Yooz Reveals Fourth Annual Global State of Automation in Finance Report
June 25 2024 - 9:11AM
Business Wire
Latest insights from AP Automation provider
highlight critical priorities and challenges in finance
departments
Leading Accounts Payable (AP) automation solution provider,
Yooz, announced the release of its fourth annual State of
Automation in Finance report. Surveying 1,550 finance and
accounting decision-makers across the USA, UK, France, Spain, South
Africa, Switzerland, Belgium, UAE and Luxembourg, the report
examines the evolving challenges and opportunities within finance
departments.
This year’s findings emphasize the widening gap between finance
leaders' aspirations for digital transformation and the actual
implementation progress, highlighting the need for advanced AP
automation to address these disparities. Modern businesses need to
prioritize the adoption of AI and machine learning to enhance data
accuracy and operational efficiency, while also tackling pressing
challenges like cybersecurity and e-invoicing readiness.
Notable statistics from the 2024 State of Automation in Finance
Report include:
- Increasing the use of technology (38%), enhancing productivity
of existing headcount (33%), and optimizing cash flow (31%) are the
top priorities for US businesses in 2024. However, only
29% of finance decision-makers consider their organizations
advanced in terms of digital transformation progress.
- The top technology investments for finance departments
in 2024 are financial analytics (39%), cybersecurity to reduce
fraud risk (31%), and workflow automation (28%).
- Communication (44%), problem-solving (42%), and leadership
skills (39%) are deemed the most important skills for
finance leaders and CFOs in 2024.
- Nearly half (41%) of US finance leaders see increased
productivity as the key advantage of AP automation. The average
vendor invoice approval time in the US is 27.05 hours, with a
processing cost of $15.40 per invoice.
“After several years of reactive measures, our 2024 annual
research confirms that finance decision-makers are now proactively
looking to deliver business value,” said Laurent Charpentier, CEO
of Yooz. “The emphasis on improving productivity and obtaining
better information to facilitate informed decision-making
demonstrates a clear commitment to elevating the strategic role of
the finance department within the business.”
The report highlights a growing emphasis on the integration of
AP automation with ERP systems, as well as the adoption of AI and
machine learning to enhance data accuracy and operational
efficiency. Despite the evident benefits, the pace of automation
adoption remains slow, with only 28% of finance decision-makers
categorizing their organizations as advanced in digital
transformation.
Additional key findings from the US audience include:
- Only 22% of US organizations report being fully prepared
for e-invoicing in 2024.
- The primary objectives for automating the AP process are
reducing errors (37%), improving financial control and
forecast accuracy (33%), and reducing costs (32%).
- The most important factors when evaluating automated AP
solutions are fast implementation and minimal training
requirements (31%), powerful and accurate data
extraction (29%), and user-friendly platforms
(28%).
“Organizations leveraging Yooz AP automation have gained
unmatched benefits thanks to our existing AI technologies and will
be perfectly placed to explore emerging and fast-developing
innovations from our AI labs,” Charpentier continued. “Embracing
this technology in finance departments will see productivity soar
with nearly instantaneous invoice processing and validation,
alongside access to both real-time and historical data. Finance
decision-makers who do not shy away from the evolution of AI in
their departments will be in a prime position to make informed
decisions quickly and add real corporate value.”
To gain full access to Yooz’s Fourth Annual State of Automation
in Finance report for in-depth insights, download a copy
here.
About Yooz
Yooz provides the smartest, most powerful, and easiest-to-use
cloud-based E-invoicing and Purchase-to-Pay (P2P) automation
solution. It delivers unmatched savings, speed, and security with
affordable zero-risk subscriptions to more than 5,000 customers and
300,000 users worldwide. Yooz’s unique solution leverages
Artificial Intelligence and RPA technologies to deliver an amazing
level of automation with extreme simplicity, traceability, and
end-to-end customizable features.
Yooz North America is headquartered in the Dallas, Texas
metropolitan area with global offices in Europe.
Learn more about Yooz at www.getyooz.com.
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Breanne Ngo bngo@ideagrove.com