According to the WSJ, finance chiefs are considering hastening investments in automation to better manage their companies’ finances and operations. Enterprises that were quick to respond to the evolving needs of customers at the onset of the pandemic have been leveraging AI and Automation.
A recent survey shows that 24% of finance executives anticipate more spending on robotic process automation (RPA), 20% anticipate more spending on cloud-based ERP technologies, and 19% anticipate more spending on advanced analytics. RPA has emerged as a great enabler for CFOs to evolve their roles from budgetary planning, cost optimization and reporting, to realize their true potential as strategic advisors.
Adopting automation enables the finance function to focus on providing real time, data enabled decision support. Automation and AI are poised to reshape the finance function and knowing what to automate and managing the disruption effectively can lead to a new era of productivity and performance.