JACKSONVILLE, Fla., July 25,
2024 /PRNewswire/ -- 55% of finance professionals are
reportedly experiencing burnout, with 58% planning to leave the
sector and follow a different career path. With mounting economic
uncertainty, finance teams are facing budget cuts, fewer resources
and higher burnout than ever before, contributing to these figures.
The resulting pressure and stress are adding up, and organizations
are scrambling for solutions. AI and automation are being leveraged
across professional industries to lighten the load on employees as
well as streamline finance team functions and assist with long term
planning.
The majority of finance professionals (94%) are happy with their
organization's adoption of artificial intelligence - automating
processes and simplifying manual cumbersome work. Contrary to
popular belief, data proves that finance professionals want
more automation, not less, with 54% reporting that
automation unlocks more time for innovative strategies.
Additional benefits of automation within the finance function
include smoother end-to-end payments (40%), quicker turnaround time
for invoice payments (39%), easier collaboration with external
stakeholders and teams (37%), faster payments to suppliers (36%)
and the ability for finance teams to close their books earlier
(32%).
These new data points, commissioned by Medius, financial
technology provider, reveal a clear signal from finance
professionals to business leaders - investing in automation not
only improves business efficiency and function, but is a critical
step in retaining high performing financial teams.
Ahmed Fessi, Chief Transformation and Information Officer for
Medius, comments: "Automation is no longer a forward-facing or
nice-to-have strategy for finance teams. Finance teams are crying
out for support, burnt out from trying to close big manual gaps
without automation. There is a rift emerging between organizations
that have invested into automating the finance function and those
that have not, with those who have seeing lower levels of employee
burnout, less errors and more efficiency. It's critical that
organizations make this investment to stay ahead of the curve and
support employees through economic uncertainty and scaling
pressures."
Mary Flynn Barton, Executive
Vice President, Medius, comments: "Increasing automation in the
finance function is essential for organizations as they navigate
uncertain economic conditions, providing present moment stability
and improving future performance. For business decision makers,
investing in automation is two fold: it improves the effectiveness
of the current finance team within an organization and ensures the
future success of the business as demands continue to rise and
uncertainty grows."
With a large portion of the current finance workforce planning
to depart the profession, automation may be the key to once again
make the profession attractive - removing time intensive and
repetitive tasks.
For more information on the automation of finance teams and to
read the full Financial Census report
visit https://www.medius.com/financial-census/.
For more information, please contact:
Dan Bird, Fight or Flight for Medius
Dan.Bird@fightflight.co.uk +44 7885 670798 /
Medius@fightflight.co.uk +44 330 133 0985
This information was brought to you by Cision
http://news.cision.com.
https://news.cision.com/medius/r/overburdened-and-burnt-out--finance-teams-call-out-for-automation-to-address-lack-of-resources-drive,c4018610
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SOURCE Medius