AI in finance: Not a question of if, but when
Getting on board with AI — seemingly now an imperative — can feel like a big decision. For some areas of business, it can be exciting. For others, perhaps not so much. Some CFOs and their finance departments were, at first, slower to adopt. However, with an approximate 40% uptick in CFOs integrating AI into their operations between 2022 and 2025, finance is quickly catching up with functions like IT, customer experience, marketing and others.
After 30+ years of performing professional services in the consumer and financial services industries for Deloitte, I've seen firsthand the value AI and Generative AI (GenAI) can deliver. The question isn't if AI will eventually be integrated into a business or finance department; it's likely when. And CFOs should be prepared for when their moment comes.
The traditional finance mindset
Historically, many CFOs and finance departments have steered clear of major experimentation projects unless there's an obvious ROI in sight. Accountants are handlers of capital — often cautious over curious — and finance departments are typically seen as cost centers, which can lead to a reluctance to invest in new technologies. Additionally, finance professionals generally tend to prefer proven methods over emerging solutions to keep spend at a minimum. This preference, coupled with common misconceptions, has contributed to most finance departments being later adopters of advanced technology.
Separating fact from fiction
One of the primary misconceptions about AI in finance is its perceived complexity and high cost, with some finance departments viewing AI as an expensive investment that may not generate immediate revenue. However, a perspective like this overlooks the possible long-term benefits and cost savings that AI can bring. By automating routine tasks and improving data accuracy, AI can enhance efficiency and reduce operational costs. AI can also augment the capabilities of finance professionals, allowing them to focus less on manual tasks and focus more on higher-value projects.
How AI can facilitate finance wins
What are some of AI's possible short-term benefits for CFOs and their departments? First is automating manual — and cumbersome — tasks like invoice matching, shipping documents and spreadsheet calculations. AI can significantly reduce the time and effort required. The second is enhancing the accuracy and speed of financial reporting and analysis. AI has the power to provide CFOs and their teams with timely and reliable insights minus any human errors. For example, Generative AI can draft memos, perform detailed calculations, and generate insights that would otherwise take finance professionals much longer to produce.
The long-term strategic advantages of AI are even more compelling. AI can completely transform business planning and strategy and one way is through analyzing large datasets to provide better customer insights and profitability analysis. For instance, a company could use AI to analyze customer data, revealing buying patterns and payment behaviors that were previously unnoticed. This can enable said company to pivot its sales strategy, focusing on more profitable products and markets. Insights like these can be game changers, helping businesses tweak long-term plans to drive growth and increase shareholder value.
Unlocking Tampa Bay's AI potential
The Tampa Bay area presents various challenges and opportunities for businesses. I've seen firsthand how the influx of companies over the past decade has intensified the competition for talent, making it difficult to find and keep qualified finance professionals. AI can help bridge this gap by enabling businesses to operate with leaner teams while maintaining high efficiency. Implementing advanced tech solutions can also help Tampa Bay businesses stay competitive in a rapidly evolving market.
At Deloitte, our multidisciplinary approach and depth and breadth of experience allow us to help clients address their unique needs. Deloitte professionals are equally passionate about and well-equipped to advise on a diverse range of offerings that can help fuel efficiency, productivity and strategic advantage.
Finance's strategic advantage? AI adoption
AI has the potential to reduce workloads, enhance accuracy and provide deeper insights, ultimately driving business growth. Remember that AI adoption probably isn't an if, but a when, and the sooner finance leaders prepare for AI adoption, the sooner they can likely improve efficiency and gain a strategic edge. As for the rapidly growing business community here in Tampa Bay, the potential benefits and continuous improvements of AI are endless. I look forward to seeing where they take us.
This publication contains general information only and Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. Deloitte shall not be responsible for any loss sustained by any person who relies on this publication.
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ('DTTL'), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as 'Deloitte Global') does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the 'Deloitte' name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about
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