A critical gap in AI skills exists within finance teams at US companies, reveals a recent survey by finance and accounting AI-powered growth platform, Paro.
The survey's findings indicate that over half of the finance teams lack advanced analytical skills necessary to fully leverage AI capabilities.
- Nearly half say that technological proficiency to use AI tools and software is lacking in their finance teams.
- AI cybersecurity and data security are the primary concerns for the majority (54%).
- Despite concerns, 57% of companies are already using AI in their workflow.
This skill gap is even more evident among C-suite executives, with 59% acknowledging the deficiency in their teams, compared to 43% among business owners or partners.
In addition to advanced analytics, respondents also identified shortcomings in other crucial competencies such as data governance and proficiency with modern financial tools and software.
AI skills “essential”
“It’s essential for leaders to leverage the benefits of the AI-transformed finance function and implement solutions that act as a strategic catalyst to thrive in the future,” Paro CEO Anita Samojednik said.
“Today’s financial environment is complex and constantly shifting and as a result, internal finance teams are strained and struggling to provide the strategy needed to guide business decisions.
“Companies that don’t evolve run the risk of underperforming their peers and becoming less competitive.”
The use of AI brings a new set of obstacles and potential challenges to the workplace, with potential data breaches being the primary concern of most (54%) of respondents.
- Nearly two in five feared the loss of human oversight with use of AI technology.
- 35% worry about costs tied to AI adoption and integration.
- 33% were wary of a lack of transparency or understanding of AI.
In particular, middle managers, including those in department head to vice president roles, displayed particular concern (55%) over AI reducing human roles, while only 35% of owners and partners and 31% of C-suite leaders shared their fears.
Even with cybersecurity, data, and oversight concerns, 57% of businesses said they have already adopted AI in some form. Among these early adopters:
- 67% use AI for predictive analytics and forecasting.
- 56% bank on it for enhancing internal workflow automation.
- 54% use it to elevate personalisation in their offerings.
The findings of Paro’s survey point to an urgent need for financial teams to acquire new skills and competencies in AI.
As the financial sector increasingly looks towards AI for its transformative potential, addressing this skills gap is essential for companies who don’t wish to be left behind.