Welcome to the
2023 State of Automation in the Finance Office Report: Full Throttle for Finance Automation
Hundreds of finance professionals share their thoughts about automation in the finance office.
We Feel the Need for Speed.
Rev up finance operations with automation, leaving manual processes behind. The results are in for the fourth annual State of Automation in Finance Report.
Hundreds of accounting and finance professionals helped create the most comprehensive survey of finance-office automation which highlights the need for finance teams to embrace automation, similar to a high-performance race car that relies on the latest technological advancements to win.
Our survey found that many finance professionals struggle with time-consuming manual tasks, overloaded inboxes, and delayed responses.
Some of our key findings include:
- Finance is embracing AI. With 40.4% of finance professionals emphasizing process enhancements and 32% highlighting AI and Machine Learning as the top technology trend, it’s clear that automation is here to stay.
- AP & AR top the list of most manual work. Accounts payable and receivable were ranked as having the most manual work for the fourth year in a row.
- Finance understands the need for advanced technology. While robotic process automation (RPA) set the stage for AI, it’s time for AI to be in the spotlight, as only 10.2% believed that RPA will make an impact this year.
Finance teams are finally embracing digital, but they must not be complacent about the risks associated with transformation.
According to PWC, 53% of finance chiefs want to accelerate digital transformation in the next 12 months using data analytics, AI, automation, and cloud solutions to help drive standardization and intelligently automate as many manual processes as possible.
However, such transformations must be supported by vigilant cybersecurity processes.
The Future of Finance Has Arrived: 2022 State of Automation in the Finance Office Report
Still considered a nice-to-have in the corporate finance office, the rest of the corporate organization has embraced the cutting edges of innovation from the technology world.
From sales to marketing and HR, the large majority of the enterprise has not only adopted advanced analytics and technology solutions to streamline every part of their processes, but they have also utilized the additional time to their advantage to focus on higher-level business priorities.
So what is corporate finance waiting for?
We recently surveyed more than 500 finance professionals to find out exactly that. Our report takes a deep dive into the responses collected from the corporate finance office, including the tasks that take up the majority of a finance professional’s time, the top challenges within the finance office, and the current and future state of automation in finance.
Our third-annual Automation in the Back Office report shows that automation is here to stay. Automation is no longer a “nice to have,” and corporate finance must step up to embrace automation or risk getting left behind, or worse, becoming even more overwhelmed and overworked resulting in burnout, turnover, and greater risk for the organization.
Intelligent Automation enables businesses to automate a far-ranging set of workforce processes quickly, accurately, and efficiently.
Intelligent Automation encompasses a set of techniques that span from augmenting humans in correspondence automation, automating repetitive tasks and processes, and delivering predictive insights that can elevate critical performance indicators and accelerate decision making.
Intelligent automation represents the overall umbrella of technologies that enable the transformation and automation of business processes by leveraging any combination of software robotics, cloud, artificial intelligence, and smart machines.
It comprises basic robotic process automation and cognitive automation and is enabled by rules-based macros, artificial intelligence, and natural language processing.
Enhance your Workday Financial Management system with intelligent applications to boost precision, effectiveness, and decision-making prowess.
Intelligent apps leverage generative artiﬁcial intelligence and machine learning to superpower outreach, data extraction, and mailbox management. Set up and maintenance is effortless with a “no code / low code” approach and business-led administration.
Only a fraction of back-office processes are currently automated, and that includes the most manual tasks of all — accounts payable and accounts receivable.
AI-powered automation transforms the finance back office, allows CFOs to harness financial data to work smarter, and enables business continuity and resiliency.
Innovative tools such as AI and machine learning are helping organizations streamline their core finance functions and strategically modify their forecasts.
By following the eight steps in this checklist, businesses can determine the missing pieces in their finance systems and begin the journey of modernizing their finance operations.
While the COVID-19 pandemic is almost in the rear view, the ripple effects will reverberate for years to come. Remote working and off-site conditions helped highlight the significant need to embrace the digitization of processes across the enterprise.
The “new normal” spotlighted one major department in need of automation: the corporate finance back office. As a result, we recently surveyed more than 500 finance professionals to understand automation in the back office.
Our second-annual Automation in the Back Office report indicates that the corporate finance back-office must step up and embrace automation. With most other departments at the forefront of innovation, finance must shed the reputation that they are slow to adopt new technology and learn how to streamline most back-office processes.
eBook: Auditoria.AI 2020 Survey of Automation in ERP and the Finance Back Office
In the first half of 2020, we set out to determine the top challenges facing today’s accounting and finance teams, as well as to ascertain the level of automation present in the modern finance back office.
Infographic: Auditoria.AI 2020 Survey of Automation in ERP and the Finance Back Office
We surveyed several hundred finance professionals across the US and asked them to complete a simple twelve-question survey.
Powering the Self-Driving Finance Back Office
Finance and technology visionaries, investors, and early adopters of A.I. preview what the future holds for the autonomous enterprise.
Introducing Auditoria: How It Works
Find our how Auditoria.AI is helping finance teams become more efficient, faster, and smarter than ever before in this short two minute video.