No matter which sector or industry you work in, if it involves technology, then you would be hard-pressed to escape conversations about the use of AI within your business. Is it good or bad? Does it bring opportunities or threats? Are we using it already? If yes, how? And if not, why not?
These debates aren’t only restricted to Chief Technology Officers, IT Directors and the hallways of IT departments. They have been discussed at length by company leaders at all levels, not least Chief Financial Officers, Finance Directors and other finance decision-makers who are wrestling with the use of automation and AI in their departments.
Alongside the recent development of AI-powered software, finance decision-makers across the world have also had to adapt to economic pressures and an unprecedented shift in work models. It is clear that their role has now expanded beyond traditional money management.
This shift has seen finance leaders pursue transparency and agility within their departments, whilst also championing long-term corporate vision and fostering added value and increased productivity throughout the organisation.
How can we be so certain? Since 2021, we have sought to gain insight into the opinions, challenges, and opportunities finance decision-makers face, to understand where we can provide the necessary support. We have identified that finance decision-makers have been reacting to external market pressures forced upon them, but this year’s results show that they are also proactively looking to deliver business value, using data-based insight.
In 2024, finance leaders are also placing more emphasis on improving productivity and obtaining more accurate, real-time data to facilitate informed decision-making, which demonstrates a clear commitment to elevating the strategic role of the finance department within the business.
Leading with data-based insights
Our fourth annual investigation into the State of Automation in Finance (SAIF), in association with the AP Association, surveyed more than 1500 finance and accounting decision-makers across the UK, USA, France, Spain, Belgium, Luxembourg, Switzerland, South Africa, and UAE.
This year, it reveals how finance leaders are progressing when it comes to digital transformation and harnessing Accounts Payable and Enterprise Resource Planning (ERP) systems to enhance the productivity of their departments.
Key highlights specific to the UK from the 2024 SAIF report include:
- The top three priorities for UK finance decision-makers in 2024 are increasing the use of technology (36%), cash flow optimisation (35%) and reducing overheads (31%).
- A fifth of UK finance decision-makers (19%) admitted to using spreadsheets as the top method to process their Accounts Payable invoices.
- Since 2021, the use of AI by UK finance decision-makers has risen from 13% to 30%.
Being in the right place at the right time
Businesses that leverage AP automation and AI will gain unmatched benefits, making sure they are perfectly placed to explore emerging and fast-developing innovations. In the finance department, embracing these technologies will see productivity soar, with nearly instantaneous invoice processing, alongside access to both real-time and historical data.
To continue advancing in their role, finance decision-makers must not shy away from the evolution of new technologies, and as they drive forward, they will be in a prime position to make informed decisions quickly and add real corporate value.
