# Why CFOs must have Intelligent Automation on their strategic agenda in 2022 and beyond
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-04-14
Category: TECHNOLOGY
Category URL: https://financedigest.com/category/technology
Meta Title: How Intelligent Automation is Revolutionising Finance
Meta Description: Discover how finance departments are prioritising digital transformation with Intelligent Automation to enhance efficiency and accuracy.
URL: https://financedigest.com/why-cfos-must-have-intelligent-automation-on-their-strategic-agenda-in-2022-and-beyondhtml

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_By **Leon Stafford,** UK Country Manager, Digital Workforce_

Finance departments are caught between complex and often competing priorities. Their businesses are transforming at speed with digital technologies being deployed to help better serve customers and deliver exemplary experiences both internally and externally. [Gartner states](https://emtemp.gcom.cloud/ngw/globalassets/en/finance/documents/trends/finance-top-priorities-2022.pdf) that “82% of CFOs report that their investments in digital are accelerating, exceeding investments in other areas such as talent, supply chain, business services or fixed assets”, highlighting how finance departments are prioritising digital transformation.

Powering those ambitions requires data – something [finance teams](https://www.financedigest.com/why-finance-teams-need-to-go-beyond-numbers-to-an-active-relationship-with-data.html "Why finance teams need to go beyond numbers to an active relationship with data ") have readily available.

But that [data needs](https://www.financedigest.com/three-reasons-finance-professionals-need-get-grips-big-data.html "Three reasons why finance professionals need to get to grips with big data") to be captured, processed and analysed rapidly and in near real-time. That’s an [approach seemingly at odds with the traditional demands placed on finance](https://www.financedigest.com/switching-to-freelance-could-be-a-smart-finance-move-as-the-end-of-furlough-scheme-approaches.html "Switching to freelance could be a smart finance move as the end of furlough scheme approaches’"). Historically, the function has operated by focusing on delivering information on a fixed monthly, quarterly and annual basis. That said, these are certain and repetitive processes, suggesting that there is significant opportunity for Intelligent Automation at a time when the race to a [digital future](https://www.financedigest.com/smarter-safer-stronger-cybersecurity-is-now-critical-to-digital-future.html "Smarter, safer, stronger cybersecurity is now critical to digital future") is on.

**The [automated finance](https://www.financedigest.com/enterprise-automation-is-the-future-of-finance.html "Enterprise automation is the future of finance") department?**

CFOs are faced with the challenges of implementing and deploying [digital transformation](https://www.financedigest.com/redefining-the-human-touch-with-data-driven-digital-transformation.html "Redefining the human touch with data-driven digital transformation") strategies while minimising disruptions to workforces and their workflows. From reporting, tax, internal audit and [accounts payables](https://www.financedigest.com/5-common-mistakes-around-accounts-payable-automation.html "5 Common Mistakes Around Accounts Payable Automation") to budgeting and forecasting, procurement and data management, there is no shortage of finance tasks that could benefit from automation.

Even seemingly complex processes have certain elements that could be taken away from [human workers and given to robots](https://www.financedigest.com/robots-are-making-french-fries-faster-better-than-humans.html "Robots are making French fries faster, better than humans"). That’s because anything that requires a high degree of accuracy while being deeply [repetitive is Intelligent Automation](https://www.financedigest.com/automating-repetitive-and-time-consuming-finance-functions.html "Automating Repetitive and Time-Consuming Finance Functions") gold. In fact, there’s an argument to be made that it is exactly this sort of work that shouldn’t be entrusted to humans – repetition is the enemy of concentration, which is needed for accuracy.

But wait, comes the cry – these tasks have been completed by humans for generations; why should they be passed on to robots now?

**Why Intelligent** [Automation is no longer a choice for finance departments](https://www.financedigest.com/accounts-payable-departments-lag-behind-in-ai-automation.html "Accounts Payable departments lag behind in AI automation")

Because the robots already exist. Your organisation might not be using them yet, but the competition is, and that means they can process [data and analyse](https://www.financedigest.com/seenthis-launches-emissions-dashboard-to-enable-advertisers-to-analyse-data-reduction-and-emission-savings-on-campaigns.html "SeenThis launches Emissions Dashboard to enable advertisers to analyse data reduction and emission savings on campaigns") it faster than any human can. They can respond to changing situations quicker, deliver greater levels of [service to customers](https://www.financedigest.com/video-collaboration-is-pushing-the-boundaries-of-the-customer-experience-in-financial-services.html "Video Collaboration is pushing the boundaries of the customer experience in Financial Services") at scale, and make more accurate decisions on investment, procurement and the hundred and one other variables that separate the winners from the also-rans.

