Intelligent financial and operational investments have become competitive differentiators

Intelligent financial and operational investments have become competitive differentiators

Machine learning, artificial intelligence (AI) and automation have transformed accounting platforms from auxiliary tools to significant advantages in the marketplace. According to the Finances Online Accounting Statistics report (1), 83% of accountants believe that technology is the key to remaining competitive.

In recent years, automation systems have advanced significantly. This evolution was further driven by the Covid-19 pandemic that required businesses to invest in technology to survive.

And the experts agree. Harvard Business Review (2) highlights that the use of intelligent process automation (IPA) allows organisations to ‘reinvent themselves, remain relevant, and thrive.’ McKinsey (3) believes that intelligent automation solutions are the key to gaining efficiency and effectiveness and gives the business a solid competitive foundation, which is further echoed in the Zapier 2020 State of Business Automation report (4).

According to the 2022 CFO Study (5), 61% of Chief Finance Officers (CFOs) believe that automating finance delivers measurable value, while 60% plan to increase their investments into financial automation solutions over the next year. Their reasoning is sound – finance as a function has advanced right alongside technology.

Automation improves the quality of the data across your business helping to facilitate and improve decision-making. The checks and balances that moderate financial solutions to ensure compliance have the added advantage of making the data-rich and reliable while removing the human element reduces the risk of human error. This adds further depth and integrity to the data.

“Ultimately, companies want to know that they can rely on their financial data, that their investments in systems will remain abreast of the latest technologies whilst supporting them as they move into new markets,” says Stephen Howe, Director at T3T Technologies, a Sage Platinum Partner.