“Unlocking 36% Higher Efficiency: The Winning Formula for Finance Automation and Business Partnering”
In today’s competitive landscape, top-performing companies are leading the way in finance efficiency, outperforming the median by a remarkable 36% in finance costs as a percentage of revenue (PwC). This success is driven by a relentless focus on efficiency and by establishing ambitious models that align finance as a strategic partner within the business.
The Need for Finance Automation
To achieve this level of efficiency, organizations must rethink their finance function with a clear purpose: How can finance provide more value? What data and technology are essential? And what skills are required to bring this transformation to life?
Automation plays a crucial role here, streamlining processes that once consumed valuable time, from accounts payable (AP) and receivable (AR) to budgeting and forecasting. With automation, finance teams can transition from transaction-heavy workloads to value-driven activities, enabling them to challenge business thinking, drive commercial insights, and contribute directly to business results.
Key Requirements for Successful Finance Function Automation
Define Core Finance Services: Companies should outline which services the finance team should deliver and automate repetitive tasks within these areas. Automation can focus on processes like invoice processing, reconciliation, and expense management, freeing up teams to tackle high-value analyses.
Invest in Data and Technology Infrastructure: Efficient finance automation relies on strong data capabilities and modern technology. Investing in AI-powered data analytics tools, robust ERP systems, and real-time data integration supports better decision-making and continuous improvement.
Build Roles and Retrain for High-Impact Skills: Automation enables finance teams to focus on strategic, insight-driven roles. As automation takes over repetitive tasks, organizations should invest in upskilling and reskilling employees, equipping them with data analytics, strategic planning, and communication skills.
Outcome and Impact
Companies that successfully automate finance functions and align their talent strategy toward high-impact roles stand to reduce costs, drive insights, and increase efficiency. These organizations create conditions where finance professionals can contribute directly to business results, challenge traditional thinking, and drive growth.
Conclusion
Automation in finance is not just a technological upgrade; it’s a strategic pivot toward efficiency, insight, and business partnering. By defining key finance services, investing in data and technology, and upskilling teams, organizations can emulate top-performing companies and position themselves for long-term success in a competitive market.
