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ACTION THROUGH AUTOMATION

Companies are taking action to improve visibility and management of their data.

THE RESEARCH SHOWS AUTOMATION IS SEEN AS THE ANSWER TO IMPROVING DATA VISIBILITY, AND COMPANIES ARE INVESTING HEAVILY.

Nearly six in 10 companies (58%) believe that without better automation, their firms will be at risk of suffering significant reputational damage. It is reassuring, then, that 54% intend to significantly increase their investment in data automation over the next 12–18 months.

AUTOMATION + EDUCATION = COMPLIANCE POWERHOUSE

Those who say their investment in these solutions will increase or significantly increase

HOW AUTOMATION CAN HELP

The finance and procurement compliance landscape is complex, and companies are prioritising a range of automation technologies to help achieve their goals.

About six in 10 (61%) expect to increase their investment in automating and digitising data collection, and 57% plan to spend more on continuous automation for touchless data processing.

Acquiring the tools to understand the data is also critical, and 54% want to invest money into AI/machine learning to support data-based decision-making.

But businesses know that technology alone is not enough: 60% plan to increase their investments in educating employees on the importance of compliance in the next three years.

INDUSTRY SPOTLIGHT

Those who say their firm will significantly increase its investment in data automation over the next 12–18 months

IS GLOBAL ACCOUNTING OPERATIONS A BLIND SPOT FOR US FIRMS?

The finance and procurement compliance landscape is complex, and companies are prioritising a range of automation technologies to help achieve their goals.

0%

OF US FIRMS

say they are unsatisfied with their data capabilities for global accounting operations

0%

OF EUROPEAN FIRMS

are unsatisfied

The data shows that planned US investment in automation technologies lags behind that of European firms in every area except one – outsourcing compliance. This indicates that they have a blind spot that could have a significant impact on compliance performance and put US firms at a disadvantage.

INVESTMENT IN AUTOMATING AND DIGITISING DATA COLLECTION IS MORE OF A PRIORITY FOR BIGGER COMPANIES

0%

companies with a total revenue of $5bn or more

0%

companies with revenue of $500m–$1bn

TRANSPARENCY IS THE TARGET

Companies are focusing on getting more from their data, and are increasing their investment in digitalisation. The benefits of automation extend far beyond compliance, and gaining visibility across the full value chain is more important than ever.

Making full use of the right technology is the only way to overcome siloed operations and make data easily accessible and actionable to everyone in the business.