Finance leaders back use of AI to enhance financial operations

Eight in 10 say AI could effectively prepare finance and accounting departments for disruption.

Finance and accounting (F&A) firms in Singapore are keen to utilise AI to enhance their financial operations but face difficulties in execution due to a lack of talent, according to BlackLine Inc.

In a survey, BlackLine Inc. found that 69% of F&A leaders struggle to recruit and retain enough skilled employees to fulfil internal control responsibilities, with only 39% saying their F&A department currently has the skills to use new technology or software.

Apart from a lack of talent, F&A firms also face challenges such as training AI models to interpret financial data accurately (41%), trusting the outputs of AI (34%), and concerns about the potential misuse of AI (34%).

In Singapore, F&A leaders view generative AI (88%), new kinds of AI (85%) and cloud computing (85%) as essential for improving business resiliency in the face of future disruption.