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Finance Teams Bet Technology Will Bridge Budget Gap


Nearly all the executives surveyed rated digital transformation and maintaining a competitive cost structure as either highly important or critical.

A survey by the Hackett Group found that finance departments across the U.S. are betting new technology will close efficiency gaps created by budget and staff cuts spurred by the next economic slowdown.

Credit: Sean Gallup/Getty Images

Finance departments across the country think that new technology will close efficiency gaps created by budget and staff cuts spurred by the next economic slowdown, according to a recent survey conducted by the Hackett Group.

Ninety-one percent of executives surveyed rated digital transformation and maintaining a competitive cost structure as either highly important or critical to their finance team's objectives in 2019.

Survey respondents overall predicted the number of full-time staff in their finance function will be cut by 2% in 2019, while the operating budget will be shaved  by 0.2%.

To make up for those losses, some finance teams are turning to robotic-process automation to retrieve financial data from multiple systems to help a business unit set a budget faster.

In other areas, companies are using artificial intelligence and optical character recognition to transpose information from external order slips into systems to ensure orders are filled correctly.

From The Wall Street Journal
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Abstracts Copyright © 2019 SmithBucklin, Washington, DC, USA


 

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