The transformative power of GenAI in finance – an outlook for 2030

In a world increasingly characterized by Artificial Intelligence (AI), Generative Artificial Intelligence (GenAI) plays a central role in the transformation of finance. Based on current studies and forecasts, it is clear that organizations that fully integrate GenAI can achieve significant competitive advantages. But what exactly does this mean for Digital World Class® (DWC) finance organizations? A look at the data and developments provides some insight.

  1. Current achievements: Innovation and efficiency

According to a recent study by The Hackett Group, DWC finance organizations operate with up to 47% lower processing costs and require 50% less permanent staff compared to average competitors. This top performance is the result of strategic technology investments and the use of GenAI and other modern technologies such as smart automation and predictive analytics.

A key advantage is the automation of processes:

  • Customer-to-cash processes59 % of these processes are fully automated.
  • Electronic invoices95% of invoices are created electronically, which minimizes error rates and increases efficiency.
  • Cash flow optimizationPayment periods are extended by up to 11%, while incoming payments are accelerated by 48%.
  1. Forecast for 2030: even greater differences due to GenAI

The Hackett Group’s latest forecast shows that by 2030, DWC organizations using GenAI can dramatically increase their cost efficiency and productivity. A comparison of cost reductions between peers and DWCs shows significant differences:

  • Organizations without GenAI will continue to struggle with higher costs.
  • DWC Finance organizations benefit from an average cost reduction of up to 42%.

Another milestone is the expected adoption rate of GenAI. While around 70% of DWC organizations will use GenAI by 2027, this rate will rise to almost 100% by 2030.

  1. The importance of standardized data and processes

The study results underline that standardized data and coding definitions are crucial for increasing efficiency. DWC Finance teams use 19% more standardized data than their peers, reducing complexity and improving data quality. This standardization forms the basis for the effective use of GenAI.

  1. Challenges and recommendations for action

Despite the many advantages, there are challenges when integrating GenAI:

  • Technological infrastructureOrganizations need to invest in IT architectures that are scalable and future-proof.
  • Change managementThe transition to AI-supported processes requires a rethink within organizations.

For companies that want to master these challenges, it is advisable to focus on automation and AI at an early stage. DWC organizations have already embarked on this path by prioritizing investments in AI technologies and setting innovative benchmarks.

  1. Conclusion: The future is now

The Hackett Group’s findings impressively demonstrate that the strategic use of GenAI goes far beyond short-term efficiency gains. It opens up new opportunities for value creation and innovation that will shape the financial sector in the long term. Companies that adapt these technologies in good time not only secure a competitive advantage, but also actively shape the future of their industry.

The path to a GenAI-driven financial organization is not a sprint, but a marathon – a marathon that starts now.

To the study