AI In Finance And Accounting — Wide-Eyed But Hopeful

January 10th, 2022

Craig Le Clair Vice President, Principal Analyst

With contributors:

Glenn O'Donnell , Renee Taylor-Huot , Duncan Jones , Andrew Bartels , Audrey Lynch , Diane Lynch

Finance and accounting (F&A) use cases, such as account reconciliation, financial close, accounts payable, accounts receivable, and financial planning and analysis, rely on extensive use of numbers and data. AI algorithms and data sets have potential value across these areas, but usage isn’t widespread today. This report provides an AI deployment model that ranks F&A use cases based on the maturity of used AI components and adoption characteristics. Adoption headwinds include data stability, skills gaps, outcome clarity, and lack of perceived business value. The Achilles’ heel for AI in F&A is the extensive variation in process across firms, which prevents the development of AI solutions.

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