Does that mean that all is lost if you haven’t already started automating? No. Because it’s not just about automating, but [investing in technologies like Intelligent Automation strategically](https://www.financedigest.com/toshiba-in-talks-with-four-investment-firms-for-strategic-ideas-sources.html "Toshiba in talks with four investment firms for strategic ideas -sources"), to deliver long lasting results in the future.

That might seem odd when we [consider the tasks we’re talking](https://www.financedigest.com/finnish-centre-right-eyes-coalition-talks-as-defeated-marin-considers-future.html "Finnish centre-right eyes coalition talks as defeated Marin considers future") about are often transactional and tactical in nature. But what is a recurrent topic is how often processes are automated, with little reflection around how robots connect with human workforces.

It’s something that should not be overlooked. The best use is when the likes of Intelligent Automation and [Artificial](https://www.financedigest.com/machine-learning-in-artificial-intelligence.html "Machine learning in artificial intelligence") Intelligence are used to augment, rather than replace, workforces. Particularly in functions such as finance, employees [hold key](https://www.financedigest.com/could-ai-hold-the-key-to-business-recovery.html "Could AI hold the key to business recovery?") knowledge that never gets fully captured in processes and which even the most in-depth of discovery phases can miss. Those companies [cutting that gold dust out of the business](https://www.financedigest.com/cutting-business-costs-pros-of-using-commercial-heat-pumps-in-2016.html "Cutting business costs: Pros of using commercial heat pumps in 2016") entirely can be left exposed.

So, [businesses need](https://www.financedigest.com/what-is-premises-liability-coverage-and-why-does-your-business-need-it.html "What is Premises Liability Coverage … and Why Does Your Business Need It?") to ensure they retain that knowledge, and make it easier to access. That’s more straightforward when people aren’t bogged down in repetitive and mundane tasks but are left free to tackle more complex issues – exactly why [automation should be deployed](https://www.financedigest.com/mercedez-benz-to-deploy-advanced-automated-driving-system-in-nevada.html "Mercedez-Benz to deploy advanced automated driving system in Nevada").

**Intelligent Automation in action**

An example of Intelligent [Automation in action is how global catering giant Elior managed to transform its finance function](https://www.financedigest.com/why-do-modern-finance-functions-strive-for-automation.html "WHY DO MODERN FINANCE FUNCTIONS STRIVE FOR AUTOMATION?"). The company was advised to automate resource-intensive [finance tasks and successfully completed a transformation](https://www.financedigest.com/how-digital-is-transforming-finance-in-2023.html "How Digital Is Transforming Finance in 2023"), only to realise it had been left without support or service when the technologies involved failed. Having little in-depth knowledge around the automated processes, Elior was left with no way of resolving malfunctioning technologies. This resulted in the company having to rely on expensive contractors to [fill the gaps](https://www.financedigest.com/analysis-energy-hungry-europe-cant-look-to-u-s-shale-to-fill-any-opec-gap.html "Analysis-Energy hungry Europe can’t look to U.S. shale to fill any OPEC gap") and low organisational confidence in Intelligent Automation.

However, through deploying a new support model, and implementing a self-service function based on functional Intelligent Automation champions, Elior was able to fix its existing [model and grow](https://www.financedigest.com/the-humanized-mice-model-market-to-grow-on-a-satisfactory-note.html "The Humanized Mice Model Market to grow on a satisfactory note") its internal knowledge, meaning it could respond to challenges without needing a large central support function. Not only is the [finance team benefiting](https://www.financedigest.com/can-finance-reap-the-benefits-of-the-cloud-without-compromise.html "Can finance reap the benefits of the cloud without compromise?") from the automated processes working more fluidly, but confidence in Intelligent Automation has been restored. In fact, the business is now looking at how it can [automate](https://www.financedigest.com/breaking-down-the-barriers-of-ar-automation-to-help-businesses-save-money.html "Breaking down the barriers of AR automation to help businesses save money ") other parts of its business, a testament to the turnaround in perception of Intelligent Automation.

**The [automated reality of finance](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") today**

Intelligent Automation is no longer a consideration for [finance departments](https://www.financedigest.com/upgrading-the-finance-department-the-benefits-of-real-time-analytics.html "Upgrading the finance department: The benefits of real-time analytics") but a reality. [CFOs that want to have an edge on the competition need to be automating](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") their functions strategically. This is not the time for replacing people with machines. When a strategic approach is adopted, intelligent Automation can help finance departments make the move from being a [support function to taking their place as a vital contributor to business success](https://www.financedigest.com/strategic-budgeting-ensures-success-of-community-support-programs.html "Strategic Budgeting Ensures Success of Community Support Programs").


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