Apr 26 2019
Rethinking the Future of Finance with Automation
Finance has always filled a necessary role in organizations. Yet, most companies would not consider their finance team a center for innovation. In fact, many finance teams spend mass amounts of their time and money working with legacy systems that aren't integrated with counterpart systems throughout the company. Indeed, these manual processes become a barrier to innovation where daily simple finance tasks tend to become far more time-consuming than needed to be. To put this in perspective, research indicates that finance employees spend up to 70% of their time on repetitive tasks every day (Accenture, 2017).
Automation is fueling revenue in the finance industry. By adopting automation, employees will no longer have to complete time-intensive, low-value tasks and can dedicate more of their time to higher value-added tasks. Automation also will guarantee high quality data output with the elimination of manual error. According to a research report, 56% of finance organizations invested in some form of process automation to streamline and optimize their business processes (The Hackett Group, 2018). A further study claims “demonstrated technologies can fully automate 42 percent of finance activities and mostly automate a further 19 percent”. (McKinsey, 2018).
Automation could cause the financial services industry to see a $512 billion increase in global revenues by 2020. (Cap Gemini, 2018)
Although many are still apprehensive, the mindset is changing towards automation and business intelligence due to the standout results. Many financial services companies reported excellent progress in finance automation in several areas that were priorities for their organizations – including reducing cost, improving compliance and greater process efficiency.
75% of CFOs noted their organizations were planning to use AI within the next three years. (PwC, 2018)
Fundamentally, the results of automation are evident and quantifiable both in the short and long term. As automation is already shaping the finance picture, the opportunity for finance teams to boost performance, reduce cost and time should not be ignored.
With Glantus, you can simplify your processes and give your business back the value it has been missing out from relying on manual methods. Glantus can add significant value to your business processes and performance levels through automation. If you would like to find out more about how your organization can benefit from automation, contact us today to find out how we can help.