According to the study, 46 per cent of tech-savvy finance leaders witness a growth in revenue as compared to 29 per cent of tech-challenged leaders
Around 89 per cent of organisations have not deployed artificial intelligence (AI) in the finance function, in spite of a clear connection between AI deployment and revenue growth, according to a latest study by Association of International Certified Professional Accountants (the Association) and Oracle.
Just 10 per cent of finance teams thinks that they have the required skills to support the digital ambitions of their organisation, it added.
The lack of digital skillset to adopt the newest advancements in AI among finance teams leads to negative impact on the revenue growth of organisations, the study claimed.
Correlation between tech and revenue growth
According to the study, 46 per cent of tech-savvy finance leaders witness a growth in revenue as compared to 29 per cent of tech-challenged leaders. In addition, organisations that have witnessed a revenue growth are more likely to be implementing AI as compared to those where revenues are stagnant or declining.
However, just 11 per cent finance leaders have deployed AI in finance function, and 90 percent said that their finance team lacks the skills to support the digital transformation of enterprise.
Andrew Harding FCMA, CGMA, Chief Executive of Management Accounting at the Association of International Certified Professional Accountants, said, “Businesses are missing out on huge growth potential by failing to give finance teams the tools and training they need to make better corporate decisions.”
Harding further said, “Cloud and emerging technologies like AI and blockchain drive efficiency and improve insight and accuracy, enabling finance leaders to step into a more strategic role in the business and improve the organisation’s data-driven decision making. To make the most of these new technologies, finance teams need to simultaneously evolve the competencies of their staff in areas such as analytical thinking, decision-making and business partnering.”
Kimberly Ellison-Taylor CPA, CGMA, Global Strategy Leader, Cloud Business Group, Oracle and former chair of the Association and the American Institute of CPAs (AICPA), said, “The cloud has significantly reduced the barrier to emerging technologies and is enabling organisations to introduce new business models and unique customer experiences that drive additional revenue streams.”
“Common benefits that our customers experience once in the cloud include reduced costs and improved efficiency, increased security, real-time and accurate reporting, deeper business insight and better decision-making. The confluence of benefits enables organizations to spend less time on low-value, time-intensive reporting and innovate faster than their competitors,” added Ellison-Taylor.