Fintech PR
The AI Tipping Point: Half of CFOs will axe AI investment if it doesn’t show ROI next year
- 4 out of 5 organizations are set to increase AI investment, but CFOs ‘don’t know where to start’
- 31% lack clear strategic vision for AI within the finance function
- This uncertainty is preventing 41% of finance leaders from prioritizing AI investment
- 75% of CFOs want greater investment in AI to focus more on strategic activities such as e-invoicing compliance and regulation
CHARLOTTE, N.C., Nov. 13, 2024 /PRNewswire/ — Four out of five Chief Financial Officers (78%) have expressed a desire to increase their investment in AI over the next 12 to 18 months, recognizing its value in transforming financial operations, but admit they ‘don’t know where to start’, according to a new *global survey.
While this signals growing confidence in AI, it’s accompanied by a strict demand for accountability. Half of CFOs (50%) report they will axe AI investment if it fails to deliver measurable ROI within a year, highlighting a narrow window for proving its impact.
The findings were revealed in accounts payable automation Basware’s AI to ROI Report, conducted by independent research firm Financial Times Longitude. The study surveyed 400 global CFOs and finance leaders on their attitude, priorities and challenges when it comes to AI in the finance department.
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Uncertainty is Restricting Investment
The biggest priority for financial leaders when implementing finance transformation projects is cost efficiency, with one-third (32%) listing it as their primary focus.
However, any financial confidence will remain rocky with macroeconomic and geopolitical uncertainties continuing to swirl up until the end of the year, and beyond.
This uncertainty is directly impacting AI adoption within finance functions, making it challenging for 41% of finance leaders to prioritize AI investment.
No one is exempt from the fallout of uncertainty. Even Meta’s latest earnings saw a reduced stock-price revision worth $5.1bn to reflect concerns over the company’s capacity to mobilize AI investments and sustain growth. Meta has invested in a “significant acceleration” in AI-related infrastructure, but analysts warn that they need to prove they can continue to cover its rising AI costs and deliver ROI. For companies like Meta, a bounce-back is likely, but recoverability in the short-term isn’t achievable for all.
Unclear AI Strategy
According to the report, finance leaders want to invest more in AI to reduce manual tasks and allow their teams to focus on priorities in their business. 70% of finance leaders said that staff want AI support for administrative tasks, while 75% report that AI has enabled their workforce to focus on more strategic activities such as e-invoicing compliance.
However, the biggest barrier to finance transformation is change management and an unclear AI strategy. 40% of finance leaders state that their organization lacks change management capabilities, while 31% highlight a lack of clear strategic vision for the future of the finance function.
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These factors hinder ROI for AI projects, resulting in question marks over investment without tangible financial benefits.
Perttu Nihti, Chief Product Officer at Basware, commented on the new AI study:
“The office of the CFO is tasked with overseeing a complex range of functions from regulatory compliance through to cash flow management and financial reporting. All of which are areas where AI-powered automation can help to reduce hours and relieve pressure. But the success of AI investment hangs on knowing where to start and proving impact. We’re at the AI tipping point. Focusing on high-value wins, such as AI-powered efficiency that demonstrate quantifiable ROI quickly, in areas such as compliance, error reduction and fraud detection, will help justify investment across a company’s organization.”
Turning Investment into Results
Accounts Payable is one such starting point that is already returning greater levels of ROI. The survey revealed that organizations prioritizing AI investment are realizing a return of 136% ROI, with savings exceeding $1.36 for every $1m invested over the duration of three years.
Among CFOs prioritizing AI innovation and applying it to processes in accounts payable, reducing errors, faster fraud detection, reduced operational costs and improved regulatory compliance were found to be the greatest benefits.
How One Global Company Realized AI’s ROI
One example of how AI has driven ROI for an enterprise is paper and packaging manufacturer Billerud. The accounts payable team was previously hindered by time-consuming manual invoice processing, which cost them several hours each day. To address this inefficiency, they implemented Basware’s SmartPDF AI Instant Learning solution, which uses AI and text extraction to convert PDF invoices into authentic e-invoices.
Billerud has seen a substantial reduction of invoices needing validation, dropping from 15% to 9% due to AI Instant Learning, and saving AP staff several hours each day. Now, powered by AI, over 90% of their invoices are validated automatically due to faster, more accurate data extraction.
