Report: Finance functions ramp up internal AI budgets

CFOs’ enthusiasm for funding artificial intelligence tools company-wide continues to gain velocity, including a significant expected spending boost in an area that had been lagging: the finance department itself.

Among 102 finance chiefs surveyed recently by Bain & Co., 56% said they plan to increase enterprise-wide AI investment by more than 15% over the next year. And 83% of expect to do so within two years.

What’s more, 42% of the CFOs said they foresee AI spending hikes of at least 30% during the two-year period. A significant share of the spending will be allocated to finance, the report said. See more key findings.