As businesses invest more in artificial intelligence, particularly generative AI, finance departments are taking a cautious but strategic approach to adoption. According to a recent Gartner survey, many companies are still struggling to translate AI investments into measurable improvements in productivity. While interest in AI is high, its integration into financial workflows is proving to be more complex than expected.
A new study by Emburse, surveying 1,500 finance professionals across the U.S. and U.K., reveals that two-thirds of finance teams have already invested in AI tools. Yet only 16% of those surveyed said AI innovation is their department’s top priority. Instead, the majority are focusing on cost reduction (39%) and compliance and risk management (24%). This suggests that while AI adoption is underway, the emphasis is currently on reinforcing operational efficiency and maintaining financial integrity.
Security and trust remain major barriers to AI implementation. Data privacy concerns, fear of errors, and uncertainty about how AI will reshape finance roles are the top worries among CFOs and financial professionals. These concerns are slowing down full-scale adoption and are driving finance leaders to play a more hands-on role in how AI is introduced and governed.
Looking ahead, the biggest area of AI impact in finance is expected to be planning and forecasting. Over the next five years, respondents to the Emburse survey believe that AI will fundamentally reshape how organizations manage these functions. This points to a growing awareness of AI’s potential, coupled with the need for careful, risk-aware deployment.
CFOs like Zachary Wasserman of Huntington Bancshares Inc. are leading this evolution. Wasserman emphasized the importance of aligning data analytics and AI efforts directly with the finance office. “I lead all of the finance functions, but I also lead all the strategy functions,” he noted. His perspective underscores the need to integrate AI as part of a company’s overall strategic plan, not just as a standalone tech initiative.
Zane Rowe, CFO of Workday, also sees significant opportunity in cross-functional AI strategies. Within Workday’s finance department, AI tools are already used to review vendor contracts, uncovering cost-saving opportunities that might otherwise be missed. Rowe believes AI has the potential to be a collaborative partner across the business, with finance playing a central role in steering its use effectively.
For finance teams, the key to success lies in aligning AI implementation with business objectives while ensuring robust governance. Experts advise identifying high-impact use cases, such as contract analysis or predictive forecasting, and building the necessary technical infrastructure to support them.
As McKinsey notes, “Generative AI and other digital technologies are transforming the way work is done, and finance roles are no exception.” Companies that prepare now—by combining financial discipline with strategic foresight—will be best positioned to capitalize on AI’s long-term potential.
In summary, AI is more than just a tech trend in finance—it’s a strategic shift. And to realize its full value, finance leaders must be at the center of its adoption.