Finance has always prided itself on innovating to problem-solve. From stock markets to electronic banking; spend management platforms to AI. One recent example is JPMorganChase deploying AI to analyze commercial loan agreements – reducing 360,000 hours of lawyer time to mere seconds, in the process.
However, when we look beyond finance corporations to finance teams and functions, this level of AI adoption and automation is far from the standard. Pleo research from last year even showed how only barely more than a quarter (27%) of decision makers were confident about AI’s role in finance. While a recent Gartner survey highlighted how almost a fifth (19%) of finance functions have no planned implementation of AI.