Four in five finance professionals (85%) are already using AI-powered Financial Planning and analysis software, according to a new survey.

Of those using artificial intelligence, two thirds (66%) expected artificial intelligence to save them between 50 and 200 hours of work annually.

The same professionals told Icit Business Intelligence, which surveyed hundreds of UK Financial Planning professionals, that their companies were seeing financial savings of £50,000-£100,000 a year due to AI-powered software.

Six in ten finance professionals surveyed (59%) said they believed AI enhanced their financial decision-making through more accurate forecasts and real-time scenario analysis.

Over two thirds (67%) of finance professionals added that they believed AI would play a key role in establishing confidence in their insights and decisions.

Mark Bodger, director at Icit Business Intelligence, said: “There is no doubt that AI is giving companies a competitive edge and our latest research indicates that organisations adopting AI in Financial Planning and analysis are outperforming their peers in operational efficiency, cost management, and strategic execution.

"As a result, these companies are better positioned to navigate financial uncertainty and seize new opportunities.”

• Icit Business Intelligence surveyed 300 UK Financial Planning and analysis professionals between 9 and 14 August.