auditoria tipping point 2021 infographic opt1...tipping point: 2021 state of automation in the back...
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Tipping Point: 2021 State of Automation in the Back Office ReportAuditoria conducted an online survey of 600+ US-based finance professionals in spring 2021 between the ages of 30-60+ . The 2021 State of Automation in the Back Office Report indicates that the corporate finance back-office must step up and embrace automation and shed the reputation that they are slow to adopt new technology and learn how to streamline most back-office processes.
What are the overall challenges across the finance back office?
Which areas of finance do you use artificialintelli-gence (AI) today?
How much time does your team spend following up, seeking approvals, requesting documentation, and communicating with vendors, customers, and internal stakeholders each week?
Gatheringdata foranalysis
Analyzingdata forinsights/reports
Communicatingwith internaland externalstakeholders
Which areas of finance do you use artificialintelligence (AI) today?
29.2
%
12.4
%
16.9
%
Time spenton repetitive
tasks
Time spentusing tools thatno longer work
28.4
%
Time spentchecking andupdating data
1.6%
Others
11.4
%
Lack ofresources to
invest intechnology
Inaccurateor outdatedprocesses
16.9
%
16.6
%
24.3
%
3.0
%
22.1
%
17.1
%
Audit andCompliance
relatedactivities
Trying to learnand improve
my company’sbusiness
processes
Others
1-5Hours
Doesn’tapply tome
<1Hours
>10Hours
6 -10Hours29.8%
38.7%
20.2%6.4%
5%
We don’t useAI in finance
42.2%
AccountsPayble
13.3% 13.1%
GeneralLedger
9.6% 6.6%
Audit
7.3%Tax
2.1%
Treasury
Oth
ers0.
4%
FP&A
5.4%
AccountsReceivable
accounts payable
accounts receivable
33% 24%MOST MANUAL WORK
time spent on repetitive tasks
time spent on updating data
29% 28%TOP CHALLENGES
BACK OFFICE
not sufficiently automated
58%
hours
MORE THAN HALF
on follow-ups, approvals, documentation requests and communicating with stakeholders
spend more than
wee
kly6-10+
reduce manual and repetitive tasks
55+%
MO
ST U
SEFU
L B
E N
E F
I T
vendor managementaccurately accruing and tracking expenses
MOST CHALLENGING
32%
invest in new tech to improve processes
TOP PRIORITY
38%