Among Accounting Today’s top trends for 2025, “doing more with less” tops the list. According to the article, this means practitioners will “lean on digital solutions to achieve more with fewer resources.” This is not a new trend, but largely the result of technology like GenAI becoming scalable and more user-friendly. What is news, however, is how a focus on integrating this technology into all aspects of accounting and finance work, as well as the business at large, is generating breakthroughs in innovation.
McKinsey’s 2023 Global Survey on digital strategy flagged the connection between businesses with innovative cultures and GenAI. Thirty percent of those identified as top innovators by McKinsey use GenAI at scale in their R&D work. In a recent “Inside the Strategy Room” podcast, McKinsey consultants discussed how innovation goes beyond products to “new processes and operating models that can create a competitive advantage by making you more fluid, adaptive, or cost-effective."
As GenAI adoption becomes more pervasive, companies are realizing the risk inherent to lagging in this groundbreaking technology. Deloitte and the Peter Arkley Institute for Risk Management recently analyzed the annual reports of S&P 500 companies and found more than 30% discussed a “failure to innovate and compete” if they do not incorporate AI technologies into their products and services.
The risk from inaction tracks with findings from IMA and Deloitte’s 2024 Global Survey of accounting and finance professionals and the use of GenAI. According to this survey, 38% of respondents had no plans to adopt GenAI. However, the large majority of respondents, 62%, are adopting the technology and are on a wide continuum in terms of when full implementation will take place.
So how are competitive companies using GenAI?
The most successful use cases for GenAI to date include:
- PwC launched its own “ChatPwC” tool, powered by OpenAI tech, to help employees with tax questions and regulations as part of a $1 billion investment for AI capability scaling.
- McKinsey introduced “Lilli,” a GenAI solution where employees can pose questions, with the system then aggregating all of the firm’s knowledge and scanning the data to identify what is relevant.
- EY is investing $1.4 billion in the technology, including “EY.ai EYQ,” an in-house large language model, and AI training for employees.
CEOs are optimistic about how GenAI can transform their business and keep them competitive in the long-term. According to PwC’s 28th Annual Global CEO survey, one-third of CEOs say GenAI has increased revenue and profitability over the past year, and half expect their investments in the technology to increase profits in the year ahead. About half of CEOs (49%) expect GenAI to increase the profitability of their company over the next 12 months.
The applications of GenAI in business are limitless. Even those who are still in the experimental phase of using this technology realize its potential to increase productivity, enhance customer experience, meet profitability and growth targets, as well as spur innovation. For help with all your AI needs, check out IMA’s new AI Center.