations is another
Industry Sector
that the vision of Autonomous Finance has struck a
chord with many respondents.
essential step. Begin with small, manageable projects to
test the waters—don’t be afraid to fail, as each failure
provides valuable insights and lessons. Embrace a
Results
Most finance professionals want to move towards culture of experimentation and continuous improvement
the role of a strategic business partner and away and think in terms of short sprints and quick wins
from a solely accounting and compliance-focused rather than long-term, multi-year projects. Aim for
role. They realize that technology can play a key role initiatives that deliver tangible value in a matter of
in this shift and are at various stages of the journey. months, not years. This approach not only keeps the
While some respondents appeared not to be fully momentum going but also helps in garnering support
aware of the benefits of Autonomous Finance, in and demonstrating the benefits of autonomous finance
each one of the qualitative interviews the CFO and early in the journey.
CIO subjects increasingly recognized the value as
their knowledge builds. In conclusion, the research underscores that the shift
towards Autonomous Finance is not just a theoretical
To stay competitive in business as well as in the search concept but a practical and necessary evolution for
for finance talent, this shift towards autonomous finance professionals seeking to elevate their roles
finance is a case of when and not if. Of course, barriers within their organizations. The evidence from both
exist – particularly securing investment, establishing the quantitative and qualitative data outlined in this
a reliable data foundation and acquiring the needed report highlights a clear desire among finance teams
skillset, but there is no sign that any of these challenges to embrace technology and transform into strategic
are insurmountable. business partners. We look forward to publishing
this report next year to see how Finance teams have
We recommend beginning this journey by ensuring progressed on the journey to Autonomous Finance.
you have robust data management practices in place.
High-quality, comprehensive data is the foundation
upon which all autonomous financial processes are built.
Once your data is in order, the next step is to focus on
automation. Automating routine financial tasks not only
increases efficiency but also reduces the risk of human
error, freeing up your team to focus on more strategic
activities. Start with simple processes like invoicing or
expense tracking, and gradually move towards more
complex tasks.

35
 Industry: Banking Challenges For Banks, the primary obstacle when using financial data and analytics to make strategic
decisions is Data quality and reliability at 49%; marginally higher than the global mean of
44%. Bankers ranked Lack of analytical tools or expertise at 37%, higher than the global
mean of 30%.
Using relevant responses, we’ve calculated where Banks
stacked up against other surveyed industries Budget constraints were reported the most challenging internal factor for financial stability
in the sector. At 47%, it’s marginally higher than the global figure of 42%. Operational
inefficiencies and technological disruptions were cited the least at 32% and marginally below
the global average of 36% and 35% respectively
AI Usage Rank Automation Rank Data Readiness Rank
In terms of progressing digital transformation at an organizational level, only 22%, they said
they were at an advanced stage with significant digital transformation initiatives in place
or highly advanced with fully integrated digital transformation across all aspects of the
organization. This is lower than the global percentage of 32%.
#1 #5 #3
Only 25% of respondents say AI is Not currently used in the organization’s financial
AI and
Where Banks sit in their journey to Autonomous Finance operations compared with 39% of global respondents.
technology
The highest reported barrier in Banking is Lack of understanding or expertise in AI
technologies at 46%; higher than the global mean of 38%.

23% 23% Only 8% of Banking respondents stated said there were No barriers to AI usage versus
45% 9% 14% of global respondents

Automated 57% of Banking leaders identified Financial management and reporting as the area most
Traditional Autonomous impacted by digital transformation efforts compared with 50% of global respondents

Integrated

Priorities CFOs in Banking would like to spend less time on compliance and communicating externally
Banking CFOs want to spend more time on: ...and less time on: and more time on data. Spending more time on data is significantly ahead of the global mean
at 43% vs. 35%.

Data Compliance 59% of Banking respondents stated that the role of technology in optimizing financial
processes, reporting and opportunities is Essential for innovation, higher than the global
Strategic planning Communicating externally score of 51%.

Process controls Forecasting In the area of Process controls, accounting and close, 55% of Bankers placed their
organizations at the Integrated stage, stating they had centralized and transparent
accounting rules with mostly automated period-end close but lacked a continuous close.
This was higher than the global sector score of 46%.

