Finance teams adopting artificial intelligence (AI) and automation tools are seeing efficiency gains, but technology alone is not enough to improve productivity, according to a new CIMA report.
The report, Future-Ready Finance: Productivity at the Human–Technology Crossroads, found that while automation is reducing manual work and accelerating processes, the effectiveness of AI tools depends heavily on data quality, governance, and workforce readiness. Collaboration, with other teams and within finance, is also a critical success factor.
“AI will not fix data and process quality. Hence, organisations with clean data, standardised processes, and modern systems gain the most from new technology, whereas those with fragmented legacy systems struggle,” the report said.
The automation of routine tasks such as data entry, reconciliation, and reporting allow finance professionals to focus on higher-value analysis.
Also, automation capabilities are limited in more complex areas where human oversight and decision-making are fundamental. As a result, the report said, many finance teams are taking a cautious approach to AI, using it primarily for small-scale administrative work or low-risk tasks.
Human capabilities such as ethical judgement and critical thinking also remain essential for organisations. “AI can flag anomalies, but only humans can interpret and challenge them with sound judgement,” the report said. “Accountants must interrogate outputs, apply professional scepticism, and ensure that ethical standards are upheld, especially as reliance on opaque algorithms grows.”
The report is based on roundtable discussions with CIMA members, supplemented by anonymised case studies and existing survey research on finance, technology, and skills.
CFO-led initiatives that focus on fostering ownership, breaking down silos, and improving service delivery across departments improve productivity, the report said. In contrast, cost-cutting approaches that reduce headcount ultimately erode team engagement and performance long term.
Fundamentally, skills development is paramount for finance transformation. “A critical theme cutting through all conversations is that technology’s success in finance depends on people,” the report said. Demand is growing for “full-stack” finance practitioners fluent in accounting and finance; trend analysis; and converting data-driven insights into sound business decisions.
— To comment on this article or to suggest an idea for another article, contact Steph Brown at Stephanie.Brown@aicpa-cima.com.