Hyperautomation Is Driving Finance into the Future
Change has been the word on everyone’s mind since 2020 propelled us into a consistently shifting environment. None of this was anticipated, and many companies were forced to pivot in previously unimagined ways. And no function felt the effects of this more than finance.
As much as they prepared for the future, every financial leader had to re-evaluate their 2020 and 2021 plans for the impact of increased uncertainty. Some had to implement new Work From Home protocols quickly. Others had to find ways to reduce costs and workflow inefficiencies. But all had to take a critical look at their processes to see if their operations were truly “future-proofed.”
From that analysis, one thing was clear—companies that embraced technology during this time succeeded despite the circumstances.
For finance teams that leaned into automation during the pandemic, efficiency increased, productivity improved, and resources were unhampered to focus on higher-value initiatives. With this new strategic shift in roles and responsibilities, financial leaders are finding that the right path forward is evolving with technology.
Finance in the “New Normal”
Traditionally, finance has focused on recording, classifying, summarizing, and interpreting financial transactions themselves. This includes the costs of production, marketing spend, managing & monitoring the budget, and tax regulations. Finance receives and manages the money you need for your organization to thrive.
But what does that mean for today’s financial leaders?
Finance teams in our current environment are driving future success by being proactive instead of reactive. They have tangible goals and are finding ways to optimize their function to be a key player across the organization.
In a 24/7 remote environment, finance teams are working odd hours and in different time zones—they are looking for global solutions that can provide accurate information immediately. Technology has emerged as a leading source of accessibility for these teams and gives them the critical data they need to help drive the business forward.
Hyperautomation Is Now a Business Necessity
Paper is a thing of the past. And modern finance teams are continuing to digitize their manual operations to increase efficiency.
Not only does technology provide access to needed data, but it can also automate time-consuming tasks, reduce errors, and provide an in-depth analysis of the numbers. With the innovation in automation, technology can now predict trends, provide advanced reports, and even track the efficiency of internal processes.
Cloud-based Software as a Service (SaaS) is not only transforming areas like finance, but HR, marketing, sales, and legal—it’s operationally bringing the organization together. And advanced automation is only increasing in importance.
Artificial Intelligence is actually learning from the activities it performs and is continuously improving and adjusting performance. Cognitive Computing has an architecture across multiple systems and subsystems in the organization that simulates decision-making. Robotic Process Automation captures and interprets business processes and actions and then replicates them.
The days of whiteboard brainstorming sessions are over. With hyperautomation, finance teams can see a clear view of the numbers with improved accuracy—providing information in an increasingly efficient way.
Now, financial leaders can utilize this increased amount of data to see where the business is currently and what they can further anticipate.
Moving Forward into the Future
Finance is about following the rules. And as a business leader, you know the importance of staying current.
Today, there are many moving pieces that can’t be ignored, from pandemic-related regulations to changes in the workplace to budget restrictions to compliance challenges—now is the time to think through your processes and decide which fail-safes should be implemented.
With the advancements in automation, technology can help elevate your operations by troubleshooting issues, providing trend analysis, and continuously updating the system with new information. For the future-focused finance leader, technology is shouldering the manual burden and providing strategic insight to propel their organization into the future.