Quick stats

Who should lead the AI strategy: Finance & IT combined

Top three benefits of AI investment:
1) Efficiency 2) Advanced data insights 3) Better accuracy
Average tech project time to value: 3-4 years
There is a good amount of consolidation – a lot of M&A activity in the Financial Services
Self-reporting availability: Limited to power users
industry. Often the business case is really around economies of scale and as a result,
Time to complete period end close: 1-5 days the cost of doing business needs to go down through automation. Finance is constantly
Data processing frequency: Weekly working to attract the best talent. To address all these things, you need to have the best
systems in place and reduce the amount of manual work as much as possible.

Jim Bretschneider, Executive Vice President, HSO

37
 Industry: Insurance Challenges As with the global picture, for the insurance sector, budget constraints are the main challenge
internally for financial stability at 44%.

Operational restructuring was reported a challenge at a much lower rate - 18% compared to
Using relevant responses, we’ve calculated where Insurers the global score of 26%.
stacked up against other surveyed industries
Primary obstacles for using financial data to make strategic decisions in the insurance
sector are broadly the same as the global averages, with skills and training mentioned as
a key barrier.
AI Usage Rank Automation Rank Data Readiness Rank

22% of Insurers indicated that AI is not currently used in financial operations. This is higher
AI and
#6 #2 #4 technology
than the global score of 16%.

For Insurers, the main barrier preventing a greater adoption of AI is lack of understanding or
expertise in the technology. At 42% this is marginally higher than the global score of 38%.
Resistance from employees ranked lower at 19% versus the global score of 24%.
Where Insurers sit in their journey to Autonomous Finance
Only 13% in insurance say that data is fully integrated with machine learning to flag quality
issues. The global average is 21%.

28% 22%
11%
39% Priorities In the Insurance sector, 23% say they are still in the very early stages of digital
transformation at an organizational level. This is much higher than the global score of 13%.
Automated Autonomous
Traditional
In the key finance area of Reporting and forecasting, 29% of Insurers are still at the
Traditional stage – limited to basic, static, reactive reporting with manual requirements -
Integrated
compared to the global average of 23%.

The availability of self-reporting in Insurance is low with 22% saying they have no or
Insurance CFOs want to spend more time on: ...and less time on: extremely limited self-service reporting. The global average is 14%.

People & Culture Dealing with ad-hoc reporting

Strategic planning Accounting

Process Controls Data

Quick stats

Who should lead the AI strategy: Finance & IT combined

Top three benefits of AI investment:
1) Efficiency 2) Audit & compliance support 3) Better accuracy
Average tech project time to value: 3-4 years
Self-reporting availability: Majority reporting available as self-service
If you are talking specifically about Insurance, I think there is a push towards more
Time to complete period end close: 1-5 days integrated systems. For instance, if you are in a Brokerage you need to have fully visibility
Data processing frequency: Weekly from your operational systems – your AMS, your CRM – into the finance systems to be
able to deal with producer compensation and other things in one big workload.

Jim Bretschneider, Executive Vice President, HSO

39
 Industry: Platforms/
Technology Challenges Platforms/Technology organizations were the least likely to state talent acquisition and
retention as a factor most challenging for financial stability at 28% compared with the global
average of 36%. However, they were much more likely to select operational efficiencies as a
challenge at 49% compared to the global average of 36%
Using relevant responses, we’ve calculated where Platforms/Technology
companies stacked up against other surveyed industries Platforms/Technology organizations were much more likely to select integration issues with
existing systems as an obstacle to using financial data and analytics to make strategic
decisions with 46% selecting it as a challenge compared to 34% globally.
AI Usage Rank Automation Rank Data Readiness Rank

13% of Platforms/Technology organizations state AI is extensively integrated into various

AI and
financial processes, the lowest of the six industries surveyed. However, 54% stated AI is used
technology
#3 #3 #5 in some areas of finance, putting them in the middle of the pack on average when it comes to
AI use.

Platforms/Technology companies were ahead of the global average when it comes to

concerns about data privacy and security as a barrier to AI adoption. 44% stated it was a
Where Platform/Technology companies sit in their journey to Autonomous Finance main barrier compared with 35% of global respondents

22% 27% Priorities Platforms/Technology organizations ranked fifth out of six industries when it comes to data

42% 9% readiness. Only 10% stated they had access to real time finance data, a bit lower than the
global average of 13%.

Automated Autonomous
Traditional 47% of Platforms/Technology respondents gave the highest ranking possible to indicate they
would like to achieve Data processed in real time. This was significantly higher than the global
Integrated average of 36%.