Jesper Persson, Business Developer at Billerud, said:
“Since day one, we’ve perceived the desired values from the project. The quality of invoices has improved considerably, and the AI continues to evolve and improve with each passing day. The efficiency gains we achieved translated directly into tangible cost savings, paving the way for a rapid return on investment within just a few months.”
The findings reveal a tipping point for AI in finance. While 50% of CFOs may cut AI investments without clear ROI, those that identify specific starting points for AI implementation – such as invoice processing automation – can achieve measurable returns within months rather than years. These successes are creating a blueprint for broader AI adoption across finance functions.
Notes to Editors
* Invoice automation company Basware and Financial Times Longitude surveyed 400 global CFOs and finance leaders
For the full report, visit here: https://www.basware.com/en/resources/from-ai-to-roi-cfos-and-the-fast-track-to-value
About Basware
Basware is how finance leaders in global enterprises can finally automate their complex, labor-intensive invoice processes and stay compliant with regulatory change. Our AP automation and invoicing platform helps you achieve a new level of efficiency – in a matter of months – while reducing errors and risks. We bring a unique combination of true automation, complete coverage, and deeper expertise to make it all just happen for our customers. That’s why the world’s most efficient AP departments at thousands of companies rely on Basware to handle over 220 million invoices per year. With Basware, Now it all just happens.™
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Fintech PR
Bybit Web3 Wallet Integrates Tonstakers: The First of Its TON Staking Offerings to Expand DeFi Opportunities
DUBAI, UAE, Dec. 27, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange,is excited to announce the integration of Tonstakers, the leading liquid staking protocol on the TON blockchain, into its Web3 Wallet. This marks the first of Bybit Web3’s TON staking offerings, reinforcing its commitment to expanding decentralized finance (DeFi) opportunities for its users.
With this integration, Bybit Web3 Wallet users can now seamlessly stake Toncoin ($TON) and receive $tsTON (Tonstakers LST) in return. The value of $tsTON increases relative to $TON every 26 hours, ensuring competitive rewards while contributing to the growth and success of the TON ecosystem. The integration also opens the door for 130 million users in the TON ecosystem to access TON staking directly within the Bybit Web3 Wallet.
Bybit is dedicated to simplifying DeFi adoption by providing intuitive and user-friendly staking experiences. This milestone partnership with Tonstakers enables users to unlock annual returns estimated between 3% and 5% APY, with rewards automatically compounded, further cementing Bybit’s role as a leader in DeFi accessibility.
Why Tonstakers Matters: The First of Its Kind
Tonstakers is the inaugural partner in Bybit Web3’s TON staking initiative, setting a new standard for staking services. With a total value locked (TVL) exceeding $260 million and a significant market share in the liquid-staked TON sector, Tonstakers offers Bybit Web3 Wallet users unparalleled access to TON staking benefits:
- Effortless Staking: Securely stake $TON with ease, thanks to the user-friendly interface within the Bybit Web3 Wallet.
- Earn $tsTON Rewards: Receive tokenized staked Toncoin ($tsTON), which can be leveraged within DeFi applications across the TON ecosystem.
- Explore DeFi Liquidity: Engage with Tonstakers Earn to provide liquidity using $tsTON, unlocking diverse earning opportunities.
“Bybit Web3 is proud to deepen our integration with the TON blockchain, a crucial step in our mission to foster a thriving and interconnected Web3 ecosystem,” said Emily Bao, Head of Bybit Web3. “This integration empowers our users with seamless and trusted access to TON liquid staking pools and unlocks valuable earning opportunities. As a strong believer in DeFi adoption, Bybit Web3 is committed to bridging the gap between Web2 and Web3, creating simple, easy, and accessible solutions that bring the benefits of decentralized finance to a wider audience. We believe this integration will significantly contribute to the growth and success of the TON ecosystem.”
Start Staking Today To begin staking your $TON and earning with $tsTON, visit https://www.bybit.com/en/web3/staking and discover the power of Bybit Web3 Wallet’s integration with Tonstakers. Bybit Web3 Wallet currently supports a wide range of staking services beyond TON tokens, including ETH, USDT, USDC, bbSOL, SUI, and more.
#Bybit / #TheCryptoArk / #BybitWeb3
About Bybit Web3
Bybit Web3 is redefining openness in the decentralized world, creating a simpler, open, and equal ecosystem for everyone. We are committed to welcoming builders, creators, and partners in the blockchain space, extending an invitation to both crypto enthusiasts and the curious, with a community of over 130 million wallet addresses across over 30 major ecosystem partners, and counting.
