According to a new report by EY, CFOs and Heads of Finance in Ireland are lagging behind in terms of planning for the future impact of technology on their organizations.
The survey was carried out this summer amongst Ireland’s top CFOs and Heads of Finance, from 39 different institutions, covering a range of subsectors in the financial services industry.
The report, titled ‘Finance of the Future’, finds that 9 in 10 CFOs consider their organization to be lacking high levels of automation in their business processes. This is despite the fact that 70% of CFOs believe the role of the finance function will fundamentally change in the next 10 years.
The report goes on to highlight big data and advanced analytics along with sophisticated planning and forecasting tools as the top two finance capabilities that will be critical to meeting the demands of financial services in the future. However, almost 70% of surveyed CFOs say there has been no activity or they are only in the initial stages of looking into data analytics and forecasting.
In order to combat this, EY state that organizations need to invest in technology to free up more resources.
“SoftCo has been providing organizations with proven financial process automation solutions for over 29 years. Through the elimination of manual and duplicate processes, along with insights gained from our powerful analytics dashboards, our solutions have helped organizations achieve cost savings of up to 80%.”
Garret Pearse, Senior Consultant, SoftCo
SoftCo delivers Smart Automation solutions that empower organizations to automate their procurement, invoice processing, and payment processes. Our software reduces the time and costs associated with manual tasks and reduces invoice and PO creation and approval times.
SoftCo seamlessly integrates with existing ERP or finance systems to offer real-time analytics. Our solutions provide organizations with full visibility over the entire P2P process with greater business insights for improved decision making via powerful interactive dashboards.
SoftCo has one million business users worldwide across all industry sectors. Some of our clients include PWC, The Finnish Government, Sunny Delight, Volkswagen, and Primark.
You can find out more about SoftCo’s P2P solutions and request a demo here.
Click here for the full EY report.