Paro Reveals Future of Finance Trends Shaping the Industry in 2024

Data-driven insights predict how AI will transform the role of finance next year and beyond

CHICAGO, Dec. 13, 2023 /PRNewswire/ -- Paro, a leading finance and accounting AI-powered growth platform helping companies embrace digital transformation, today shared its top five trends for finance and accounting teams in 2024. Drawing from its Future of Finance survey of 250 C-suite and senior-level managers, as well as decades of experience and expertise from its network of finance experts, Paro's predicted trends reveal how businesses of all sizes will leverage artificial intelligence (AI) to transform finance teams and build for future success. 

"As we look to 2024, it is evident that finance teams must evolve and adapt with the rapid industry shifts ushered in by AI or risk poor performance, lost clients, and further talent shortages. With these trends, we're sharing the opportunities and challenges finance leaders and teams must be aware of as they embrace AI to become indispensable strategic partners," said Anita Samojednik, CEO of Paro.

Sustained untapped growth potential for AI adoption 
Eighty-three percent of finance leaders said adopting AI was important. But when it comes to actually implementing it, 42% have yet to do so. Next year will see more finance and accounting teams invest in and embrace AI, particularly in predictive analytics and forecasting, process automation, and customer personalization, to stay competitive and keep their workforce happy. As AI capabilities rapidly evolve, laggard firms risk falling even further behind the early adopters.

Finance leaders will demand more advanced analytics skills
Despite the desire to adopt AI, 53% of finance professionals surveyed identified a lack of advanced analytical skills in their finance teams – a critical capability for successfully leveraging AI. Given this skills gap, developing enhanced analytics capabilities and upskilling talent will become a priority as finance teams evolve from backward-looking reporting to forward-looking strategic advising.

AI-driven planning is on the rise 
Despite the lack of advanced analytics, most finance teams are already using AI/ML-driven data to help inform long-term planning, with 56% noting they always or often use it. This indicates a clear recognition of data's strategic value. The survey also found that non-adopters said they're incorporating AI/ML data in planning, suggesting informal AI experimentation.

AI in recruiting and hiring will become the norm  
While people are leery of AI in hiring, 44% of companies are already using it to streamline and accelerate the process. AI is helping finance teams build for the future by shedding the limitations of traditional hiring and finding the best talent tied to essential skills. With the accountant shortage, AI coupled with human judgment offers the right (and immediate) subject matter expertise and industry knowledge to achieve goals during busy season and beyond.

Security and ethics remain the top AI adoption concerns 
The promise of AI is undeniable, but there are valid concerns. Respondents indicated that cybersecurity issues (54%) and loss of human judgment and oversight (39%) were primary hesitations, highlighting the need for a proactive approach to address these issues, alleviate anxiety and concerns, and increase adoption.

To learn more about the 2023 Paro Future of Finance survey, visit https://paro.ai/news/future-of-finance-survey/.

About Paro
Paro is an AI-powered marketplace that delivers finance, accounting and artificial intelligence solutions to businesses through a combination of expert fractional talent, data-driven tools and guiding insights. By harnessing the power of people and technology, its growth platform provides flexible options, ranging from transaction processing support to corporate development and financial strategy, to solve core business challenges and drive growth. The result enables businesses and experts to go beyond even their loftiest goals.

Media Contact: Amanda Guse, [email protected]

SOURCE Paro

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