According to the latest research by KPMG International, 71% of companies are already using artificial intelligence (AI) in their financial operations, achieving significant returns on investment (ROI) and multiple benefits. This study covered 2,900 companies from 23 countries, based on earlier research involving 1,800 companies.
The research shows that among companies using AI, 41% reported a moderate to high level of application, an increase of 5% from the survey results in April. KPMG expects this percentage to rise further to 83% in the next three years.
Image source note: Image generated by AI, licensed by service provider Midjourney
To analyze the AI maturity of companies, KPMG established a maturity framework that categorizes the surveyed companies into three groups: AI Leaders (24%), who are more advanced and mature in AI deployment; Intermediate Implementers (58%); and Beginners (18%). Among AI Leaders, 95% of companies indicated plans to selectively or broadly adopt AI in financial reporting within the next three years, compared to 39% in the other two categories.
Financial reporting is considered the most common area for AI application, but as the use of AI expands, other areas such as financial management, risk management, and tax management are also beginning to receive attention. KPMG noted that as AI usage in finance continues to increase, the benefits obtained by companies are also growing. Initially, the financial teams reported two to three benefits, which increased to seven as they reached the leader stage.
Additionally, 57% of AI Leaders stated that their ROI not only met expectations but even exceeded them. Even among relatively lagging companies, nearly one-third (29%) reported achieving results beyond expectations.
KPMG's Global Head of AI, David Rowlands, pointed out that AI has become a global phenomenon, widely adopted by financial teams across various markets and industries. He believes this trend will accelerate with the introduction of new capabilities. For instance, the use of generative AI is also on the rise, with the percentage of companies not intending to use this technology dropping from 6% to just 1%.
Although many companies face obstacles in adopting AI, such as data security vulnerabilities (57%), limited AI skills and knowledge (53%), inconsistent data collection (48%), and costs (45%), Rowlands still encourages companies to take action. He stated that businesses need to establish robust governance mechanisms and clarify the outcomes they are focused on to better realize the potential benefits of AI.
Key Points:
🌍 71% of companies are using AI in financial operations, and this percentage is expected to rise to 83% in the next three years.
📈 Financial reporting is the most common area for AI application, with leader companies increasing their benefits from an initial 2-3 to 7.
🔒 Companies face obstacles such as data security and skill shortages in the adoption of AI, but they are still encouraged to actively advance.