Majority of CFOs Are Feeling Mounting Pressure to Automate the Finance Function

Study from StrategicCFO360 and Vic.ai finds finance leaders keen to enhance effectiveness and attain important insights as a result of accelerated automation

Study: Greater part of CFOs Are Experience Mounting Force to Automate the Finance Operate

NEW YORK, July 13, 2022 (Globe NEWSWIRE) — To superior have an understanding of the effects of automation within finance departments, Vic.ai, the synthetic intelligence (AI) platform for autonomous accounting and genuine-time insights, in partnership with StrategicCFO360 nowadays introduced a new research analyzing the problems and prospects Main Financial Officers (CFOs) encounter in the current surroundings to automate the finance purpose with the means and methods they have. The new examine, titled “The Future of Automation and Intelligence in Company Finance,” exposed that a majority of finance leaders are growing their automation investments to continue to be aggressive in the deal with of a tight labor sector and soaring operational expenditures.

The report, primarily based on a May possibly 2022 survey of 145 CFOs and other finance leaders across all industries, even more uncovered that 81% of CFOs identify the potential of automation to improve procedures and assets and seize knowledge insights throughout the finance functionality.

The review also discovered:

• A plurality of polled CFOs recognizes the value of automating the finance perform, with 61% reporting it has substantial worth.

• 58% of CFOs program to increase their financial investment in automation over the upcoming 12 months, with approximately fifty percent anticipating to realize their objectives inside the upcoming two a long time.

• A quarter of CFOs report obtaining currently thoroughly automated their payroll and invoice management processes, and around 45% say it’s underway in the two.

• Only 5% of CFOs say they have thoroughly automatic details examination, but 34% system to automate this purpose within just two years.

• The most frequent obstacle confronted by CFOs when automating the finance function is integration with their recent techniques, according to 61% of CFOs.

• Even though rising effectiveness and efficiency is by much the top aim for CFOs to use automation, over 50 percent of CFOs are also in search of to make far more insights.

• When seeking at info collection, a resounding proportion of CFOs (81%) say they are on the lookout to optimize processes and resources with operational processing insights.

Story proceeds

“This report discovered that finance leaders are completely ready to capitalize on the chances made available by AI and automation,” explained Vic.ai CEO Alexander Hagerup. “Enterprise finance is at an inflection stage, driven in element by the maturity and reliability of automation technologies. With soaring operational expenses and specialized expertise becoming ever more hard to hire, the rewards of automation are obvious – and the strain to undertake smart, insightful technological know-how is mounting. These finance leaders who are likely further than digitization and adopting AI-driven automation are on the path to real autonomy, breaking absent from the pack and positioning by themselves to gain.”

Enterprise finance is promptly reworking into a extra strategic perform as tension proceeds to establish for CFOs to align and travel financial method with company tactic. In addition, the increasingly risky global financial system has accelerated the require for finance to be far more agile and proactive in applying information to identify the proper money levers to pull at any moment.

“I do believe that automation is the way to go,” said a person study respondent from the banking marketplace. “It is the only way that brick-and-mortar monetary establishments will be equipped to contend with the fintechs and other electronic kinds of banking. We will need to benefit from AI to the fullest.”

“Our business is embarking on a digitalization journey, taking edge of the equipment by now readily available internally and exploring new types in the industry,” noted an additional respondent from the pharmaceutical business. “Our eyesight is to come to be a information-pushed, revolutionary firm, constantly looking ahead to integrating business enterprise procedures to current market traits and proactively responding to the customers’ and consumers’ needs.”

Vic.ai was released in 2017 to make entirely autonomous AI units that make finance and accounting teams a lot more productive, precise, and smart. By dealing with time-consuming activities like bill processing, Vic.ai’s alternative aids enterprise prospects these as HSB, Nordic Option Accommodations, Intercom Inc. and HireQuest, as well as prime accounting corporations like RSM LLP, PwC, BDO, and Armanino LLP redirect means toward higher-price capabilities like spend intelligence, benchmarking and value optimization. Over the past 12 months, Vic.ai ongoing to drive boundaries with new characteristics, which include Vic.ai Autopilot and Vic.ai Autonomous Acceptance Flows, which provide the foundation for truly autonomous accounting, as well as its future Vic.ai Spend Intelligence, a very first-of-its-kind prescriptive AI know-how for advanced business-grade charge optimization.

StrategicCFO360, a publication of Chief Executive Group, on a regular basis surveys CFOs on topical issues impacting the business community to provide precious insights and most effective techniques dependent on genuine-world practical experience.

You can browse the full report at www.vic.ai/sources/cfo-report-the-future-of-automation-and-intelligence-inside-organization-finance.

About Vic.ai
Vic.ai is revolutionary the use of autonomy and intelligence to digitally completely transform accounting and finance procedures to enhance efficiency, choice-building, and ROI. Vic.ai addresses the most guide and inefficient undertaking in accounting – invoice processing – to boost its pace and scalability, and eventually permit consumers to reinvent their accounts payable operations and improve economical administration. By processing additional than half a billion invoices with up to 99 p.c precision, Vic.ai has aided 10,000+ buyers reach $200 million in price personal savings and six million hours in time cost savings. Vic.ai is jointly headquartered in New York Metropolis and Oslo, Norway. For far more data, please visit http://www.vic.ai/.

About StrategicCFO360
StrategicCFO360 is driven by Chief Govt Team, publishers of Main Government and Company Board Member considering that 1977. CEG exists to enhance the effectiveness of business leaders, develop communities and fortify modern society. Study far more at https://strategiccfo360.com and https://www.chiefexecutivegroup.com.

Media Make contact with:
Marianna Vyridi
Massive Valley Advertising for Vic.ai
+1 (650) 468-3263
[email protected]

A image accompanying this announcement is accessible at https://www.globenewswire.com/NewsRoom/AttachmentNg/38750024-3fff-4919-b461-8c6bd028d3d4