Majority of CFOs Are Feeling Mounting Stress to Automate the Finance Operate

Analysis from StrategicCFO360 and Vic.ai finds finance leaders keen to extend effectivity and acquire precious insights by accelerated automation

Research: Majority of CFOs Are Feeling Mounting Stress to Automate the Finance Operate

NEW YORK, July 13, 2022 (GLOBE NEWSWIRE) — To higher perceive the influence of automation inside finance departments, Vic.ai, the synthetic intelligence (AI) platform for autonomous accounting and real-time insights, in partnership with StrategicCFO360 at present launched a brand new research analyzing the challenges and alternatives Chief Monetary Officers (CFOs) face within the present atmosphere to automate the finance perform with the sources and techniques they’ve. The brand new research, titled “The Future of Automation and Intelligence within Enterprise Finance,” revealed {that a} majority of finance leaders are rising their automation investments to remain aggressive within the face of a good labor market and rising operational prices.

The report, primarily based on a Could 2022 survey of 145 CFOs and different finance leaders throughout all industries, additional discovered that 81% of CFOs acknowledge the potential of automation to optimize processes and sources and seize information insights throughout the finance perform.

The research additionally discovered:

• A plurality of polled CFOs acknowledges the worth of automating the finance perform, with 61% reporting it has important worth.

• 58% of CFOs plan to extend their funding in automation over the subsequent 12 months, with practically half anticipating to realize their objectives throughout the subsequent two years.

• 1 / 4 of CFOs report having already totally automated their payroll and bill administration processes, and roughly 45% say it’s underway in each.

• Solely 5% of CFOs say they’ve totally automated information evaluation, however 34% plan to automate this perform inside two years.

• The commonest problem confronted by CFOs when automating the finance perform is integration with their present techniques, in line with 61% of CFOs.

• Whereas rising effectivity and productiveness is by far the main goal for CFOs to make use of automation, over half of CFOs are additionally in search of to generate extra insights.

• When taking a look at information assortment, a convincing proportion of CFOs (81%) say they’re seeking to optimize processes and sources with operational processing insights.

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“This report revealed that finance leaders are able to capitalize on the alternatives supplied by AI and automation,” stated Vic.ai CEO Alexander Hagerup. “Enterprise finance is at an inflection level, pushed partly by the maturity and reliability of automation applied sciences. With rising operational prices and specialised expertise changing into more and more troublesome to rent, the advantages of automation are clear – and the stress to undertake clever, insightful know-how is mounting. These finance leaders who’re going past digitization and adopting AI-powered automation are on the trail to true autonomy, breaking away from the pack and positioning themselves to win.”

Enterprise finance is quickly remodeling right into a extra strategic perform as stress continues to construct for CFOs to align and drive monetary technique with enterprise technique. As well as, the more and more unstable world financial system has accelerated the necessity for finance to be extra agile and proactive in utilizing information to determine the appropriate monetary levers to drag at any second.

“I do imagine that automation is the way in which to go,” stated one survey respondent from the banking trade. “It’s the solely manner that brick-and-mortar monetary establishments will be capable to compete with the fintechs and different digital types of banking. We have to make the most of AI to the fullest.”

“Our agency is embarking on a digitalization journey, benefiting from the instruments already obtainable internally and exploring new ones available in the market,” reported one other respondent from the pharmaceutical trade. “Our imaginative and prescient is to grow to be a data-driven, progressive firm, at all times wanting ahead to integrating enterprise processes to market developments and proactively responding to the purchasers’ and customers’ wants.”

Vic.ai was launched in 2017 to construct totally autonomous AI techniques that make finance and accounting groups extra environment friendly, correct, and clever. By dealing with time-consuming actions like bill processing, Vic.ai’s answer helps enterprise clients corresponding to HSB, Nordic Alternative Inns, Intercom Inc. and HireQuest, in addition to prime accounting companies like RSM LLP, PwC, BDO, and Armanino LLP redirect sources towards higher-value capabilities like spend intelligence, benchmarking and price optimization. Over the previous yr, Vic.ai continued to push boundaries with new options, together with Vic.ai Autopilot and Vic.ai Autonomous Approval Flows, which offer the inspiration for really autonomous accounting, in addition to its upcoming Vic.ai Spend Intelligence, a first-of-its-kind prescriptive AI know-how for superior enterprise-grade value optimization.

StrategicCFO360, a publication of Chief Executive Group, repeatedly surveys CFOs on topical points affecting the enterprise neighborhood to offer precious insights and greatest practices primarily based on real-world expertise.

You’ll be able to learn the complete report at www.vic.ai/resources/cfo-report-the-future-of-automation-and-intelligence-within-enterprise-finance.

About Vic.ai
Vic.ai is pioneering the usage of autonomy and intelligence to digitally remodel accounting and finance processes to enhance productiveness, decision-making, and ROI. Vic.ai addresses probably the most handbook and inefficient process in accounting – bill processing – to enhance its velocity and scalability, and in the end allow clients to reinvent their accounts payable operations and enhance monetary administration. By processing greater than half a billion invoices with as much as 99 p.c accuracy, Vic.ai has helped 10,000+ clients obtain $200 million in value financial savings and 6 million hours in time financial savings. Vic.ai is collectively headquartered in New York Metropolis and Oslo, Norway. For extra data, please go to http://www.vic.ai/.

About StrategicCFO360
StrategicCFO360 is powered by Chief Executive Group, publishers of Chief Government and Company Board Member since 1977. CEG exists to enhance the efficiency of enterprise leaders, construct communities and strengthen society. Be taught extra at https://strategiccfo360.com and https://www.chiefexecutivegroup.com.

Media Contact:
Marianna Vyridi
Massive Valley Advertising and marketing for Vic.ai
+1 (650) 468-3263
[email protected]

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