Overburdened and burnt out, finance teams call out for automation to address lack of resources driven by economic uncertainty

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/.

About Medius

Medius links invoice capture, processing, and payment to replace the worry and wondering of managing AP with calm and confidence. Medius goes far beyond basic automation by using artificial intelligence to do most of the work – so invoices get confirmed, coded and paid; AP teams get to go home and rest easy; and businesses can trust their budgets and forecasts. Medius, on a mission to transform the spend management category using the power of automation and AI, has more than 4,000 customers across 102 countries and processes $200 billion in annual spend through its system. Visit medius.com to learn more.

For more information, please visit medius.com.