6/19/2023 0 Comments Emburse chrome river![]() ![]() Automation can’t create a substitute for every menial task, but it can significantly relieve the burden. Forrester researchers believe that, once you combine menial tasks across many different functions, some employees could spend nearly a third of their time on these tasks. On average their teams spend 15% of their time on low-value, manual work that number rises to 17% for more complex tasks like financial planning and analysis. In a recent Forrester report, more than half (52%) of finance leaders said that their teams spend too much time on routine tasks and too little on strategic thinking. Other research in the finance field shows that leaders are looking for creative ways to automate menial tasks for their employees. That flow, once you get it going, can move the business forward substantially. Better data collection, combined with visibility insights, yield yet more insights and more data. Spend visibility is good for operations, and good for data collection. To reach nirvana, companies will need to take advantage of advanced analytics to gain the type of insights that drive real business impact. Optimization means moving the whole organization toward full visibility into spend across the organization. How finance leaders optimize their automation efforts will be critical to success. The report found that most finance leaders already have automation plans – only 4% of them told us they wouldn’t take on any automation projects in 2023. In our report Finance Trends: How Finance Leaders Can Thrive During a Recession in 2023, we asked 400 finance leaders how they plan to navigate market, talent and process challenges this year, and what role automation plays in meeting those challenges. But we think a more profound question lies behind the digital transformation trend: What are finance departments doing with the data troves they get from automation? Are they leveraging the data to optimize processes and save time and money? Or did they get to the end of a series of automation projects, dust off their hands, and claim, “Mission Accomplished”? According to a recent survey we conducted with finance leaders, it’s the latter. There’s a consensus – automation is changing the face of finance departments and job descriptions yearly.
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