Welcome to the 2024 Global Finance Benchmark Report
The Journey to AI-powered Autonomous Finance
The role of Chief Financial Officers (CFOs) and finance teams has evolved significantly over the years. Technological advancements have driven this transformation, shifting finance from manual processes to a function powered by cloud computing, data analysis, and increased automation.
Recent advancements in AI technology have empowered finance experts to streamline routine tasks, enhance precision, and extract more profound insights from their data. As a result, they can allocate more time to strategic decision-making and contribute greater value to their organizations, ushering in a new era known as Autonomous Finance.
Autonomous Finance Explained
At HSO, Autonomous Finance is envisioned as a system where:
- The technology is self-evolving, efficient, and seamlessly integrated.
- Tasks are intelligently optimized.
- A unified data platform facilitates real-time insights, positioning finance as a pivotal, strategic advisor within the company.
A recent Gartner survey revealed that while 64% of CFOs foresee the advent of autonomous finance by 2028, there’s still a significant gap in actual progress.
The journey towards automating core financial processes is ongoing, with many organizations still processing data on a weekly or monthly basis, lacking real-time data access, and offering limited self-service reporting. The primary goal for finance teams is to automate process controls, accounting, and closing procedures.
Data stands out as both a hurdle and an opportunity. Quality and reliability issues, budget constraints, and skill gaps are the main challenges. Yet, data is also seen as the most promising area for ROI in digital transformation efforts.
This is the start of an exciting journey for finance teams – one that will push the function further into the role of a strategic change agent. We invite you to explore the following global research, in collaboration with Microsoft and Aptitude, as we gauge the current state of CFOs and their teams on the path to Autonomous Finance.
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