Phronesis partnered with a global research firm to analyze the landscape of AI usage within the finance functions of large organizations. Through targeted qualitative research, we provided actionable insights on AI deployment, benefits, and transformational potential, tailored to meet the needs of organizations seeking to leverage AI effectively.
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 functions within organizations.
Objectives
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 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.
Why Phronesis?
The firm chose Phronesis because of our:
- Access to a diverse worldwide network of experts in Finance and AI departments.
- Proficiency in conducting qualitative interviews, to drive open-ended discussions to extract valuable insights.
- Expertise in addressing complex topics effectively, asking probing questions and navigating discussions effectively to deliver high-quality research outcomes that resonate with clients and stakeholders.
- Tailored approach aligned with client objectives to maximize impact.
Approach
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.
Impact
Phronesis’ research provided the client with a comprehensive understanding of AI use cases, deployment challenges, and success factors in Finance, enabling strategic prioritization of future AI initiatives tailored to organizational needs.