Bybit Web3 provides a comprehensive suite of Web3 products designed to make accessing, swapping, collecting and growing Web3 assets as open and simple as possible. Our wallets, marketplaces and platforms are all backed by the security and expertise that define Bybit as the world’s second-largest cryptocurrency exchange by trading volume, trusted by over 60 million users globally.
Join the revolution now and open the door to your Web3 future with Bybit.
For more details about Bybit Web3, please visit Bybit Web3.
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For more details about Bybit, please visit Bybit Press
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LAS VEGAS, Dec. 27, 2024 /PRNewswire/ — Yaber reported a remarkable 100% year-over-year sales surge during Black Friday. The T2 outdoor projector, featuring a built-in battery and handle-to-stand design, ranked among Amazon’s Top 3 “Most Wished For” list. Meanwhile, the L2s projectors, available in exclusive Pantone colors, sold out shortly after launch.
Yaber T2 projector is currently available at Christmas sale on Amazon and the official Yaber website. Meanwhile, pre-orders for the L2s projectors in exclusive Pantone colors will reopen in mid-January 2025.
This year, Yaber further expanded its global retail presence, debuting at the iconic Selfridges in the UK and securing placements in MediaMarkt across EMEA, Canada’s London Drugs, Saudi Arabia’s EXTRA, Belgium’s FNAC, Greece’s PUBLIC, Czech Republic’s Datart, Japan’s Bic Camera and Yodobaxi, and Malaysia’s premier IOI City Mall and Plaza Low Yat.
Looking ahead, Yaber is set to unveil its first ultra-short-throw laser projector and a new Keith Haring-inspired entry-level model at CES 2025. The launch event will take place at 4:00 PM PST, January 6, 2025 at Caesars Palace, Las Vegas. Visit Yaber’s booth in South Hall 1-30808 at Las Vegas Convention and World Trade Center (LVCC) from January 7-10 to discover more.
About Yaber
Founded in 2018, Yaber redefined home entertainment by introducing the world’s first entertainment projector, pioneering a new category in the industry. Today, its innovative projectors have delivered immersive experiences to users in over 120 countries, making Yaber a trusted name in global home entertainment.
The letter “Y” in Yaber embodies the youthful vigor and innovative spirit of Generation Y. It’s not just a symbol, but a unique representation of youth identity and attitude towards life, infusing the brand with rich cultural connotations of youthfulness within simplicity.
Committed to excellence, Yaber has been pushing the boundaries of audiovisual innovation, crafting projectors that inspire richer, more vibrant lifestyles. Its achievements are recognised with prestigious accolades, including the Red Dot, IDEA, VGP, and CES Innovation Awards.
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Fintech PR
Xinhua Silk Road: Conference on deepening financial openness and co-op in Northeast Asia held in NE. China’s Shenyang
BEIJING, Dec. 27, 2024 /PRNewswire/ — The 2nd Northeast Asia Finance Conference and 2024 “Revitalizing Liaoning with Finance” Excellent Cases Release kicked off on Tuesday in Shenyang, capital of northeast China’s Liaoning Province, aiming to further deepen financial openness and cooperation in the Northeast Asian region and advance construction of a regional financial center.
The main forum held a series of activities, including an opening ceremony, two round-table dialogues on “finance + biomedical industry” and “finance + cultural industry”, a symposium for foreign financial institutions, a seminar on innovative development of financial clusters, a forum on development of technology and finance, a forum on industrial low-carbon transformation and financial innovation, as well as an enterprise project roadshow and industry-finance matchmaking event.
During the conference themed on “accelerating the construction of a regional financial center in Northeast Asia and creating a new highland for opening up”, excellent cases of revitalizing Liaoning through finance in 2024 were unveiled and the index for core areas of regional financial centers in northeast China was released.
The conference also held an unveiling ceremony for the upgrading of the Shenyang finance and trade development zone to a national-level development zone, and a launch ceremony of a platform for Shenyang industrial insights and decision analysis.
The conference was co-hosted by China Economic Information Service, Liaoning Branch of Xinhua News Agency, Shenhe District People’s Government, Shenyang local financial administration under guidance of Shenyang Municipal People’s Government and Liaoning local financial supervision and administration bureau.
Original link: https://en.imsilkroad.com/p/343777.html
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