Rillion Report: AI Adoption in Finance Slow, Budget Constraints Major Obstacle
Rillion's new report reveals that only 40% of finance departments have adopted AI, with budget constraints identified as the primary barrier.
The adoption of artificial intelligence (AI) in finance departments remains limited, with nearly two-thirds of companies not yet fully embracing the technology, according to an analysis by Rillion. The report, based on a survey of CFOs and finance leaders in the US and Rillion's proprietary data, indicates that only approximately 40% of finance teams have implemented AI to some extent.
Nearly a third of respondents see no need for AI in their operations, while almost half, 47%, are either planning to implement it this year or are actively exploring its potential. The most significant obstacle to AI implementation was identified by nearly a third as budget constraints. Other key challenges include integration issues (28%) and a lack of technical skills (15%).
The report highlights AI's substantial potential in the finance sector, particularly in accounts payable (AP), where it can double automation levels and achieve over 90% accuracy. Emil Fleron, Lead AI Engineer at Rillion, notes that the finance function's typically well-defined and repetitive processes make them ideal candidates for automation and AI enhancement.
The survey data shows that only 8% of finance departments are using AI extensively across multiple processes, while 28% are utilizing it in a few specific cases. Approximately a quarter (26%) do not use AI and have no current plans to do so. Rillion suggests that the sentiment towards AI is gradually shifting, despite the presence of skeptics.