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Bailey McCann, Opalesque New York: Private equity firms are embracing artificial intelligence by implementing the technology to assess data, automate processes and streamline financial operations, according to a new survey from Citizens Financial Group.
Nearly 100% of private equity decision makers reported that artificial intelligence was already in use in their operations. 99% of respondents to the survey said artificial intelligence was an essential part of business operations.
The survey includes responses from 127 CFOs at mid-size businesses ($50 million to $1 billion annual revenue) and 77 financial leaders at private equity firms.
81% of private equity respondents said artificial intelligence is making their business easier. Additionally, 85% of PE decision-makers expect to increase their level of AI investment over the next five years.
Within mid-size companies CFOs are typically driving the shift to artificial intelligence as they look for business efficiencies. The survey found that CFOs lead 87% of AI implementations for financial processes. Chief Information Officers come in a distant second, leading 41% of such efforts.
Of the 76% CFOs that report already using AI, more than half are applying the technology to cash flow forecasting and financial analysis. However, use cases vary by industry and span a wide array of applications from risk assessment to customer support and fraud detection. For example, while slightly fewer than half of all ...................... To view our full article Click here
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