To better understand the impact of automation within finance departments, Vic.ai, the artificial intelligence (AI) platform for autonomous accounting and real-time information, in partnership with StrategicCFO360 released a new study examining the challenges and opportunities that chief financial officers (CFOs) face in today’s environment to automate the finance function with the resources and systems at their disposal. The new study, titled “The Future of Automation and Intelligence in Corporate Finance,” found that a majority of finance executives are increasing their investments in automation to stay competitive in a growing market. strained work and rising operational costs.
The report, based on a May 2022 survey of 145 CFOs and other CFOs across industries, further found that 81% of CFOs recognize the potential of automation to optimize processes and resources and collect data insights across the finance function.
The study also found:
- A plurality of CFOs surveyed recognize the value of automating the finance function, with 61% saying it has significant value.
- 58% of CFOs plan to increase their investments in automation over the next 12 months, and nearly half expect to reach their goals within the next two years.
- A quarter of CFOs say they have already fully automated their payroll and invoice management processes, and around 45% say both are underway.
- Only 5% of CFOs say they have fully automated data analysis, but 34% plan to automate this function within two years.
- The most common challenge CFOs face when automating the finance function is integration with their current systems, according to 61% of CFOs.
- While increasing efficiency and productivity is by far the primary goal of CFOs using automation, more than half of CFOs are also looking to generate more insight.
- When it comes to data collection, a significant proportion of CFOs (81%) say they seek to optimize processes and resources through operational processing insights.
“This report revealed that finance leaders are poised to take advantage of the opportunities presented by AI and automation,” said Vic.ai CEO Alexander Hagerup. “Corporate finance is at an inflection point, in part due to the maturity and reliability of automation technologies. With rising operational costs and growing difficulty recruiting specialized talent, the benefits of automation are clear and the pressure to adopt smart, insightful technology is growing. Finance leaders who go beyond digitalization and embrace AI-powered automation are on the path to true empowerment, standing out from the pack, and positioning themselves to win.
Corporate finance is rapidly transforming into a more strategic function as pressure continues to mount for CFOs to align and drive finance strategy with business strategy. Additionally, the increasingly volatile global economy has accelerated the need for finance to be more agile and proactive in using data to identify the right financial levers to pull at all times.
“I believe automation is the way to go,” said one respondent to the banking industry survey. “It’s the only way for physical financial institutions to compete with fintechs and other digital forms of banking. We need to use AI to the fullest.
“Our company is embarking on a digitization journey, leveraging tools already available internally and exploring new ones in the market,” said another respondent from the pharmaceutical industry. “Our vision is to become an innovative, data-driven company that is always eager to integrate business processes with market trends and proactively respond to customer and consumer needs.”
Vic.ai was launched in 2017 to create fully autonomous AI systems that make finance and accounting teams more efficient, accurate and smart. By managing time-consuming activities such as invoice processing, Vic.ai’s solution helps corporate clients such as HSB, Nordic Choice Hotels, Intercom Inc. and HireQuest, as well as major accounting firms such as RSM LLP, PwC, BDO and Armanino LLP to redirect resources. to higher value functions such as spend intelligence, benchmarking and cost optimization. Over the past year, Vic.ai has continued to push the boundaries with new features including Vic.ai autopilot and Vic.ai Standalone Approval Flowthat form the foundation for truly autonomous accounting, as well as its upcoming Vic.ai Spend Intelligence, a first-of-its-kind prescriptive AI technology for advanced enterprise-grade cost optimization.
Sign up for the free insideBIGDATA newsletter.
Join us on Twitter: @InsideBigData1 – https://twitter.com/InsideBigData1