Invevo explores why automation is the future of financial management
The move towards automation is accelerating in various industries, aimed at boosting efficiency, cutting costs, and spurring innovation. The financial sector is no different.
Financial automation, which leverages technology and machine learning to handle tasks with reduced human involvement, is reshaping financial management.
Let's delve into why this shift isn't just a fleeting phase but the future of finance.
Despite the clear benefits, automation sceptics worry about automation’s effect on job displacement, inflexibility and the potential replacement of human engagement - the heart of exceptional customer service.
However, with good planning, proper execution, and a balanced approach that combines human expertise, automation boosts employee roles by shifting them from everyday tasks to interpreting data and making strategic plans.
A balance of human expertise and automation maximises efficiency while minimising risk.
PwC encapsulated this sentiment perfectly. “Whatever challenges or opportunities people face, the answer will almost certainly be better if it blends human ingenuity and technology.”
Automation isn't just about efficiency; it's transformational. It refines processes, minimises errors, and allows financial teams to centre on pivotal business objectives. With automation, functions like credit management, accounts receivable, and credit risk management become more accurate and less time-consuming.
Rather than replacing human expertise, automation’s goal is to enhance the productivity and strategic value of finance professionals by automating routine and repetitive tasks. Allowing finance teams to allocate more time and resources towards strategic decision-making, data analysis, and driving business growth.
Automation not only saves costs but also ensures accuracy, scalability, and proactive operations. Complex processes within account receivables are simplified, reducing the likelihood of human error. Automation enables real-time insights, improved transparency, and standardised processes, leading to better decision-making and compliance.
That’s why at Invevo, we real time data-rich dashboards that display key tasks for users to complete with performance trends and KPIs.
To read about how automation improves user experience, read our previous blog post here.
As organisations continue to embrace finance automation, the roles and responsibilities of finance professionals are evolving. Rather than being solely focused on transactional admin tasks, finance teams are becoming data interpreters, trend analysts, and strategic decision-makers.
Deloitte emphasises the importance of striking a balance between human and automation-led processes. This approach ensures that customer experiences are maximised while maintaining agility and security. As automation reshapes the industry, the focus is shifting towards using technology as a complementary tool to augment human capabilities.
For City Plumbing, outdated systems hampered growth and digital adaptation. Manual, expertise-dependent processes often led to undue delays.
Invevo revolutionised their workflow, automating the on and off-stop process, vastly reducing manual interventions. Despite managing over 27K active customers with just 30 controllers, the team, thanks to automation, has remained efficient, error-free, and profitable.
The future of finance automation holds exciting possibilities. Integration of advanced analytics and machine learning, promises deeper insights and predictive capabilities.
Invevo’s commitment is to evolve alongside technology, offering the latest innovative solutions that drive business growth.
Ready to transform your finance operations? Schedule a demo today and discover how automation can revolutionise your financial management processes. Learn more about the benefits and possibilities that can transform your finance department.
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In a world where innovation and efficiency are paramount, financial operation automation emerges as a transformative force reshaping the landscape of financial management.
The concerns that often accompany such change are met with the reassurance that automation enhances rather than replaces human roles, cultivating a balanced blend of skills and efficiency.
By embracing automation, finance teams unlock efficiency, accuracy, and innovation. The synergy of human expertise and technology paves the way for better decision-making and sustainable growth.