Censuswide, the global insight-driven research company, and Tipalti, the leading global payables automation platform, announced findings from a survey of over 250 CFOs at medium-to-large enterprises regarding the current state of automation in their finance departments amid the COVID-19 pandemic. The survey also examines how organizations plan to take advantage of the additional time made available by automating processes(Tipalti).
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The survey found that over seven in ten finance teams (72%) spend up to 10 people-hours per week, or 520 hours per year on AP-related tasks that could be automated, such as invoice processing, supplier inquiries, supplier payments execution, PO matching, new supplier registration, and payment reconciliation.
Additionally, more than a quarter (28%) of respondents said their teams dedicate up to 20 hours a week on AP tasks, amounting to possibly 1,040 hours annually. Unfortunately, only 4% of CFOs said their teams spend fewer than 12 hours on these tasks per month.
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Amid COVID-19, 75% of CFOs said their finance teams have been able to fully function and complete all processes on time while working remotely but only after making significant changes. Just 14% of finance teams were ready to work from home without making changes to existing processes.
Among the forward-looking CFOs who have automated some or all of their finance processes, 47% saw an improvement in the customer experience, and more than 40% benefited from providing an improved supplier experience. Thirty-seven percent reported a reduction in their level risk (fraud, audits compliance, etc.), 34% experienced better visibility and faster financial reporting, and 29% said automation improved morale. Finally, 17% of respondents have already successfully moved team members into more strategic roles within the organization, likely thanks to the elimination of manual, repetitive tasks.
