AI in ANZ finance faces growth gap due to team silos
AI adoption in finance operations has become commonplace in the Australia and New Zealand (ANZ) region, with applications primarily focused on streamlining processes, reducing manual workloads, and accelerating reporting. While these benefits are widely recognised, a significant proportion of chief financial officers (CFOs) have yet to apply AI in ways that directly influence organisational growth.
According to the SAP Concur CFO Insights Report: Strategic Actions for Growth, 43 per cent of CFOs believe that AI will improve forecasting, and 38 per cent expect it to support risk management. The report indicates that the majority of finance leaders are limiting AI's application to traditional finance functions, with few extending its use to areas such as pricing optimisation, customer profitability analysis, dynamic cash flow strategies, and travel and expense management. This trend suggests that AI's influence on top-line performance is being underestimated despite recognition of its broader advantages.
Jonathan Beeby, Managing Director of SAP Concur Australia and New Zealand, outlined the current state and potential future direction of AI in finance. He said, "AI in finance has come a long way in a short time. More finance leaders are now using it to automate general office tasks, though that's only part of the story. AI is no longer just a back-office tool; it can support revenue-focused goals when finance and IT work together more effectively."
The report also highlights a gap between finance and technology strategies within organisations. Only 20 per cent of CFOs plan to increase collaboration with IT leaders on AI projects aimed at influencing business growth. This figure stands in contrast to over half of chief information officers (CIOs), who express a desire for greater finance team input on budgeting, technology investments, and performance measurement. This disconnect is identified as a missed opportunity for driving commercial outcomes through a unified approach.
Jonathan Beeby commented on the need for greater collaboration, stating, "Too often, finance focuses only on cost reduction. However, there is a clear opportunity to work with IT and apply AI to drive better business outcomes. That includes smarter customer segmentation, predictive pricing, and proactive revenue strategies based on real-time data."
He further added, "Real transformation happens when finance and IT teams move beyond operational silos and collaborate on shared business goals. Aligning on technology strategy lets CIOs and CFOs collaborate to apply AI to uncover new revenue opportunities, improve commercial agility, and build resilience in a volatile market."
This shift towards partnership is considered particularly important as CFOs face ongoing challenges stemming from economic uncertainty, which is cited as the main external challenge for 41 per cent of finance leaders in Australia. While many organisations are increasing their investment in automation to control costs, issues such as forecasting accuracy and system integration persist. The report argues that AI needs to progress beyond back-office automation and become a strategic driver for organisations to respond rapidly to changing business conditions.
AI is also being used in new finance applications, including the analysis of travel and expense data for customer-facing teams. This enables organisations to prioritise high-return client visits, identify underperforming markets, and improve resource allocation for customer acquisition by examining patterns in sales travel outcomes. Such practices are seen as a means to provide CFOs with greater visibility into the return on investment from discretionary spend and to link finance operations directly to business development performance.
Jonathan Beeby addressed the need for increased transparency and inter-departmental collaboration, noting, "Revenue resilience depends on visibility. Finance leaders need better access to data across teams, shared performance metrics, and regular alignment with IT. These steps help shift AI from an internal efficiency tool to a contributor to top-line growth. Organisations that review AI outcomes regularly, align project goals across departments, and focus on shared measures of success will be better positioned to respond to market shifts and unlock new growth opportunities."
He concluded, "Importantly, companies don't need to double their technology investments to get more value from AI. Often, the opportunity lies in optimising how existing tools are used, identifying gaps, and fostering stronger collaboration between finance and IT."
The report suggests that as economic pressures continue and AI capabilities mature, finance leaders may need to adopt a wider, more collaborative approach to the technology to fully realise its benefits beyond operational efficiency.
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