How Finance Automation is Revolutionizing the Business Landscape
June 24, 2023

Technology is revolutionizing finance and changing the way businesses operate.  Every past era has brought a new technology from calculators to ERPs to cloud and now to AI and machine learning.  Finance teams can now get data-driven instant insights and real-time updates.  In this blog, we'll uncover the game-changing benefits of finance automation and why embracing it is crucial for staying ahead of the competition.

Automating Repetitive Finance Tasks

Automating repetitive finance tasks has been a game changer for growing businesses. Mundane chores like data entry, reconciling accounts, and generating reports can now be handled effortlessly by finance automation software. This frees up valuable time and mental energy for higher-level work such as financial modelling, forecasting, and business insights. With hours saved each week, businesses can focus on strategic initiatives, giving them a competitive advantage in the market.

While finance teams in large enterprises have been using automation, the technology is now getting accessible even to mid market and smaller organisations.  It is giving an edge to these organisations to serve their customers in a much better capacity.

Gaining Real-Time Insights

Real-time data analytics is revolutionising businesses worldwide. According to the Harvard Business Review, 58% of leaders see improved customer retention with its use. By analysing customer behaviour and transactions, companies can anticipate needs and provide personalised experiences, fostering loyalty.

Furthermore, finance automation offers real-time visibility into crucial metrics, eliminating the need to wait until month-end for financial assessments. Daily updates on cash flow, revenue, expenses, and profits enable swift data-driven decisions and immediate corrective action when anomalies or exceptions are detected. Interactive dashboards and reports facilitate monitoring of key performance indicators, ensuring everyone in the organisation is well-informed about business health and performance.

Reducing Costs and Errors

Finance automation reduces costs by minimising labour requirements for routine tasks. It enables companies to allocate resources to strategic initiatives, fostering business growth. Digital invoicing and payments enhance efficiency by expediting accounts payable and receivable processes. With automated systems, businesses effortlessly send invoices, receive electronic payments, and reconcile transactions, saving time, increasing accuracy, and reducing operational expenses.

Manual data entry poses a significant financial burden beyond the expenses associated with tools, equipment, and a workforce. According to the Data Warehouse Institute, inaccurate or missing data due to human error costs US businesses $600 billion annually. Implementing automation is crucial to addressing this problem, as it reduces errors and financial strain.

Faster and More Accurate Decision Making

In a recent Forrester study of 311 finance decision-makers, almost half agreed that "increasing data-driven decisioning" is crucial for their organisation's future success. Automation and AI enable financial institutions to analyse vast amounts of data, detect patterns, and swiftly identify opportunities or issues. This allows businesses to identify opportunities or problems much faster than humans alone. You'll be able to spot key factors influencing your supply chain, investments, or customers instantly and take action right away.

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