Independent Study Reveals Strategic Potential of Automation Remains Untapped in Finance and Accounting (F&A)

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New research highlights the strategic role M&A departments must play to drive business success. In a challenging climate of rising inflation and high employee mobility, research shows that the opportunities afforded by automation to positively transform M&A are yet to be fully exploited.

HELSINKI, August 31, 2022 /PRNewswire/ — In a recent study commissioned by Forrester Consulting on behalf of global enterprise automation experts Digital Workforce, findings show that M&A teams are hampered by their inability to embrace automation for strategic success. The study reveals that while many companies have invested in Robotic Process Automation (RPA), their efforts have not gone far enough to truly digitally transform their M&A processes. M&A departments continue to struggle with manual and repetitive tasks that lead to errors, inefficiencies, unnecessarily high workloads and expenses.

The business benefits of automation were widely recognized by study participants* who were North American M&A leaders, 75% of whom represented mid-to-large companies with $250-999 million company turnover. The majority of respondents were familiar with the benefits of technology, noting the ability of automation to:

  • Improve business insights – 69% use RPA to improve data and analytics to improve the business’s ability to predict and plan ahead.
  • Improve the employee experience – 65% recognize its power to improve employee satisfaction and help retain talent.
  • Support the digital transformation of companies in order to better serve customers (63%).

However, the research also revealed that most M&A departments face challenges in their adoption of automation:

  • The majority of respondents (61%) struggle with generating insights and forecasts. More than half (54%) face challenges scaling automation across a financial value chain.
  • 60% find it difficult to distract employees from manual tasks and allow them to develop new skills.
  • More than half of respondents (55%) struggle with managing siled applications and integrating different systems to get a holistic view of the entire M&A stack (51%).

As a result of these challenges, nearly 60% of organizations experience inefficiencies in their strategic collaboration with other lines of business. More than half (51%) of respondents also reported an increase in errors, inaccurate reporting, and unnecessarily high operational expenses due to lack of visibility into cost reduction opportunities.

The study calls on M&A leaders to re-evaluate their use of automation to help teams become a strategic partner across the business and support broader business transformation through automation , while increasing levels of efficiency and accuracy.

Mika Vainio-Mattilaco-founder and CEO of Digital Workforce said:

“Forrester’s study aligns with what we’re seeing when working with M&A clients. There’s still a lot to do with RPA, but when combined with other technologies (Digital Process Automation, Conversational AI, process mining, etc.), the transformational value of automation is increasing exponentially. Strategic use of automation is essential for finance leaders who want to transform their M&A business processes and scale automation throughout their lifecycle. a financial value chain.

CFOs have a unique opportunity to improve decision making, reduce workloads, improve employee retention and reduce costs. The Forrester Consulting study also found that the majority of respondents (60%) seek advice from technology vendors regarding governance and operating models for automation use cases.

Read a full copy Forrester study here https://digitalworkforce.com/automation-finance-study

*Respondents consisted of 104 US and Canadian finance and accounting departments in the following industries: financial services and/or insurance; Health care; manufacturing and materials.

About Digital Workforce Services
Digital Workforce Services Plc is the world’s leading business automation platform and service provider. The Digital Workforce Outsmart platform enables organizations to accelerate digitalization, increase revenue, improve customer experience and gain competitive advantage. Globally, more than 200 large customers use the Digital Workforce platform and services to transform their businesses through automation. Founded in 2015, Digital Workforce currently employs over 200 business automation specialists in the US, UK, Poland, Germany, Finland, Sweden, Norwayand Denmark. Digital Workforce is listed on the Nasdaq First North Growth Market Finland.
https://digitalworkforce.com

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SOURCE Digital Workforce


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