In Chapter Five of the survey results ebook "2023 State of Automation in the Finance Report: Full Throttle for Finance Automation” we explore the current state of automation in the finance office and the growing aspirations to put AI in the driver's seat.
Bridging the Gap Between Aspiration and Reality
Finance professionals have high hopes for automation, envisioning AI taking the lead in decision-making. However, the reality is that only a small percentage of finance teams have achieved advanced automation.
According to the 2023 State of Automation Report, merely 3.9% claim to have technology significantly involved in decision-making, and a mere 1.6% have achieved a completely autonomous finance office.
However, the reality is that only a small percentage of finance teams have achieved advanced automation
The majority of finance offices (41.4%) are still operating at basic automation levels, where some workflows are automated, but most tasks are handled manually.
Although there have been notable strides in automating certain finance functions like creating reports and performing analysis (20.2%) and invoice processing (19.7%), other critical tasks, such as validating deductions and disputes, onboarding customers and vendors, and collection activities, remain largely untouched by automation.
Emphasizing Process Improvements
Looking ahead, finance professionals recognize the importance of process improvements to achieve greater efficiency and accuracy. The 2023 State of Automation Report reveals that 40.4% of respondents prioritize enhancing workflows in the coming year.
This shift towards automation replaces manual tasks, streamlines processes, and optimizes operations to boost productivity.
The positive outlook on AI's transformative potential is evident, with 85% of respondents expressing their belief in its benefits.
Finance professionals understand that AI automates tasks, enhances decision-making processes, and unlocks new opportunities for efficiency and productivity.
This shift towards automation replaces manual tasks, streamlines processes, and optimizes operations to boost productivity.
Yearning for Relief: Automation of Tedious Tasks
Finance professionals yearn for AI to take the wheel and automate mundane tasks. When asked which tasks they would most like to see automated in the back office, the resounding response was a desire to automate all tedious tasks.
Extracting data from invoices and entering it into systems of record emerged as the top choice.
This collective yearning for relief from repetitive and time-consuming activities highlights the readiness for AI to play a pivotal role in automating mundane tasks, freeing up valuable time for more strategic and value-added activities.
The Impact of AI and Machine Learning
Among various technology trends, AI and machine learning stand out as the most impactful in the finance sector. Their transformative potential is widely recognized, driving an understanding of the power of these technologies in shaping the future of finance operations.
Accelerating the Journey Towards an Intelligent Future
As AI continues to advance and deliver tangible benefits, its acceptance is expected to grow rapidly. This paves the way for widespread adoption and integration across the finance back office.
As finance professionals strive to put AI in the driver's seat, it's essential to recognize the work that lies ahead. By focusing on process improvements, embracing automation, and leveraging AI capabilities, the finance function accelerates its journey towards a more efficient, accurate, and intelligent future.
Automation in the finance office has come a long way, but there is still much ground to cover. The potential for AI to revolutionize finance operations is enormous, and finance professionals are eager to embrace it.
By prioritizing process improvements, investing in automation, and harnessing AI's capabilities, finance teams put AI in the driver's seat, unlocking new levels of efficiency, accuracy, and success in the fast-paced world of finance.
Read more in our 2023 State of Automation in the Finance Office report: Full Throttle for Finance.