A survey conducted by the Gartner showed that 27 percent of the financial departments would adopt Artificial Intelligence by 2020. The survey was conducted for more than 400 financial organizations across the world. The majority of the financial departments claimed that they would at least deploy one of the emerging technologies by 2020.
Christopher Iervolino, senior director analyst at Gartner also said in a statement that half of the respondents are expected to deploy some kind of analytics by 2020. He also explained that the CFO and financial leaders were looking for new ways to cut cost and improve the overall function of the financial decision making. The new technologies are also seen as an opportunity that can give them fresh insights to help them gain an advantage over the competition.
Along with an extensive survey of the technologies being adopted by the financial organization, the survey also included social media activities. Using social media for conversations that can be termed into financial planning and analysis have grown quarterly by 15.7 percent.
The current increased interest in AI to improve the current financial planning and analysis has shown promise but only a few of the organizations are able to implement the strategy successfully. Though awareness has been regarded as one of the reasons for slow adoption many leaders also believe that practical applications of AI are still being scrutinized by the end users.