55% of finance professionals are reportedly experiencing burnout, with 58% planning to leave the sector and follow a different career path. With mounting economic uncertainty, finance teams are facing budget cuts, fewer resources and higher burnout than ever before, contributing to these figures. The resulting pressure and stress are adding up, and organizations are scrambling for solutions. AI and automation are being leveraged across professional industries to lighten the load on employees as well as streamline finance team functions and assist with long term planning.
The majority of finance professionals (94%) are happy with their organization’s adoption of artificial intelligence – automating processes and simplifying manual cumbersome work. Contrary to popular belief, data proves that finance professionals want more automation, not less, with 54% reporting that automation unlocks more time for innovative strategies.
Additional benefits of automation within the finance function include smoother end-to-end payments (40%), quicker turnaround time for invoice payments (39%), easier collaboration with external stakeholders and teams (37%), faster payments to suppliers (36%) and the ability for finance teams to close their books earlier (32%).
These new data points, commissioned by Medius, financial technology provider, reveal a clear signal from finance professionals to business leaders – investing in automation not only improves business efficiency and function, but is a critical step in retaining high performing financial teams.
Ahmed Fessi, Chief Transformation and Information Officer for Medius, comments: “Automation is no longer a forward-facing or nice-to-have strategy for finance teams. Finance teams are crying out for support, burnt out from trying to close big manual gaps without automation. There is a rift emerging between organizations that have invested into automating the finance function and those that have not, with those who have seeing lower levels of employee burnout, less errors and more efficiency. It’s critical that organizations make this investment to stay ahead of the curve and support employees through economic uncertainty and scaling pressures.”
Mary Flynn Barton, Executive Vice President, Medius, comments: “Increasing automation in the finance function is essential for organizations as they navigate uncertain economic conditions, providing present moment stability and improving future performance. For business decision makers, investing in automation is two fold: it improves the effectiveness of the current finance team within an organization and ensures the future success of the business as demands continue to rise and uncertainty grows.”
With a large portion of the current finance workforce planning to depart the profession, automation may be the key to once again make the profession attractive – removing time intensive and repetitive tasks.
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