Automation Gaps in Finance Office Exposed: Survey Unveils Opportunities for Artificial Intelligence to Bridge the Divide

The report, Full Throttle for Finance Automation, underscores the immense potential and urgent need for automation in the finance office while revealing insights into the current state of automation in finance operations.

Finance professionals are keen to invest in new technologies, streamline processes, and leverage analytics and reporting tools. While Robotic Process Automation (RPA) has been the focus in the past, finance professionals now recognize the potential of Artificial Intelligence (AI) and Machine Learning to transform their industry. However, there is still a significant gap between aspirations and reality, with many finance offices lacking sufficient automation.

'The 2023 State of Automation Survey findings paint a compelling picture that demands action. The era of AI-driven automation is here, and corporate finance cannot afford to be left in the proverbial rearview mirror,' said Rohit Gupta, CEO and co-founder, Auditoria. 'By embracing the possibilities that lie within the realm of the latest technology such as generative AI and Large Language Models (LLMs), finance leaders have the unparalleled opportunity to propel their organizations towards unprecedented growth, resilience, and transformative success.'

Auditoria surveyed hundreds of U.S.-based financial professionals in spring 2023, with titles ranging from Chief Financial Officer (CFO) to Finance Specialist. Key results include:

• AP & AR top the list of most manual work. Accounts Payable and Accounts Receivable are the most labor-intensive finance functions, as reported by 34.6% and 22.2% of respondents, respectively. Internal Audit also requires significant manual effort, according to 14.4% of participants.
• Tedious data collection continues to overrun finance teams. Challenges in the finance office include time-consuming tasks such as checking and updating data, dealing with burdensome processes, extracting data from documents, and performing manual or repetitive tasks. Automation technologies address these challenges, improving efficiency and reducing manual effort.
• Automation is here to stay. The adoption of emerging technologies such as AI and Machine Learning are key priorities for finance professionals, with 40.4% emphasizing process enhancements and 32% highlighting AI and Machine Learning as the top technology trend. There is significant potential for increased automation adoption and its transformative impact in the finance office.
• Advanced tech is needed to mitigate pain points. Pain points for finance professionals include a lack of responsiveness from stakeholders, inaccurate or incomplete information from vendors and customers, and managing a high volume of emails in shared inboxes. Automated systems alleviate these pain points, improving efficiency and accuracy.

The survey findings clearly indicate the pressing need for automation solutions to address challenges such as time-consuming manual tasks, inefficient data management, and unresponsive stakeholder interactions. By harnessing the power of advanced technologies such as generative AI, natural language processing, and machine learning, finance leaders drive remarkable process improvements, enhance efficiency, and unlock new levels of productivity.

'As corporate finance continues to evolve, Auditoria.AI urges AP, AR, and GL teams to embrace automation and leave legacy technology behind,' said Adina Simu, Chief Product and Commercial Officer and Founder. 'At Auditoria, we firmly believe in the transformative power of generative AI, natural language processing (NLP) with modern domain-specific large language models, and machine learning to revolutionize the finance back office. When coupled with ERP systems such as Workday Financial Management, Auditoria's technology augments finance workflows and unlocks tremendous advancements for finance.'

The 2023 State of Automation in the Finance Office Report provides valuable insights for finance professionals seeking to enhance their operations and drive success.

Source: bignewsnetwork.com