In this chapter summary, we'll explore the key insights from Chapter One: "Pedal to the Metal with Automation" of the ebook "2023 State of Automation in the Finance Report: Full Throttle for Finance Automation."
The Need for Automation in Finance
The finance world is now at a crucial juncture where embracing automation is no longer an option but a necessity. While other enterprise departments have already harnessed the power of AI, the finance office must catch up. Basic automation like Robotic Process Automation (RPA) and legacy ERPs are no longer sufficient. It's time to go beyond and unlock the untapped potential of finance through the adoption of Artificial Intelligence (AI).
Process Improvement for Enhanced Efficiency
According to the 2023 State of Automation Report, a significant number of finance professionals find their work valuable to the organization. However, a notable proportion also feel overwhelmed and find their work tedious and repetitive. This indicates a potential for dissatisfaction and burnout, primarily caused by tasks involving large data volumes that demand meticulous attention and arduous hours of data collection and review.
To address these challenges, finance offices should focus on task automation. By leveraging technologies like advanced optical character recognition (OCR) for document processing and automating data extraction processes, finance teams free up employees for more complex and engaging work. This not only improves overall efficiency but also reduces the risk of employee burnout.
Technology Trends in Finance
The survey respondents identified Artificial Intelligence (AI) and Machine Learning (ML) as the most influential technology trends impacting the finance office this year, followed by generative AI. This recognition of AI's potential highlights its ability to transform finance operations significantly.
On the other hand, cryptocurrency and RPA were not seen as major influencers. Finance professionals seem to prioritize more advanced technologies, such as AI, that directly addresses their specific challenges rather than untested solutions such as cryptocurrency. This indicates a preference for cutting-edge solutions and a cautious approach towards riskier technologies.
Empowering Finance with Advanced Technologies
AI and machine learning offer tremendous opportunities for finance professionals to elevate their roles within the organization. By automating manual tasks, these technologies provide accurate insights and improve decision-making processes. Generative AI also enhances creativity and innovation within finance operations.
The integration of AI and other advanced technologies transform the finance back office into a powerhouse of efficiency and innovation. Finance professionals will shift from manual data processors to strategic partners, playing pivotal roles in data and application management and development.
AI and machine learning offer tremendous opportunities for finance professionals to elevate their roles within the organization.
Embracing Change and Cultivating a Culture of Innovation
The transition to a digitized and autonomous workplace requires a thoughtful approach. Finance teams, often conservative by nature, will strategically invest in the right AI tools and platforms, prioritize data security and privacy, and provide training and upskilling opportunities for their workforce.
To fully harness the potential of AI, a cultural change is essential. This involves fostering an environment that encourages experimentation, continuous learning, and adaptability.
By embracing cutting-edge solutions and automation, finance professionals will revolutionize their contributions, advance in their roles, and make a significant impact on their organizations.
The finance industry is on the brink of a revolution with the integration of AI and advanced technologies. By putting the pedal to the metal with automation, finance offices can overcome tedious tasks, improve efficiency, and unlock their true potential.
Accepting change and cultivating a culture of innovation will empower finance professionals to become strategic partners in their organizations, driving success and staying ahead in the rapidly evolving world of finance.
Read more in our 2023 State of Automation in the Finance Office report: Full Throttle for Finance.