Yooz, a leading purchase-to-pay P2P automation solution provider, today announced the release of the second edition of their global report, titled Automation’s Crucial Role in Security and Talent Acquisition. This year’s State of Automation in Finance report examines the current challenges and opportunities that finance leaders are facing, especially in the areas of cybersecurity and recruitment, and further assesses how the roles and priorities of CFOs have evolved from 2021.
Conducted in March, Yooz’s exclusive survey is the largest study of its kind, with over 1,200 Finance and Accounting decision-makers across eight countries taking part, including the United States, France, United Kingdom, Ireland, Spain, Switzerland, Luxembourg, and Belgium.
“We’re seeing a vastly different landscape this year among finance leaders and their departments compared to last year’s research,” said Laurent Charpentier, CEO at Yooz. “No longer are companies simply attempting to stay afloat – now they’re trying to thrive off of technologies and processes that were necessary adjustments made during the pandemic, and CFOs are being put at the heart of these innovative changes. Leading the charge for department digital transformation, top talent recruitment, and ESG initiatives, all the while ensuring company financial data is well-protected, the role of a CFO is being redefined in real-time as business leaders are only beginning to understand the amount of work that still needs to be done for successful digital transformation endeavors.”
Key stats supporting these themes include:
- Strengthening cybersecurity practices is the most important challenge (26%) that respondents reported their finance teams are facing in a post-Covid world, compared to only 22% reporting that adapting to digital transformation practices is the most important
- Over one-third (35%) of finance, departments are heavily involved in delivering against Environmental, Social, and Governance (ESG) targets
- The majority of respondents (65%) are concerned about issues surrounding the hiring of new talent in 2022
The report further highlights how the shift in priorities and responsibilities that CFOs are facing in 2022 represents a larger challenge in the industry as a whole – many respondents reported being ill-prepared for the kind of digital transformation that they are seeking:
- 55% said moving to remote/hybrid working had a big impact on the ability to process invoices on time – an increase of 14% from 2021
- The average Accounts Payable department spends more than a full day (27 hours) managing vendor invoices each month
- Only one-in-five (21%) businesses are ready for electronic invoicing – a decrease of 2% from 2021
“There is a lot of work to be done and a lot of responsibility riding on CFOs to find the right technology and people to best support their company’s digital transformation goals,” said Charpentier. “We are confident though that by implementing intelligent, secure automation solutions and reskilling leaders to better prepare for the challenges we’re seeing now, the future of financial departments will be paved for thriving success as we move into a post-pandemic workplace.”
This report and all of its findings will be discussed in-depth in a webinar on July 13, 2022, joined by Cody Manning, NORAM Chief Sales Officer of Yooz, and Mark Brousseau, President of Brousseau & Associates. Webinar registration is expected to open on June 10, 2022.
News Source: Yahoo Finance
