By the team at Billtrust. Billtrust were finalists in the ‘Best SaaS Product for Business Accounting and Finance‘ category at The 2024 SaaS Awards.

In an era where technology is reshaping every industry, finance has lagged behind, stubbornly clinging to traditional processes.

But the demands of today’s fast-paced global economy require us to move beyond spreadsheets and manual workflows. Finance departments, especially in B2B organizations, must adapt or risk being left in the dust. And the key to that adaptation is AI. 

Unfortunately, AI is still just a buzzword to many in finance. Some simply don’t know how transformative it is as a tool. Others understand its ability, but lack the confidence to implement it. In fact, when Billtrust surveyed 375 CFOs across industries, just under half (49%) claimed to be very knowledgeable about AI. 

Nevertheless, AI has the potential to fundamentally change how finance operates. From streamlining payment processes to providing real-time financial insights, AI can unlock the potential of finance teams and allow them to shift from number-crunchers to strategic leaders.

The Resistance to Change in Finance

Let’s face it—finance has always been risk-averse, and for good reason. Accuracy and compliance are paramount, and this caution has served the function well for decades. But in today’s digital age, sticking with old systems is no longer a safe strategy. It’s a liability.

Research shows that 30-40% of B2B payments are still paper-based. In a world where transactions occur in milliseconds, the inefficiency of paper is staggering. The slow pace of digital transformation in finance is preventing businesses from unlocking opportunities for growth, agility, and efficiency.

This needs to change. We need to drag finance into the digital age—and AI is the tool to do it.

Why AI is the Game-Changer Finance Needs

Artificial intelligence holds the power to revolutionize finance in ways we’re only beginning to understand. Today, AI is being deployed to automate repetitive tasks, analyze massive datasets, and generate predictive insights, helping finance teams make faster, smarter decisions.

But AI’s true potential lies in its ability to elevate finance beyond operational efficiencies. It enables businesses to leverage data for forward-thinking strategies. Imagine real-time, AI-driven forecasting that goes beyond historical data to anticipate market trends and customer behavior. This isn’t some far-off dream—it’s happening now, and finance leaders must take advantage of it.

Moreover, AI is optimizing processes like order-to-cash, ensuring that businesses get paid faster and more efficiently. With payment management issues sparking concern across finance, and 52% of executives saying their business has had to change major aspects of their OTC processes over the past 24 months as a result, the value of this really can’t be overstated. By analyzing transaction data, AI can identify patterns and recommend actions that finance teams can take to improve cash flow and reduce risk. This not only enhances operational efficiency but also strengthens the company’s financial health.

Addressing the Challenges of AI Adoption

Companies that adopt AI today will be better positioned to compete in tomorrow’s economy. Those that don’t will fall behind, unable to keep pace with competitors who use AI to enhance their financial processes.

Of course, implementing AI comes with its own set of challenges. Data privacy, security, and regulatory compliance are top concerns for finance teams, and rightfully so. Finance leaders need to ensure that the AI tools they adopt are secure, compliant, and tailored to their specific business needs.

Another challenge is the quality of data. AI is only as good as the data it processes. Poorly organized, inaccurate, or incomplete data will limit the effectiveness of AI-driven insights. 

But here’s the opportunity: by focusing on improving data quality, finance teams can set the stage for long-term success. The process of cleaning and structuring data not only supports AI adoption but also enhances decision-making capabilities, creating a stronger, more resilient financial foundation. With the right investments in data and technology, these initial hurdles can become the springboard for a more agile, innovative, and competitive finance function.

The Future is Now

CFOs can no longer afford to sit on the sidelines of the digital revolution. The finance function is at a turning point, and AI is the engine that will drive it forward. Those who act now will lead the charge in transforming finance into a strategic powerhouse. Those who don’t risk being left behind in a digital world that won’t wait.

We need to drag finance into the digital age. And we need AI to do it.