According to a recent survey sponsored by SAP and carried out by CFO Research, finance leaders believe the automation of accounting, compliance, reporting, and transactions is paramount for the future success of both finance and the businesses they serve. The evidence is in the numbers - 63% of finance executives describe their company’s current enterprise information systems as state-of-the-art or advanced. It’s clear that finance professionals see investment in technology as essential.
The result? Higher degrees of automation according to respondents, resulting in three key benefits:
- The company would gain competitive edge (72%)
- The company would gain substantial financial benefit (70%)
- The finance function would be more effective (75%)
In addition, a staggering 81% think automation is an opportunity, enabling them to free up time to spend on work that is more valuable to the business.
However, these aren’t the only reasons for investing in technology. When it comes to attracting and retaining top talent, technology can be a key factor. 67% of respondents to the survey point to the fact that new graduates and early-career employees are often frustrated with enterprise IT systems because they are not as fast or easy to use as their own personal laptops, tablets or smartphones.
Turns out, this is a serious consideration for the majority of executives surveyed. 73% said that the challenge of recruiting top talent will pressure their company into bringing enterprise systems in line with personal tech. Speed, flexibility, and ease of use are things that top talent has come to expect from their employer. Moreover, the implications of hyper-connectivity are playing an increasingly important role in finance functions.