# Finance Teams Using AI Outperform Peers as Demand for Skills Grows
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2021-07-07
Category: TECHNOLOGY
Category URL: https://financedigest.com/category/technology
Meta Title: Survey: Finance Roles to Become More Strategic in Next 12 Months
Meta Description: Survey reveals finance professionals adopting AI are outperforming non-adopters, as roles shift towards more strategic focus. Findings from Unit4's global
URL: https://financedigest.com/finance-teams-using-ai-outperform-peers-as-demand-for-skills-growshtml

![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/artificial-intelligence-and-communicationhkzf3ecvi-1736838214294-compressed.jpg)

_Survey shows finance professionals see their roles becoming more strategic in next 12 months as day-to-day roles significantly change_

[Unit4](https://www.unit4.com/), a leader in [enterprise cloud applications](https://www.unit4.com/products/the-people-experience-suite) for people-centric organizations, today announced the findings of [_Finance, AI and the future of decision making_](https://unit4.turtl.co/story/finance-ai-and-the-future-of-decision-making/?utm_source=Press%20release&utm_medium=Press%20release&utm_campaign=Finance%20Teams%20Using%20AI%20Outperform%20Peers%20as%20Demand%20for%20Skills%20Grows), Unit4’s global survey of finance professionals.

**Finance teams adopting AI outperform non-adopters**

While awareness of [artificial intelligence](https://www.financedigest.com/types-of-artificial-intelligence.html "Types of artificial intelligence") (AI) among finance professionals is high with 70% at least a little knowledgeable about AI it is clear that those embracing it are outperforming their peers. When contrasted with respondents who have not yet adopted AI there are clear differences:

- 47% of those who adopted AI believed their companies were performing strongly, compared to only 28% of non-adopters.
- 49% of AI adopters felt their companies had strong leadership in contrast to only 32% of non-adopters.
- Looking ahead 43% of AI adopters compared to only 21% of non-adopters believed they will maintain their [strong position in 12 months](https://www.financedigest.com/italys-leonardo-raises-fy-orders-guidance-after-strong-nine-months.html "Italy’s Leonardo raises FY orders guidance after strong nine months").

“AI is very much on the mind of finance departments around the [world with early adopters confident it is having a positive impact](https://www.financedigest.com/tomorrows-world-how-cloud-computing-will-impact-the-financial-services-sector-in-2016.html "TOMORROW’S WORLD: HOW CLOUD COMPUTING WILL IMPACT THE FINANCIAL SERVICES SECTOR IN 2016") on the performance of their organizations,” said Gordon Stuart, CFO, Unit4. “However, AI should not just be seen as a [way to automate processes](https://www.financedigest.com/three-ways-that-female-entrepreneurs-can-supercharge-their-hiring-process.html "Three ways that female entrepreneurs can supercharge their hiring process"). [Finance professionals](https://www.financedigest.com/why-finance-professionals-must-bank-on-a-journey-to-the-cloud.html "Why finance professionals must bank on a journey to the cloud") should use it as an opportunity to move into a more strategic role, becoming storytellers and influencers, interpreting data through technology analysis, and translating the findings into meaningful insights relevant to their organizations.”

In the next two years 83% of global respondents expect to be increasingly involved in strategy and decision making, while 75% [say their day jobs](https://www.financedigest.com/amazon-ceo-says-job-cuts-to-exceed-18000-roles.html "Amazon CEO says job cuts to exceed 18,000 roles") will have changed significantly in the same timeframe. There is a very strong desire to upskill, as 83% say that those in finance roles will have to enhance their skillsets in the next two years. In the next 12 months, more than four fifths of respondents are expecting to focus this upskilling on AI, machine learning, coding, [analytics and data](https://www.financedigest.com/data-analytics-scenario-planning-and-the-finance-department.html "Data analytics, scenario planning, and the finance department") science capabilities, but a third of respondents accept their organizations will need to bring in new hires to address the skills gap.

**Does [finance truly understand the value](https://www.financedigest.com/adding-value-to-your-organisation-by-attracting-top-gen-z-finance-professionals.html "Adding value to your organisation by attracting top Gen Z finance professionals") of AI?**

There is significant potential for AI to enhance the use of FP&A, but this requires an understanding that AI can do more than automate mundane tasks. Respondents to Unit4’s study suggest the [top benefits](https://www.financedigest.com/top-4-unexpected-benefits-of-remittances.html "Top 4 (Unexpected) Benefits of Remittances") of AI are improving data quality (33%) and saving time (32%), but only a quarter of respondents say it would help colleagues make faster decisions, and only 24% believe it would deliver actionable insights for decision making.

This suggests finance professionals do not fully grasp how AI can enrich FP&A and help businesses make more informed [decisions about predicting future growth and market](https://www.financedigest.com/markets-mostly-quiet-ahead-of-fed-decision-crude-jumps.html "Markets mostly quiet ahead of Fed decision, crude jumps") opportunities. This could be because survey respondents are not placing enough emphasis on strategic leadership skills. Only a quarter say inter-personal and influencing [skills will be key for future](https://www.financedigest.com/technology-skills-and-servitization-a-brighter-future-for-manufacturing.html "TECHNOLOGY, SKILLS AND SERVITIZATION: A BRIGHTER FUTURE FOR MANUFACTURING?") finance professionals and only 21% say storytelling will be important.