Platform/Technology CFOs want to spend more time on ...and less time on:

Strategic planning Dealing with ad-hoc reporting

Data Accounting

Forecasting Compliance

Quick stats

Who should lead the AI strategy: IT

Top three benefits of AI investment:
1) Efficiency 2) Better accuracy 3) Advanced data insights
Average tech project time to value: 3-4 years
The demand for detailed information has increased significantly. Rapid changes in the
Self-reporting availability: Majority reporting available as self-service
business and consumer perspectives necessitate advanced analytics to understand our
Time to complete period end close: 1-5 days consumers and translate that into economic terms. The fintech and gig economy have
Data processing frequency: Weekly changed the dynamics in our industry, making flexible infrastructure and constant data
refreshment essential.

- CFO, Technology Company

41
 Industry: Manufacturing Challenges In terms of internal factors that challenge financial stability, budget constraints are number
one in Manufacturing, similar to the global average. However operational efficiencies and
talent acquisition/retention are higher compared to all sectors at 48%.

Using relevant responses, we’ve calculated where Manufacturers The main obstacle to using financial data to make strategic decisions is budget constraints
stacked up against other surveyed industries which is much higher for Manufacturing at 52% compared to the global average of 36%.

AI Usage Rank Automation Rank Data Readiness Rank

Concerns about data privacy and security when it comes to AI usage are higher in
AI and
Manufacturing at 45% compared to the global average of 35%.
technology
Manufacturers were well ahead of the global average when it comes to digital transformation.

#4 #4 #2 15% of Manufacturing respondents indicated their organizations were at a highly advanced

stage compared to 9% globally. Similarly, only 9% reported still being at a very early stage in
their transformation, lower than the global score of 13%.

21% of respondents indicated that AI is extensively integrated into various financial

Where Manufacturers sit in their journey to Autonomous Finance processes. This was higher than the global average and the second highest ranking
industry surveyed.

19% 28%
12% Priorities Manufacturing respondents were more likely to say that the majority of reports are available
41% as self-service options at 52%. This is significantly higher than the global score of 40%.

In the area of People, culture and leadership, only 11% of Manufacturing respondents placed
Traditional Automated Autonomous
themselves at the Traditional stage where teams are siloed and have conflicting priorities and
visions. 21% of global respondents fell at this stage.
Integrated
Those in manufacturing would like to spend less time dealing with ad hoc internal requests
and more time on people and culture.
Manufacturing CFOs want to spend more time on: ...and less time on:

Strategic planning Dealing with ad-hoc reporting

People & culture Reporting

Communicating internally & externally Accounting

Quick stats

Who should lead the AI strategy: Finance & IT combined

Top three benefits of AI investment:
1) Efficiency 2) Advanced data insights 3) Better accuracy
Average tech project time to value: 3-4 years
New technologies are crucial for enhancing efficiency and effectiveness across the
Self-reporting availability: Majority reporting available as self-service
entire value chain, from customer relationship management to internal controls and risk
Time to complete period end close: 1-5 days management. The goal is to integrate technology to optimize processes, with a focus
Data processing frequency: Weekly on achieving a seamless digital roadmap that ensures interconnectivity across various
functions, ultimately facilitating better decision-making and business strategy.

- Global CFO, Global Energy Company

43
 Industry: Media Challenges 41% of Media respondents identified talent acquisition and retention as a challenging factor
for financial stability within the organization. This was the highest ranked by the sector.

The top stated obstacle encountered in using financial date and analytics to make
Using relevant responses, we’ve calculated where Media strategic decisions in Media was data quality and reliability (53%) followed by budget
companies stacked up against other surveyed industries constraints (38%)

8% of Media respondents stated the role of technology in optimizing financial processes and
reporting was not relevant to their current challenges, the highest of all surveyed sectors.
AI Usage Rank Automation Rank Data Readiness Rank

Media was the only sector of the six surveyed that had the highest percentage report that
AI and
#5 #6 #6 technology
Finance was the best team to drive the vision and strategy for AI.

