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According to a recent survey carried out by the FP&A Group on LinkedIn, 46% of respondents believe the biggest cultural shift necessary in enabling AI to truly transform finance is that of “changing mindsets”. Is this any wonder when with the automation of transactional tasks and reconciliations as well as AI driven forecasts and data insights, comes a reduction in the number of finance roles needed to complete these tasks. Finance professionals are asking themselves… when it comes to choosing AI driven finance systems are we turkeys voting for Christmas?
What AI can do for finance today
Traditionally finance functions have been built around the generation of financial data, with the majority of resources focused on transactional activities such as, journaling, data entry and report production activities, there are very few finance staff undertaking the business partnering, advice and strategic finance activities. However, according to FP&A software solution “Datarails” over half of finance leaders believe that AI will lead to a reduction in traditional finance roles by 2026, through the automation of such transactional processes.
Indeed, recent industry data suggests the adoption of AI-driven finance is already well underway. According to a survey of finance leaders by Gartner, 58% of finance functions were using AI in some capacity by 2024, with half of the remaining 42% planning implementation. Meanwhile, a Wolters Kluwer report highlighted that 70% of finance professionals plan to invest in generative AI, indicating that the traditional finance landscape is already shifting, and technology is redefining how finance departments operate.
What AI cannot do for finance (yet)
However, context is key! In the future when AI is doing all the data processing, interpretation and analysis in your finance function, it’s still missing something. It’s missing context. It doesn’t know the exact situation you and your organisation are in, it cannot see the eye rolls in meetings, it can’t hear corridor conversations, or understand the current economic and political climate, all of which exist in the real world and that we as humans assimilate without even realising. These contribute to:
Strategic decision making: AI lacks the ability to make strategic decisions that require human judgment, creativity and understanding of organisational goals. AI provides data, but humans define business goals, assess trade-offs and align decisions with organisational values.
Ethical reasoning: Humans navigate grey areas, balancing profitability with ethics, drawing on their own experience and knowledge, training and understanding of business principles.
Relationship management: AI systems lack emotional intelligence and interpersonal skills, both of which are crucial for maintaining stakeholder relationships. Building trust with clients, negotiating deals and leading teams all require empathy, persuasion and cultural awareness to be successful.
As the Veran CFO James Ham comments:
“…there will always be a place in finance for that thought piece…because the situation is always evolving in the world”
Implications for those on their finance transformation journey
Veran has been working across multiple industries for over 10 years; specialising in Finance and HR transformation, helping organisations strike the right balance between technology and people change, ensuring that your technology platforms, including AI driven systems work in tandem with your people. For organisations keen to embrace finance transformation including AI, while retaining the benefits of human oversight, these three steps are key:
Invest in AI skills: IBM’s “Put AI to Work – Finance” research indicates a majority of finance managers expect AI to significantly streamline tasks like analysis, billing, and reporting, but fewer believe it will take over external data insights or comprehensive decision-making. Therefore, it is vital that you equip finance teams with the skills to use AI tools effectively: combining financial expertise with tech literacy (such as understanding AI outputs and data story telling etc).
Foster a Growth culture: Successful finance transformation is not a one-off change. It’s a journey of continuous improvement. Encourage creativity in the use of AI and measure innovation ( eg: AI driven process improvements) alongside more traditional metrics such as cost savings.
Promote hybrid teams: Design workflows where AI handles the data heavy repetitive tasks while humans focus on creativity, insights and exception handling, preserving the strategic roles for finance professionals.
A warm embrace
There is power in an embrace: the most successful finance functions of the future will be forged through a partnership of humans and AI. AI will handle the transactional work, freeing humans to focus on high impact roles: shaping strategy, driving innovation and fostering stakeholder trust. Finance Weekly found that 85% of Finance Leaders surveyed are actively advancing their AI knowledge and 90% of CFOs see AI skills as enhancing not only their department but also their personal market value. The key is in flexibility, not resistance: embrace AI, (resistance is futile!) and seize the opportunity to participate and thrive in the finance functions of the future.
Final thought: I can’t see any turkeys
Thriving in the AI era isn’t about competing with machines – it's about leveraging them to amplify our uniquely human strengths. The finance professionals who will lead tomorrow are those who view AI as a catalyst for reinvention, not a threat.
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