“From our experience, if finance professionals want to play a more strategic role they must have the business and [leadership skills](https://www.financedigest.com/5-essential-leadership-skills-for-family-owned-businesses.html "5 essential leadership skills for family-owned businesses") to identify what the business needs to prioritize to succeed,” Georgina Kossivas, Chief Financial and Risk Officer, Nuclear Waste Management Organization. “Communications [skills](https://www.financedigest.com/these-top-5-interactive-skills-will-ensure-well-become-better-communicators-in-2021.html "These top 5 interactive skills will ensure we’ll become better communicators in 2021") are also incredibly important to articulate insights in terms that are relevant to senior decision makers. [Investments in AI will only deliver on their true potential if finance professionals have developed these skills](https://www.financedigest.com/quantamental-investment-trends-to-make-profits-through-creative-skills.html "Quantamental Investment Trends to Make Profits Through Creative Skills") sufficiently.”

**Methodology**

On behalf of Unit4 DJS Research [surveyed 1,760 decision makers within finance](https://www.financedigest.com/sentiment-in-uk-finance-falls-at-fastest-pace-since-2019-survey.html "Sentiment in UK finance falls at fastest pace since 2019, survey") departments in Australia, Belgium, Canada, France, Germany, the Netherlands, Norway, Singapore, Sweden, the United States and the United Kingdom. Respondents were taken from mid-market sized companies with 100 to 9,999 employees. When surveying respondents the explanation of AI used was: “Artificial [intelligence](https://www.financedigest.com/artificial-intelligence-ai-to-catalyze-the-cell-analysis-instruments-market.html "Artificial Intelligence (AI) to catalyze the Cell Analysis Instruments Market") (AI) refers to computer systems able to perform tasks normally requiring human intelligence, such as visual perception, speech recognition and data-driven decision-making. Machine learning, predictive analytics and robotic process automation (RPA) are all included within AI.”

**Media Contacts:**

Lisa Stassoulli

Global Communications Manager, Unit4

Mobile: +44(0)7870 916827

Lisa.Stassoulli@unit4.com

**Related Resources:**

- [Discover](https://info.unit4.com/Global-FPA-2021-turtl-digital-transformation-AI-skills-ebook_LP.html?utm_source=Press%20release&utm_medium=Press%20release&utm_campaign=Finance%20Teams%20Using%20AI%20Outperform%20Peers%20as%20Demand%20for%20Skills%20Grows) **how to harness a future of smarter finance planning**
- **Read more about** [Unit4 FP&A](https://www.unit4.com/products/budget-and-forecasting-software)
- [BARC’s The Planning Survey 21](https://www.unit4.com/news/barcs-planning-survey-21-outstanding-results-unit4-financial-planning-analysis): Outstanding Results for Unit4 Financial Planning & Analysis

**About Unit4**

Unit4’s next-generation enterprise solutions power many of the [world’s most people-centric mid-market organizations](https://www.financedigest.com/world-tourism-organization-unwto-and-sommet-education-launch-hospitality-challenge-pitch.html "World Tourism Organization (UNWTO) and Sommet Education launch Hospitality Challenge Pitch"). Our state-of-the-art cloud platform, ERPx, brings together the capabilities of Financials, Procurement, Project Management, HR and FP&A onto a unified cloud platform that [shares real-time information](https://www.financedigest.com/privacy-vs-security-is-the-cybersecurity-information-sharing-act-beneficial.html "PRIVACY VS SECURITY: IS THE CYBERSECURITY INFORMATION SHARING ACT BENEFICIAL?") and is designed with a powerful, people-centric approach, so employees can benefit from better insight and become more effective and increasingly engaged. It [supports rapid](https://www.financedigest.com/synapse-appoints-new-finance-and-operations-manager-to-support-the-rapid-growth-of-the-business.html "Synapse appoints new Finance and Operations Manager to support the rapid growth of the business") and continuous change while delivering individualized fit for customers at scale, delivering the right tools to unify the processes across their organization, and connect their people. Unit4 serves more than 6,000 customers globally including, Bravida, Havas, Migros Aare, Americares, Save the Children International, Action against Hunger, Metro Vancouver, Forest Research, Southampton City Council, Habitat for Humanity, Selkirk College, FTI Consulting, and Surrey [County Council](https://www.financedigest.com/durham-county-council-reduces-data-log-analysis-costs-by-50-with-real-time-analysis-and-security-tool.html "Durham County Council reduces data log analysis costs by 50% with real-time analysis and security tool").

For more information please visit [https://www.unit4.com/](https://www.unit4.com/), follow us on Twitter [@Unit4global](http://twitter.com/Unit4global), or visit our LinkedIn page


---
This blog is powered by Superblog. Visit https://superblog.ai to know more.
---