How Are Organizations Using Artificial Intelligence?

A global research and advisory firm headquartered in the US offering advisory and benchmarking data to large corporates and governments globally wanted to explore AI application across organizational functions. Through targeted qualitative research, Phronesis provided actionable insights on AI deployment, benefits, and transformational potential.

Objective

The research firm wanted to provide actionable insights and recommendations for organizations seeking to leverage AI effectively within their finance functions, based on a detailed understanding of current practices and challenges, and potential future impact. The firm wanted to:

• Evaluate AI use within the finance functions of large organizations.
• Identify specific areas within finance where AI is deployed, including Financial Planning & Analysis (FP&A), Record-to-Report (R2R), and Procure-to-Pay (P2P), Order-to-Cash (O2C).
• Assess qualitative and quantitative benefits of AI implementation in Finance, including performance metrics improvement and financial value realization.
• Assess the role of AI in driving business process transformation across finance domains, highlighting successful strategies and key learnings.

Solution

Phronesis tailored the approach to AI and Finance leaders’ perspectives, conducting customized interviews with representatives from various organizations. Emphasis was placed on cross-functional collaboration and deep dives into AI implementation use cases.

Results

The study’s findings helped the research firm identify the top finance sub-functions currently using AI: Accounts Payable, Collections, Forecasting and Modelling, and the key performance evaluation KPIs for AI implementation programs. Phronesis also conducted whitespace mapping to identify product development opportunities targeted at organizations planning to implement AI in their Finance department.

Our research provided a comprehensive understanding of AI use cases, deployment challenges, and success factors in Finance, enabling the strategic prioritization of future AI initiatives tailored to organizational needs.