The most commonly cited barrier preventing greater adoption of AI in financial management
in Media is lack of understanding or expertise in AI technologies with 42% of respondents
finding it a challenge
Where Media companies sit in their journey to Autonomous Finance

Priorities 0% of Media companies indicated they had a touchless close process

27% 26%
41% 6% The highest percentage of Media respondents (34%) stated they were limited to Monthly
data processing. Only 21% of global respondents stated they were limited to monthly
data processing.
Automated
Traditional Autonomous
Integrated

Media CFOs want to spend more time on: ...and less time on:

Strategic planning Accounting

Data Dealing with ad-hoc requests

Forecasting Compliance

Quick stats

Who should lead the AI strategy: Finance

Top three benefits of AI investment:
1) Efficiency 2) Better accuracy 3) Real-time reporting
Average tech project time to value: 3-4 years
Self-reporting availability: Limited to power users
Time to complete period end close: 1-5 days
Data processing frequency: Monthly

45
 Industry: CPG/Retail Challenges CPG/Retail respondents were more likely to cite integration issues with existing systems as a
primary obstacle in using financial data and analytics to make strategic decisions, coming in
at 38% compared to the global average of 34%.

Using relevant responses, we’ve calculated where CPG/Retail CPG/Retail and global respondents named the same three top factors most challenging for
companies stacked up against other surveyed industries financial stability within the organization with budget constraints, digital transformation and
emerging technology as the top three.

AI Usage Rank Automation Rank Data Readiness Rank

CPG/Retail took top place in both the data readiness ranking and the automation rank.
AI and
technology 22% of CPG/Retail respondents stated it takes less than a year to deliver a significant

#2 #1 #1 technology change project. This is above the global average of 18%.

17% stated they can process data in real-time but only 1% can complete a period end close
in real time.

Where CPG/Retail companies sit in their journey to Autonomous Finance

Priorities CPG/Retail respondents are looking to spend more time on strategic planning for their
function and the organization. They would like to spend less time on process controls,
22% 31% accounting and compliance

36% 11%
In the area of Process controls, accounting and close, CPG/Retail had the highest percentage
of respondents at the Traditional stage across the six surveyed industries. This stage is
Traditional Automated Autonomous defined as having batch based or manual processes run on aggregated data. However, they
also had the highest number of respondents at Automated and Autonomous indicating there
Integrated may be a big divide between leaders and laggards in the sector.

CPG/Retail CFOs want to spend more time on: ...and less time on:

Strategic planning Process controls

People & culture Accounting

Forecasting Compliance

Quick stats

Who should lead the AI strategy: Finance & IT combined

Top three benefits of AI investment:
1) Efficiency 2) Better overall business outcomes 3) Better accuracy
Average tech project time to value: 3-4 years
I think for me the next couple of years are all about automation. A lot of our business is
Self-reporting availability: Limited to power users
done manually – there’s a lot of spreadsheets and a lot of repetition – so I think for us a
Time to complete period end close: 1-5 days big focus is around AI pricing, supply chain, inventory management, forecasting of sales
Data processing frequency: Weekly and products. For example, a lot of the pricing of our garments is done manually, now we’re
talking about how we can roll out predictive pricing.

- CTO, Oh Polly

47
Regional Breakdown

49
 Region: ANZ Challenges The main obstacle to using financial data in ANZ is data quality and reliability at 54%. This
is 10% higher than the global average. Budget constraints for investing in technology was
also cited at a higher rate than the global average with 52% of ANZ calling it out as a main
obstacle compared to 36% of global respondents.
Using relevant responses, we’ve calculated where companies
in the ANZ region stacked up against other surveyed regions ANZ respondents most often selected concerns about data privacy and security as the main
barrier preventing greater adoption of AI in financial management (44%). This is higher than
the global score of 35%. ANZ respondents also reported resistance from employees to adopt
AI solutions at a higher rate at 34% compared to 24% overall.
AI Usage Rank Automation Rank Data Readiness Rank

56% of ANZ respondents stated AI is used in some specific areas of financial operations
AI and
#3 #7 #5 technology
- higher than the global score of 45%. Only 8% stated AI is not currently used in financial
operations compared to 16% overall.

According to the survey, in ANZ financial management and reporting has been most
impacted by digital transformation at 66%, higher than the global average of 50%.
Where companies in ANZ sit in their journey to Autonomous Finance

Priorities Interestingly, in the ANZ region there were mixed results on whether they would like to spend

21% 30% more time on reporting. Based on percentages, it appeared in the top three of both the want

39% 10% to do more of and want to do less of categories.

