Lack of skills to support digital transformation, says an Oracle report.
Finance teams lack the digital skill-sets to embrace the latest advancements in Artificial Intelligence (AI), causing a negative impact on revenue growth, according to a new study from the Association of International Certified Professional Accountants and Oracle. The study on more than 700 global finance leaders found that despite a clear correlation between the deployments of AI and revenue growth, 89% of organisations have not deployed AI in the finance function and only 10% of finance teams believe they have the skills to support the organisation’s digital ambitions.
The report, titled Agile Finance Unleashed: The Key Traits of Digital Finance Leaders highlights that 46% of tech-savvy finance leaders report positive revenue growth, compared with only 29% of tech-challenged leaders. Furthermore, organisations that have seen revenue growth are more likely to be deploying AI compared to those where revenues are flat or declining. However, only 11% of finance leaders surveyed have implemented AI in the finance function. The report identifies three common traits of tech-savvy finance teams:
Modern business processes: According to the report, tech-savvy finance leaders use advanced technologies and establish ‘operational excellence’. For example, 86% of digital finance leaders have a digital-first and cloud-first mindset, which gives them greater access to intelligent process automation and technologies such as AI and Blockchain, which are commonly delivered via the cloud.
Data Insights: Leading finance teams are able to connect data that was previously in disparate applications to uncover new insights. They are increasingly relying on AI to uncover hidden patterns, make recommendations, and learn continually from the non-stop flow of business data.
Business Influence: Leading finance teams are using data-driven insights to influence the direction of the business. With reduced time spent on manual reporting processes and armed with accurate and timely data, finance leaders are empowered to partner with the business, recommend new courses of action and influence business strategy.