Finance functions are investing in AI and generative AI (gen AI) technologies, with the expectation that they will improve productivity and free up employees to focus on higher-value tasks. Eighty-five percent of respondents in McKinsey’s latest CFO pulse survey say they expect AI tools to generate insights that reduce the need for manual analysis, partner Ankur Agrawal and coauthors note. For finance functions already using AI technology, 71 percent indicate the tools have boosted worker productivity, and 54 percent say it has improved the use of data for decision making.
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A set of 8 squares show ways that AI and generative AI (gen AI) have already benefited or will benefit the finance function. Each square comprises 100 dots, with the number of dots highlighted representing the share of respondents who report that benefit. On the left side, the percentage of respondents who believe that AI and gen AI will create value for the finance function in the next 5 years is shown. The largest percentage, 85% of respondents, believe that AI and gen AI will help create insights that reduce manual analysis; 83% believe that these technologies will help improve employee productivity; 58% believe that AI and generative AI will help use more of existing data to inform business decisions; and 26% believe that these technologies will help decrease risks. On the right side, the percentage of respondents who believe that gen AI has already created value for the finance function is shown. The largest percentage, 71% of respondents, believe that gen AI has already helped improve employee productivity; 54% believe that it has already helped improve use of existing data in decision making; 48% believe that it has already helped create insights that reduce manual analysis; and 25% believe that it has already helped decrease risks.
Source: McKinsey Global Survey of CFOs in 32 countries, Mar 14–Apr 25, 2024 (n = 126).
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To read the survey, see “Toward the long term: CFO perspectives on the future of finance,” July 18, 2024.