Only 20% of ANZ respondents say they have a single view of finance data for decision
Traditional Automated Autonomous making, this is lower than the global average of 32%.

Integrated

ANZ CFOs want to spend more time on: ...and less time on:

Strategic planning Reporting

Data Compliance

Reporting Dealing with ad hoc requests

Quick stats

Who should lead the AI strategy: Finance & IT combined

Top three benefits of AI investment:
1) Efficiency 2) Advanced data insights 3) Better accuracy
Average tech project time to value: 3-4 years
Self-reporting availability: Majority reporting available as self-service
Time to complete period end close: 1-5 days
Data processing frequency: Weekly

51
 Region: BeneLux Challenges BeneLux companies cited operational efficiencies (35%) technological disruptions (35%)
and budget constraints (35%) as top factors most challenging for financial stability within
the organization.

Using relevant responses, we’ve calculated where companies in BeneLux companies reported the top barriers preventing greater adoption of AI in financial
the BeneLux region stacked up against other surveyed regions management were budget constraints for AI implementation (40%), lack of understanding or
expertise in AI technologies (25%) and concerns about data privacy and security (25%).

AI Usage Rank Automation Rank Data Readiness Rank

BeneLux as the only region to have 0% reporting that AI is extensively integrated into various
AI and
financial processes. This is well below the global average of 17%
technology

#9 #9 #4 BeneLux was one of only two regions where the majority of respondents thought IT was in the
best position to be the primary driver in terms of creating a vision and developing a strategy
for AI in the finance function.

Where companies in BeneLux companies sit in their journey to Autonomous Finance

Priorities BeneLux took last place in the Automation rank which looks at the percentage of
respondents who reported their organizations in either the Automated or Autonomous
stage in the area of Process controls, accounting and close as well as the number of

30% 23% respondents who reported a daily or real-time close.

41% 6%
BeneLux was the only region that identified compliance as one of the top three things
they wanted to do more of.
Automated
Traditional Autonomous

Integrated

BeneLux CFOs want to spend more time on: ...and less time on:

Strategic planning Accounting

Data Reporting

Compliance People & culture

Quick stats

Who should lead the AI strategy: IT

Top three benefits of AI investment:
1) Better accuracy 2) Efficiency 3) Better overall business outcomes
Average tech project time to value: 3-4 years
Self-reporting availability: Limited to power users
Time to complete period end close: 1-5 days
Data processing frequency: An equal percentage of users chose both weekly
and real-time

53
 Region: Canada Challenges When it comes to the internal factors most challenging for financial stability, Canadian
respondents cited technological disruption (50%) at a much higher rate than the global
average. Rounding out their top three was budget constraints (44%) and emerging
technology (44%)
Using relevant responses, we’ve calculated where companies in
the Canadian region stacked up against other surveyed regions Canadian respondents reported data quality and reliability as an obstacle to using financial
data and analytics to make decisions at a higher rate (52%) than the global average (44%).
Same for integration issues with existing systems at 42% versus the global average of 34%.
AI Usage Rank Automation Rank Data Readiness Rank

60% of Canadian respondents found the role of technology in optimizing financial processes,
AI and
reporting and opportunities to be essential for efficiency and innovation, higher than the
technology
#5 #8 #6
global average of 51%.

12% of Canadians surveyed said AI is extensively integrated into various financial processes
compared to 17% globally. However, when you add in the Canadians that are using AI in at
least some areas of finance, Canadians are ahead of the global average with 70% using AI
compared to 62% globally.
Where Canadian companies sit in their journey to Autonomous Finance

14% 32% Priorities Canada was the only region that reported 0% at the Autonomous stage in the area of data
inputs and quality. This is perhaps why data is the list of top three things Canadians would
50% 4% like to do more of.

Traditional Autonomous
Automated

Integrated

Canadian CFOs want to spend more time on: ...and less time on:

Strategic planning Reporting

People & culture Accounting

Data Dealing with ad-hoc requests

Quick stats

Who should lead the AI strategy: Finance & IT combined

Top three benefits of AI investment:
1) Efficiency 2) Better accuracy 3) Advanced data insights
Average tech project time to value: 3-4 years
Self-reporting availability: Majority reporting available as self-service
Time to complete period end close: 1-5 days
Data processing frequency: Weekly

55
 Region: DACH Challenges When it comes to the internal factors most challenging for financial stability, DACH
respondents cited digital transformation (40%), operational efficiencies (40%) and talent
acquisition and retention (40%)

Using relevant responses, we’ve calculated where companies in DACH respondents reported data quality and reliability as the top obstacle to using financial
the DACH region stacked up against other surveyed regions data and analytics to make decisions followed by skills and training and resistance to
adopting a data-driven decision-making culture.

