The adoption of artificial intelligence in the finance function has reached unprecedented levels, according to KPMG LLP’s latest report, AI in Finance: Transforming into a New Era with the AI-Empowered Finance Function. The survey reveals that 62% of U.S. companies are moderately or heavily utilizing AI, with 58% piloting or deploying generative AI. Notably, 92% of organizations report that their AI initiatives are meeting or surpassing return-on-investment (ROI) expectations. The study, which surveyed 2,900 companies across 23 countries, indicates that 100% of U.S. finance leaders plan to adopt AI in financial reporting within three years, underscoring its growing importance in areas like accounting, risk management, and fraud detection.
KPMG categorized organizations into three AI-readiness groups, identifying 41% as AI leaders who demonstrate advanced deployment and reap higher-than-expected ROI. Leaders invest more significantly in AI—allocating 13% of IT budgets—and leverage internal and external resources to drive adoption. Key benefits include improved decision-making, faster insights, lower costs, and enhanced productivity. However, barriers such as data privacy and cybersecurity remain concerns, with 57% citing them as challenges. As companies continue their digital transformation, they are increasingly prioritizing AI over other technologies, solidifying its role as a transformative force in modern finance.
