How much money could be saved through automation?
What is finance automation?
We live in an ever-evolving society that has allowed businesses to automate different aspects of their operations which previously would have been performed manually. Through automation, companies have transformed their finance departments, which has resulted in them saving significant time and resources.
According to Gartner, automation could save finance teams up to 25,000 hours of work. This translates to a cost saving of around £685,500.
There are many benefits which come as a result of implementing finance automation:
- Immediate decrease in manually intensive tasks;
- Handle invoices by exception, instead of handling them all;
- Reduced document storage requirements;
- Significant improvements in processing time and;
- Enhanced visibility of outstanding invoices and approvals.
How much money could your business save?
Substantial time and resource savings are one of the key reasons that businesses are automating their accounts payable process. Have you ever wondered what those savings might look like for your business?
A quick calculation to understand the cost of your manual process will highlight whether a solution could deliver significant value. Just answer a few simple questions and then we can provide you with an estimate of just how much value you could unlock.
Feel free to try our free ROI calculator here and maybe the results will help you decide whether a project of this nature is worth considering.
How are other businesses tackling finance automation?
A recent study by Dun & Bradstreet found that 73% of surveyed finance leaders believe finance automation is improving their function’s efficiency and giving employees more time for value-added tasks.
“Many finance teams have begun implementing machine and data-based approaches to simplifying and strategising their workflows to improve outcomes and free up resources for strategic action. And from what we can tell, leaders at the top are extremely excited by the possibilities of these tools” – Andrew Hausman, General Manager, Finance Solutions, Dun & Bradstreet.
Would you like to find out more about how finance automation could help your business? Get in touch.