AI Usage Rank Automation Rank Data Readiness Rank

DACH was only one of three regions where the majority of respondents stated it took less
AI and
than a year to deliver a significant technology / finance change program though it was tied
technology with 1-2 years. Regardless, this puts the DACH region ahead of the global average which

#6 #4 #7 was 3-4 years.

32% of DACH respondents stated there were no main barriers to preventing greater adoption
of AI in financial management, well ahead of the global average of 14%.

Where companies in DACH sit in their journey to Autonomous Finance

Priorities The DACH respondents were the only regional group to cite reduction in head count as
one of the top three benefits of AI investment. 32% of DACH respondents ticked this as
30% 23% a benefit compared to only 26% globally.

40% 7%
Only 32% of DACH respondents stated technology was essential for efficiency and
innovation in the area of optimizing financial processes, reporting and opportunities,
Automated
Traditional Autonomous well below the global average of 51%.

Integrated

DACH CFOs want to spend more time on: ...and less time on:

Strategic planning Dealing with ad-hoc reporting

Forecasting Compliance

People & culture Accounting

Quick stats

Who should lead the AI strategy: Percentage tie between IT and the Board
Top three benefits of AI investment:
1) Efficiency 2) Competitive advantage 3) Reduction in head count
Average tech project time to value: Percentage tie between 1-2 years and
Less than a year
Self-reporting availability: Majority reporting available as self-service
Time to complete period end close: 1-5 days
Data processing frequency: Percentage tie between weekly and daily

57
 Region: Hong Kong Challenges Hong Kong respondents were quick to tick multiple challenges when asked, scoring higher
than the global averages on most of the presented challenges across several questions. Given
how far ahead they are on things like AI adoption and reporting and forecasting it could be
that they’ve just seen and addressed many of the challenges presented along their journey.
Using relevant responses, we’ve calculated where companies in
Hong Kong region stacked up against other surveyed regions Hong Kong respondents reported data quality and reliability as the top obstacle to using
financial data and analytics to make decisions followed by budget constraints for investing
in analytics solutions and skills and training.
AI Usage Rank Automation Rank Data Readiness Rank

28% of Hong Kong respondents said AI was extensively integrated into various financial
AI and
processes compared to the global average of 17%. Another 56% said AI was being used in
technology
#2 #5 #2 some areas of financial operations. This means 84% of respondents are using AI in some way.
Well above the global average of 62%.

The top barriers preventing greater adoption of AI in financial management for Hong Kong
was Budget constraints for AI implementation (58%), lack of understanding of expertise in
Where companies in Hong Kong sit in their journey to Autonomous Finance AI technologies (56%) and concerns about data privacy and security (46%).

18% 34% Priorities When asked which areas of the business have been most impacted by digital

39% 9% transformation efforts, Hong Kong respondents ticked all potential options at a higher
rate than the global average. The area they reported at the highest rate was data
analytics and business intelligence.
Traditional Autonomous
Automated

Integrated

Hong Kong CFOs want to spend more time on: ...and less time on:

Strategic planning Forecasting

Data Dealing with ad-hoc requests

Communicating internally Reporting

Quick stats

Who should lead the AI strategy: Finance & IT combined

Top three benefits of AI investment:
1) Efficiency 2) Better accuracy 3) Competitive advantage
Average tech project time to value: 3-4 years
Self-reporting availability: Limited to power users
Time to complete period end close: 1-5 days
Data processing frequency: Weekly

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 Region: United States Challenges US respondents were much more likely to say that talent acquisition and retention is the
most challenging factor for financial stability at 50% versus 36% for all markets.

Lack of analytical tools or expertise (42% vs.30%) and integration issues with existing
Using relevant responses, we’ve calculated where companies in systems (46% vs. 34%) were much more likely to be mentioned by the US as obstacles
the US stacked up against other surveyed regions when it comes to using financial data for strategic decisions when compared to the
global averages.

