Mid-size companies and private equity firms are embracing artificial intelligence by implementing the technology to assess data, automate processes and streamline financial operations, according to a newCitizens survey from .
Seventy-six percent of mid-size company CFOs reported that they are already using AI and applying it in various ways. Private equity firms are even further ahead of the curve, with nearly 100% of PE decision-makers reporting AI use. Notably, leaders in both groups acknowledged the transformative potential of AI technology, with 99% of survey respondents saying that AI will become an essential tool for business operations.
“Mid-size companies and private equity firms are increasingly turning to AI technology to automate processes and improve efficiency within their financial operations,” Beth Johnson, vice chair and chief experience officer at Citizens, said. “As AI transforms mid-size companies, Citizens is being very thoughtful about how we implement these new tools and guide clients through an evolving technology landscape.”
The Citizens survey of 127 CFOs at mid-size businesses ($50 million to $1 billion annual revenue) and 77 financial leaders at PE firms (fund size less than $1.5 billion) was conducted in September and focused on how companies and private equity firms are thinking about AI technology and implementing AI within their financial operations. Key findings include:
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