There are always new hype technologies, but what do you think offers the biggest opportunity to the finance function?
Whilst there are many technologies which are hailed as the ‘next big thing’, automation offers the most genuine, practical benefits for a finance function today. Finance automation should be a key strategic pillar in the digital transformation of any business; it is a crucial way of linking the physical and digital information being managed by the department. There are numerous benefits of introducing automation to core processes such as invoice processing and P2P, including making it more efficient, reducing back office admin costs, and making it easier for businesses to remain compliant.
Automation enables finance departments to minimise the chance of human error, in terms of processing paperwork and also following best practice, for example by making it simple to inbuild step-by-step measures such as mandatory approvals, preventing users from skipping steps necessary to remain compliant. Meanwhile, a digitised process can be easily audited and helps comply with internal governance and external accountancy regulations.