AI Usage Rank Automation Rank Data Readiness Rank

The US is significant ahead of other regions with 31% of respondents stating that AI is
AI and
extensively integrated into various financial processes compared to 17% across all markets.
technology

#4 #3 #1 The US are much more positive about the role of technology in optimizing financial processes
and reporting with 67% of respondents stating it’s essential for efficiency and innovation
compared to 51% globally.

The US respondents were significantly more likely to say that they are highly advanced as
Where companies in US sit in their journey to Autonomous Finance an organization when it comes to digital transformation at 25% versus 9% for all markets.
Similarly, 23% of respondents said the finance department was highly advanced when it
comes to digital transformation versus 11% for all markets. Only 4% of US firms stated they
are at the beginning stages compared to 14% for all markets.

20% 27% 59% of US respondents selected better overall business outcomes as the benefit of investing
37% 16% in AI architecture. This is significantly higher than the global score of 33%. 65% selected
advanced data insights versus the global average of 37% and a staggering 73% selected
improved efficiency as a benefit compared to the global average of 52%.
Traditional Automated Autonomous

Integrated
Priorities The US are twice as likely to say that IT and finance teams work together to test and
implement new technology at 21% versus 10% globally.
US CFOs want to spend more time on: ...and less time on:
Of those surveyed in the US, one in four say that data is available in real time and shared
with access controls via self-service tools. This compares to 13% across all markets. 31% say
Strategic planning Dealing with ad-hoc requests reporting and reconciliations are completed without manual processes and this is marginally
higher than the global score of 26%.
Data Compliance

Communicating internally Accounting

Quick stats

Who should lead the AI strategy: Finance

Top three benefits of AI investment:
1) Efficiency, 2) Better accuracy 3) Advanced data insights
Average tech project time to value: 1-2 years
Self-reporting availability: Majority reporting available as self-service
Time to complete period end close: 1-5 days
Data processing frequency: Weekly

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 Region: United Kingdom (UK) Challenges For the UK respondents, budget constraints are much more likely to be mentioned as the
most challenging internal factor for financial stability at 61% vs. 42% for all markets.

In terms of obstacles for using financial data for strategic decision making, in the UK, data
Using relevant responses, we’ve calculated where companies quality and reliability was lower than the global average at 33% versus 44%. And resistance
in the UK stacked up against other surveyed regions to adopting data-driven decision-making was also lower at 20% compared to 35% overall.

AI Usage Rank Automation Rank Data Readiness Rank

In the UK, 42% say AI is not currently used in financial operations which is much higher than
AI and
the global average of 16%, placing the UK well behind other regions. However, 15% do say AI
technology is extensively used, similar to the all market figure of 17% indicating that there is a subset of
UK companies that are leading the charge.

#8 #2 #9 31% of respondents in the UK say they are at the very early stages of digital transformation
at an organizational level, compared to 13% for all markets. The UK also reports that Finance
departments are in the very early stages of digital transformation (27%) compared to 9% for
all markets.
Where companies in the UK sit in their journey to Autonomous Finance
The UK was one of only two regions where the majority of respondents thought Finance was
in the best position to be the primary driver in terms of creating a vision and developing a
strategy for AI in the finance function.

33% 20%
35% 12%
Priorities In the UK, 22% said they would like to spend less time dealing with ad-hoc requests, this is
Automated similar to the global score of 25%. 33% of UK respondents would like to spend more time on
Autonomous
Traditional people and culture, broadly in line with other markets

Integrated The UK was the only region where Accounting was included in their top three areas they’d like
to spend more time on.

UK CFOs want to spend more time on: ...and less time on:

People & culture Dealing with ad-hoc requests

Strategic planning Compliance

Accounting Accounting

Quick stats

Who should lead the AI strategy: Finance

Top three benefits of AI investment:
1) Efficiency 2) Better accuracy 3) Scalability
Average tech project time to value: Less than 1 year
Self-reporting availability: Limited to power users
Time to complete period end close: 1-5 days
Data processing frequency: Weekly

63
 Region: Scandinavia Challenges Scandinavia highlighted digital transformation as the most challenging internal factor for
financial stability with 36% of respondents ticking it as a challenge. This was followed by
budget constraints (29%) and operational efficiencies (28%)

Using relevant responses, we’ve calculated where companies in the Skills and training was selected a primary obstacle encountered in using financial data and
Scandinavian region stacked up against other surveyed regions analytics to make strategic decision by the highest percentage of Scandinavian respondents
at 30%.

