A recent study by Deloitte has revealed that Australian Chief Financial Officers (CFOs) are increasingly looking to artificial intelligence to solve the country’s worsening productivity crisis. Since March 2022, Australia has witnessed a 5.7% drop in labor productivity, prompting businesses to explore AI-driven solutions.

The research highlights that 85% of large-cap CFOs see productivity and efficiency as the key drivers behind AI adoption. Many anticipate that AI will transform industries within the next two years. However, despite the enthusiasm, only 30% of companies have actively integrated generative AI into their financial processes.

The biggest hurdles to AI adoption include a lack of skilled talent, regulatory concerns, and competing business priorities. Experts suggest that companies need to make AI integration a core strategy to maintain a competitive edge in the evolving business landscape.