39% of Finance Organizations Now Utilizing AI, Reveals Shift Towards Automated Bookkeeping Solutions
Miami, Florida, February 6, 2024: A recent survey from leading research and advisory firm Gartner shows that the adoption of artificial intelligence (AI) and automation technologies within the finance function is growing rapidly. The survey found that 39% of organizations currently use some form of AI or machine learning in areas like accounting, financial planning and analysis (FP&A), and other finance workflows. This represents an increase from 31% in 2021 and underscores a significant trend of digitization and technology modernization taking place across the finance industry.
While larger enterprises have led the way in adopting AI-powered finance solutions, the Gartner survey revealed that usage is becoming more mainstream even among small- and medium-sized businesses. Over 50% of organizations with annual revenues above $10 billion currently utilize AI, demonstrating its strategic importance for the largest global players.
However, the survey also showed increasing adoption rates among smaller firms, indicating the democratization of technologies that were previously only accessible to very large enterprises.
As finance and accounting teams face growing pressures to provide real-time insights, automate routine work, and free up resources for higher value activities, automated bookkeeping and AI-based solutions have emerged as powerful enablers of digital transformation. IBN Tech is at the forefront of this shift, leveraging the latest advances in machine learning, AI, and process automation to revolutionize how businesses manage their financial operations.
“The results from Gartner validate what we’ve been seeing – there is strong, growing demand from organizations of all sizes that want to digitally transform their back-office finance processes through AI,” said Ajay Mehta, CEO of IBN Tech. “Manual, repetitive tasks like data entry, invoice processing and bookkeeping are ripe for automation. Our solutions are helping businesses realize the benefits of more accurate, efficient operations so finance teams can spend more time on strategic initiatives.”
IBN Tech’s AI bookkeeping automation leverages advanced machine learning models to digitize invoice and receipt processing, extract key data elements, classify expenses, and automatically populate accounting entries – eliminating labor-intensive manual tasks. Integrations with popular accounting software like QuickBooks, Xero, and Sage Intacct ensure a seamless experience. By automating routine bookkeeping work, IBN Tech enables finance & accounting teams to focus on higher value activities like analytics, forecasting, and strategic decision support.
Gartner’s survey also found that the most popular initial use cases for AI in finance are accounts payable/receivable automation, financial planning and analysis, and record-to-report activities – all areas where IBN Tech has extensive experience delivering proven results. IBN Tech solutions are also cloud-based, allowing customers to start with a focused pilot and then seamlessly scale deployments as needs change or new opportunities emerge.
As the Gartner survey indicates, automation is becoming mainstream across finance functions as a driver of both operational efficiency and strategic advantage. IBN Tech continues to lead this shift by empowering organizations of all sizes to future-proof their operations through next-generation bookkeeping solutions powered by advanced technologies.