Across all questions pertaining to challenges and obstacles encountered, Scandinavian

AI Usage Rank Automation Rank Data Readiness Rank
respondents reported challenges at rates below or well below the global average. For example,
while 44% of global respondents cited Data quality and reliability a challenge, only 23% of
Scandinavian respondents said the same.

#7 #6 #8
Only 4% of Scandinavian respondents stated AI is extensively integrated into various
AI and
financial processes compared to 17% globally.
technology
Where companies in Scandinavia sit in their journey to Autonomous Finance 58% of Scandinavian respondents reported AI has not been implemented in the finance
function. This is higher than the global average of 38%.

26% of Scandinavians reported lack of understanding or expertise in AI technologies as a top

barrier preventing greater adoption of AI in financial management although at a lower rate
32% 18% than the global average of 38%. Concerns about data privacy and security was number 2.
42% 8%

Automated Autonomous
Traditional Priorities Scandinavia was only one of two regions that cited real-time reporting as a top three benefit
of AI. This is perhaps not surprising as they were also the only region where the majority of
Integrated respondents stated their data processing frequency was monthly.

31% of Scandinavians said it took less than a year to deliver a significant technology /
Scandinavian CFOs want to spend more time on: ...and less time on: finance change program from project inception to delivering value. This was well ahead of the
global average of 18%
Strategic planning Dealing with ad-hoc requests
Scandinavia was one of only two regions where the majority of respondents stated IT would
be best to lead the vision and strategy for AI in the finance function.
People & culture Accounting

Forecasting Process controls

Quick stats

Who should lead the AI strategy: IT

Top three benefits of AI investment:
1) Real-time reporting 2) Efficiency 3) Better accuracy
Average tech project time to value: Less than 1 year
Self-reporting availability: Limited to power users
Time to complete period end close: 1-5 days
Data processing frequency: Monthly

65
 Region: Singapore Challenges Singapore highlighted digital transformation as the most challenging internal factor for
financial stability with 62% of respondents ticking it as a challenge compared to 38%
globally. This was followed by technological disruptions (60%), budget constraints (56%),
and talent acquisition and retention (56%).
Using relevant responses, we’ve calculated where companies
in Singapore stacked up against other surveyed regions Resistance to adopting data-driven decision-making culture was selected a primary
obstacle encountered in using financial data and analytics to make strategic decision
by the highest percentage of Singaporean respondents at 58%. This is much higher than
the global rate of 35%.
AI Usage Rank Automation Rank Data Readiness Rank
Across all questions pertaining to challenges and obstacles encountered, Singaporean
respondents reported challenges at rates above or well above the global average, despite
being significantly ahead in AI usage and digital transformation maturity. For example,
while 44% of global respondents cited Data quality and reliability a challenge, 54% of
#1 #1 #3 Singaporean respondents said the same.

Where companies in Singapore sit in their journey to Autonomous Finance The majority of Singaporeans (82%) stated that a significant technology / finance change
AI and
project would take more than 3 years. This is higher than the global average of 60%.
technology
38% of respondents said AI is extensively integrated into various financial processes
compared to 17% globally. Only 2% said AI is not currently used in financial operations –
19% 28% much lower than the global average of 16%.
40% 13%
52% of Singaporeans reported concerns about data privacy and security as a top barrier
preventing greater adoption of AI in financial management. Integration challenges with
Traditional Automated Autonomous existing systems was number 2.

Integrated
Priorities 66% of Singaporean respondents stated technology was essential for efficiency and
Singapore CFOs want to spend more time on: ...and less time on: innovation compared to 51% of global respondents.

Singapore was the only regions to rank audit and compliance support as one of the top
Forecasting Dealing with ad-hoc requests three benefits of investing in AI architecture for the finance function. This was well ahead
of the global average of 32%.
Strategic planning Accounting
59% of Singapore respondents stated their finance department’s digital transformation
Process controls Forecasting efforts were at an advanced or highly advanced stage, well over the global average of 37%.

Quick stats

Who should lead the AI strategy: Finance & IT combined

Top three benefits of AI investment:
1) Efficiency 2) Audit and compliance support 3) Real-time reporting
Average tech project time to value: 3-4 years
Self-reporting availability: Majority reporting available as self-service
Time to complete period end close: 1-5 days
Data processing frequency: Weekly

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