AI in Finance: From Reactive Reporting to Strategic Foresight

In today’s volatile economic landscape, finance leaders are under increasing pressure to deliver faster insights, ensure compliance and drive strategic value. Artificial Intelligence (AI) is no longer a futuristic concept—it’s a present-day imperative. According to  a 2024 AI survey by Gartner, 58% of finance functions are using AI[1], a rise of 21% compared to the previous year. This shift is particularly profound, especially when it comes to empowering CFOs to move beyond traditional reporting and into the realm of predictive, real-time decision-making.

The Rise of Intelligent Finance

AI is rapidly transforming Finance by eliminating manual processes, bridging fragmented systems and accelerating reporting. A 2024 Accenture study found that AI-led organisations achieve 2.4x higher productivity and are 3.3x more successful[2] at scaling AI use cases.

A global survey by Wolters Kluwer, AI in Finance: From Skepticism to Optimism, reinforces this shift. That survey found that:

• 56% of Finance professionals see AI as transformative
• 52% are already using it
• 60% of early adopters report success
• 70% are actively exploring implementation

This momentum highlights that AI is no longer optional—it’s essential. Platforms like the AI-powered CCH® Tagetik Corporate Performance Management (CPM) solution are leading the way, embedding AI across the performance management lifecycle to help CFOs automate, analyse and act with increased speed and precision.

AI in Action: Real-World Use Cases in Finance

1. Automating Data Mapping Across Complex Systems

One CCH Tagetik customer, a leading, global automotive company, faced significant challenges with manual data ingestion and mapping across multiple ERPs. By implementing CCH Tagetik AI Automapping, the company automated multidimensional mapping, processing over 500 rows of data in just 2 minutes and 20 seconds. This not only boosted productivity but also enabled faster, more accurate consolidation, freeing up the finance team to focus on strategic analysis.

2. Detecting Anomalies in High-Volume Operational Data

Another CCH Tagetik user, a global manufacturing company, needed to automate monthly data checks across four key accounts by country and product. Using AI Anomaly Detection in CCH Tagetik, this user was able to roll actual data into the system monthly, to identify outliers in both quantity and value. The result? An average of just 1 minute per product-country combination, with over 695 combinations processed per entity—a massive leap in efficiency and data quality.

From Insight to Impact

The promise of AI in Finance isn’t just about automation—it’s about amplifying human intelligence.  By embedding AI into core financial processes, platforms like CCH Tagetik enable CFOs to:

• Unify financial and non-financial data
• Accelerate planning and forecasting cycles
• Ensure compliance in an evolving regulatory landscape
• Drive business strategy with confidence and clarity

Conclusion: The Future is Intelligent

AI is redefining the Finance function – from a cost centre to a strategic command centre. With intelligent platforms like CCH Tagetik CPM, CFOs are no longer just stewards of the past – they are architects of the future.

[1] https://www.gartner.com/en/newsroom/press-releases/2024-09-11-gartner-survey-shows-58-percent-of-finance-functions-use-ai-in-2024

[2] https://newsroom.accenture.com/news/2024/new-accenture-research-finds-that-companies-with-ai-led-processes-outperform-peers

Authored by Nishant Vyas, General Manager – CCH Tagetik (Wolters Kluwer India). With nearly 20 years’ experience transforming finance functions, Nishant previously held senior positions at Oracle, IBM, and Anaplan. He specialises in fostering CXO relationships and driving strategic growth for leading Indian enterprises.

Views expressed do not represent the stand of this publication.