# Enterprise automation is the future of finance
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2023-02-09
Category: FINANCE
Category URL: https://financedigest.com/category/finance
Meta Title: How Enterprise Automation Can Improve Financial Efficiency
Meta Description: Discover how financial institutions can leverage enterprise automation to streamline processes, boost productivity, and drive innovation amid economic
URL: https://financedigest.com/enterprise-automation-is-the-future-of-financehtml

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_![](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/183-1736814463250-compressed.jpg)_

_By **Zahi Yaari,** VP EMEA at SnapLogic_

The economic downturn – now officially a recession in the UK – may seem a good reason to batten down the hatches and stick to tried-and-tested practices as a way to ride out the storm. But this works on the assumption that enterprises are already running at peak efficiency. In reality, this is rarely the case.

[The Financial Times recently reported](https://www.ft.com/content/c412223d-c9c6-40ff-95ce-2ba9b041372d) that asset management firms are asking for advice on “efficiencies”, following a fall in the sector’s annual revenue. This may become a wider trend across the [financial sector](https://www.financedigest.com/iot-for-the-financial-sector.html "IoT for the Financial Sector"), as businesses suddenly take an interest in fixing redundant or manual processes that cost both time and money.

The question remains, however: how do you ‘fix’ these problems?

Using enterprise [automation to regain wasted time<](https://www.financedigest.com/make-time-to-reshape-the-finance-function-with-automation-and-machine-learning.html "Make time to reshape the finance function with automation and machine learning")/u>

[According to Gartner](https://www.gartner.com/en/articles/4-predictions-for-i-o-leaders-on-the-path-to-digital-infrastructure), 70% of organisations will implement structured infrastructure automation by 2025, driven by a focus on productivity and efficiency. Automating manual, repetitive processes frees up [time for employees to focus](https://www.financedigest.com/why-manufacturers-mustnt-lose-their-green-focus-in-troubled-times.html "WHY MANUFACTURERS MUSTN’T LOSE THEIR GREEN FOCUS IN TROUBLED TIMES") on high-value tasks and feels like an easy win for businesses that want to become more efficient.

Automating tasks makes room to focus on other projects, whilst still [ensuring that important](https://www.financedigest.com/42-of-retailers-say-payment-over-time-solutions-are-very-important-to-ensuring-future-digital-innovation.html "42% of retailers say payment-over-time solutions are ‘very important’ to ensuring future digital innovation") processes are completed just as effectively as if they were completed by humans.

For example, Delinian (previously Euromoney) built a workflow to process all its invoices within seven days, moving to a continuous [close accounting system that provides better financial](https://www.financedigest.com/fast-track-financial-close.html "FAST-TRACK FINANCIAL CLOSE") balance.

Adding simplicity and effectiveness to the process, [finance automation](https://www.financedigest.com/why-do-modern-finance-functions-strive-for-automation.html "WHY DO MODERN FINANCE FUNCTIONS STRIVE FOR AUTOMATION?") allows you to complete a task in bulk.

Another example of this could be when it comes to filing taxes, a task that can often take hours to complete for each employee, but with [automation you have the opportunity to generate and complete compliance reports](https://www.financedigest.com/how-banks-can-avoid-regulatory-reporting-mistakes-with-a-good-dose-of-automation.html "HOW BANKS CAN AVOID REGULATORY REPORTING MISTAKES WITH A GOOD DOSE OF AUTOMATION") more efficiently.

**Building skillsets**

Automation is often powered or complemented by AI. Our own research into attitudes towards AI in the workplace found that almost two-thirds of workers like the idea of using AI in their role, either currently or in the future; with over [half saying they thought using AI would save them time, and just under half saying it would improve their productivity](https://www.financedigest.com/over-half-of-britons-say-loyalty-cards-encourage-them-to-buy-a-product-niq.html "Over half of Britons say loyalty cards encourage them to buy a product – NIQ").

With such enthusiasm, implementing AI and its close cousin, automation, feels like pushing at an open door.

However, as with all new [technologies and processes](https://www.financedigest.com/cognizant-selected-as-strategic-partner-to-transform-technology-portfolio-and-quality-assurance-processes.html "Cognizant selected as Strategic Partner to Transform Technology Portfolio and Quality Assurance Processes"), skills are an issue. Non-technologists may feel uncomfortable with the software or the concept; and others may worry that [automation will make their role](https://www.financedigest.com/10-ways-automation-has-changed-the-role-of-the-cfo.html "10 ways automation has changed the role of the CFO") redundant. This is why taking the [time to train](https://www.financedigest.com/is-it-time-to-get-off-the-cyber-investment-train.html "Is it time to get off the cyber investment train?") and educate users is so vital – technology is nothing, after all, without proficient users at the helm.

