A new survey from McKinsey finds that finance teams are still in the early phase of digital transformation.
Nearly all (98%) of CFOs responding to the survey said their departments have invested in automation technologies like artificial intelligence in the past 12 months, but many reported low rates of digitization across the finance function so far.
The survey found that finance teams are still grappling with roadblocks, such as already-demanding workloads, a lack of relevant capabilities and insufficient resources.
In response to a question about the status of their digital transformation journey, 41% of finance chiefs said that only one-quarter or less of their processes were automated.
Just one in five CFOs are using generative AI tools, and nearly half of those efforts are still in the pilot and experimentation phase, the report said. Read more.