The Role of Automation in Bridging the Gap Between Strategic Expectations and Deliverables for Finance Teams
In today’s fast-paced business environment, CFOs and financial professionals are facing the challenge of balancing strategic initiatives with day-to-day operational tasks. A recent study conducted by Yooz, a provider of “purchase-to-pay” automation solutions, revealed that only 33% of finance teams feel they have the capacity to meet the strategic expectations set by the C-suite.
According to John Gronen, CFO of Yooz, finance teams often get bogged down in manual tasks, leaving little time for strategic analysis. The constant cycle of closing books and moving on to the next cycle can hinder the team’s ability to focus on more strategic efforts.
Integrating Automation for Strategic Evolution
To bridge the gap between strategic expectations and deliverables, finance leaders are exploring the integration of new technologies that can streamline manual processes. Identifying outdated or inefficient processes is the first step towards automation, as Gronen emphasizes the importance of stopping tasks that no longer add value.
However, a lack of understanding among C-suite leaders about the daily operational challenges faced by finance teams can hinder the automation process. Yooz’s survey found that 77% of finance professionals are frustrated by the lack of “operational awareness” among leaders.
Gronen suggests that C-suite leaders should spend time understanding the daily workflows of their teams to identify areas where automation could be most beneficial. By sitting down with employees and learning about their challenges, leaders can strategize on implementing automation in key areas.
Efficiency Through Automation
Automating time-consuming processes, such as invoicing, can alleviate the burden on overworked finance teams and create space for more strategic tasks. By reducing the time it takes to close cycles, automation allows finance teams to provide critical information for decision-making, process improvement, and long-term strategic planning.
Looking towards the future, Gronen predicts that AI will play a significant role in transforming finance teams into strategic leaders. Automation and efficiency have become paramount for companies looking to attract funding in a competitive market, where revenue growth and positive EBITDA are key factors.
As companies strive for greater efficiency and strategic alignment, the role of automation in enabling finance teams to meet strategic expectations will continue to grow in importance.