The double benefit of ensuring that [business users can use automation software without relying on IT is, firstly, that the IT team can focus on their own value-add activities instead of rushing to the aid of other departments; and secondly, that far from becoming redundant, business users will benefit from a new skillset and more time to devote to the type](https://www.financedigest.com/types-of-business-loans.html "Types of business loans") of activities that result in promotion, such as creative problem-solving.

Staff who can spend their [working hours](https://www.financedigest.com/low-use-of-shortened-work-hours-points-to-mild-german-recession-ifo.html "Low use of shortened work hours points to mild German recession – Ifo") on projects they genuinely enjoy – and will be rewarded for – rather than dull, repetitive tasks, are more likely to deliver results, and less likely to leave the organisation, boosting retention as a result.

This is doubly true for the IT department, who are under increasing pressure. In our [recent survey](https://www.financedigest.com/recent-survey-of-cfos-reveals-what-finance-teams-should-be-prioritising-in-2021.html "Recent survey of CFOs reveals what finance teams should be prioritising in 2021"), 87% of IT decision makers told us their workload had increased in the past six months, against a backdrop of reduced headcount and shrinking IT budgets. If business users can [manage their own automation projects](https://www.financedigest.com/prince2-and-msp-training-the-rise-of-online-project-management-courses.html "Prince2 and MSP Training: The Rise of Online Project Management Courses"), with minimal guidance from IT, the IT team can then focus on projects of their own.

An example of this in [practice is investment management](https://www.financedigest.com/exact-launches-practice-management-solution-to-help-transform-accountants-into-trusted-business-advisors.html "Exact launches Practice Management solution to help transform accountants into trusted business advisors") firm T. Rowe Price, which through enterprise automation has been able to [increase its development productivity for over 150 users](https://www.financedigest.com/fintechs-how-to-increase-loyalty-through-user-experience-and-fraud-prevention.html "FinTechs: How to increase loyalty through user experience and fraud prevention") across four business units.

The final point on [skills is a reminder that business](https://www.financedigest.com/5-essential-leadership-skills-for-family-owned-businesses.html "5 essential leadership skills for family-owned businesses") users do not need a PhD in computer science to automate a task like invoice processing. Little to no coding is required – in fact, the hugely popular game Fortnite (whose youngest professional player is [only eight](https://www.bbc.co.uk/news/technology-56239242)) is probably more difficult to use than an automation application.

**Generating[insights for the business](https://www.financedigest.com/how-giving-insights-into-card-spend-can-help-organisations-to-manage-their-business.html "How giving insights into card spend can help organisations to manage their business")**

A [business’s most valuable asset](https://www.financedigest.com/making-your-accountant-an-invaluable-asset-to-your-business.html "MAKING YOUR ACCOUNTANT AN INVALUABLE ASSET TO YOUR BUSINESS") is its own data – so the saying now goes. And it’s certainly true that a company’s metadata can be used to generate [business insights that inform everything from new product development](https://www.financedigest.com/reasons-to-hire-a-web-developer-for-your-business-website.html "Reasons to Hire a Web Developer for Your Business Website") to M&A decision-making. Real-time business intelligence is a [competitive advantage](https://www.financedigest.com/turning-big-data-compliance-into-a-competitive-advantage.html "TURNING ‘BIG DATA’ COMPLIANCE INTO A COMPETITIVE ADVANTAGE") in a volatile market. Automation is a faster, more cost-effective and reliable [way to extract data from the business](https://www.financedigest.com/6-ways-to-spring-clean-your-business-finances.html "6 ways to Spring clean your business finances"), ready for the data analysts to do their work. When augmented with machine learning and AI, this data can be used, for example, to provide [insurers](https://www.financedigest.com/different-countries-different-insurance-cultures-how-insurers-can-adapt-their-products.html "insurers") with more accurate actuarial modeling. A predictive ability is valuable indeed – providing the c-suite with ideas for [potential new markets](https://www.financedigest.com/intracranial-pressure-monitors-market-is-set-for-a-potential-growth-worldwide.html "Intracranial Pressure Monitors Market is Set for a Potential Growth Worldwide"), new products, or acquisition targets.

**Conclusion**

As the state of the economy proves to be more uncertain for all businesses, not least the [financial sector](https://www.financedigest.com/overcoming-information-overload-in-the-financial-sector.html "OVERCOMING INFORMATION OVERLOAD IN THE FINANCIAL SECTOR"), now is the time to adopt automation and stay competitive in turbulent times.


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