Key findings from the research
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Executive Summary and Key Findings
In short: what is Autonomous Finance?
The term Autonomous Finance has been around for the last few years and is defined by Gartner as a finance function that goes beyond automated and is capable of delivering augmented real-time and predictive insights, effortless compliance and greater flexibility in financial strategy.
The promise of Autonomous Finance is significant. Finally, finance teams can leave behind time-consuming, manual data, accounting and reporting processes to embrace a role that is more strategic, rewarding and capable of adding more value to their organizations.
How to realize Autonomous Finance?
However, the reality of where most teams are is very different than this world of self-learning and interoperable systems, optimized and intelligent tasks and trusted, real-time data. In fact, a 2022 survey by Gartner* found that, while 64% of CFOs believe autonomous finance will become a reality by 2028, few are making progress toward it.
To successfully navigate this journey, senior finance and technology leaders will need to progress down a path that involves implementing seamless data flows, process improvements, technology advancements, culture shifts and innovative leadership from Finance and IT leaders.
The key themes, benchmark results, sector and regional results and CFO perspectives that follow in this report provide concrete data and insightful observations about the state of Autonomous Finance in 2024.
Highlights
- 1
Finance teams want to strategically support the broader organization and see technology as a way forward
When it comes to achieving that shift, a strong percentage of those surveyed believe that technology is essential for efficiency and innovation (51%) or helpful (32%) in optimizing financial processes, reporting and opportunities within their organizations.
- 2
Finance is still a long way from automating core processes
61% of respondents reported still processing data weekly or monthly and only 13% have access to real time data.
- 3
Data is a top challenge… and a top opportunity
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.
- 4
AI is in place within finance but there are leaders and laggards
Globally, 62% of respondents reported that AI is either extensively integrated into various financial processes (17%) or used in some specific areas of financial operations (45%) with the remaining 38% reporting that AI is not currently used in finance or being explored but not implemented. The most cited barrier to greater adoption to AI? Lack of understanding or expertise in AI technologies (38%) followed by concerns about data privacy and security (35%).
- 5
CFOs need to see faster value in technology projects
60% stated it took three or more years to see value from a finance transformation. 24% stated that a combination of Finance and IT made the optimal team, while 20% opted for Finance to lead the charge and 19% stated IT / IS should lead the way.
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