While Excel spreadsheets are still widely used, there was a rise in the use of artificial intelligence (AI) by finance departments, rising from low levels of penetration at only 13% three years ago to nearly a third (30%) of companies using some aspects of AI in the last 12 months.

AI is being considered as a tool to improve productivity and cut costs by 30% of finance heads, but only one in four decision-makers consider their organisations are advanced when it comes to progress on digital transformation of processes, revealed the latest State of Automation in Finance (SAIF) research by software provider Yooz.