Automation is no longer a “nice to have” as the majority of corporate finances are ready to adopt advanced technology
SAN JOSE, CA / ACCESSWIRE / June 30, 2022 / AUDITORIA.Athe leader in natural language technologies for corporate finance, today announced the results of the third-year State of Automation in the Finance Office report. The future of finance has arrived: the state of automation in 2022 in the financial office report revealed that corporate finance needs to step up to embrace automation or risk burnout, employee turnover and ultimately a drop in bottom line for the organization.
click here to download the State of Automation 2022 results in the Finance Office Report: The Future of Finance Has Arrived.
“The results of the State of Automation Report 2022 speak for themselves – corporate finance must embrace automation or risk being left behind,” said Rohit Gupta, CEO and co-founder of Auditoria. “The majority of business enterprises have not only used advanced analytics and technology solutions to streamline every part of their processes, but they have also used the extra time to their advantage to focus on higher-level business priorities. advanced technologies such as artificial intelligence, natural language processing and prescriptive analytics, corporate finance can dramatically accelerate their digital transformation efforts.”
In the spring of 2022, Auditoria surveyed more than 650 US-based financial professionals, with titles ranging from Chief Financial Officer (CFO) to Finance Specialist. Important results include:
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Finance is ready to embrace automation. Most respondents (61.8%) feel that their financial back office is not sufficiently automated. However, 21.2% of respondents say they will implement advanced levels of analytics and reporting in the coming year — a clear indication that corporate finance is ready to embrace automation.
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Repetitive manual tasks flood corporate finances. Time spent on manual or repetitive tasks is the biggest challenge in the finance office, closely followed by time spent checking and updating data. Creditors and debtors were ranked with the most manual work for the third year in a row.
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Bots are needed to help with customer and supplier inquiries and engagement. A fifth (21.3%) of respondents said lack of responsiveness is the top pain point in the financial back office, suggesting that intelligent engagement is needed to send reminders, answer questions and handle requests without manual human intervention .
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Streamlined processes would initiate an automation trajectory. Focusing on process improvements and investing in new technologies to improve these processes are the top two priorities for the financial back office next year. Both are necessary for financial professionals who want to implement artificial intelligence and digitize corporate finance.
These results indicate that automation is indispensable. Without change, corporate finance teams that maintain the status quo are at risk of organizational turmoil – from a lack of employee retention to bottom line results impacted by the volume of manual work that takes up most of the corporate time. finance office. In addition, intelligent software applications that automate and independently execute business processes and tasks are fast becoming the norm in today’s hybrid work environment.
Auditoria.AI increases the speed, accuracy and efficiency of finance teams with intelligent SmartBots to automate manual and time-consuming credit and debtor processes while gaining greater visibility of the cash position. Purpose-built for finance, with advanced next-gen technology, Auditoria SmartBots integrate with registration systems and email boxes to act as a system of engagement to streamline collections, add controls to purchasing spend, optimize supplier management, and resolve help desk questions. to act with the help of automation . Auditoria integrates with leading ERP and financial applications, including Bill.com, Conga, Coupa, Oracle ERP Cloud, Oracle NetSuite, Sage Intacct, SAP, Workday, and collaboration tools such as Microsoft 365 and Google Workspace.
Download the results of the State of Automation 2022 in the Finance Office Report: The Future of Finance Has Arrived today: https://info.auditoria.ai/2022-ebook-survey
About Auditories
Auditoria is the leader in natural language technologies for corporate finance, helping finance teams automate business processes in AP, AR, GL, and Vendor Management to accelerate cash performance. By leveraging natural language processing, artificial intelligence, and machine learning, Auditoria removes friction and repetition from mundane tasks, while automating complex functions and providing real-time visibility into cash performance. Corporate finance and accounting teams at leading companies including Armanino, Arrive Logistics, FreshWorks, LiveRamp, UserTesting and more are using Auditoria to increase business value while minimizing heavy IT involvement, improving business resilience, reducing churn and accelerate business insights. Give up your finance teams superpowers auditoria.ai†
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Media contact:
Meaghan McGrath
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SOURCE: auditorium
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