How Are Global Organizations Automating Their Record to Report Process?
Two decades ago, using Robotic Process Automation (RPA) to help increase the efficiency of an organization was a relatively niche idea. But today, RPA has been implemented throughout most companies. From lowering HR costs to streamlining supply chains, RPA has revolutionized how organizations do business.
However, despite how RPA has improved the workflow and efficiency of most other parts of a company, by most accounts, only 10% of global enterprise companies have implemented automation within their Record to Report (R2R) processes. This lack of automation comes at a time when the average office of finance is struggling to keep up with the growing pressure of their increased workload and while constantly being told to “do more with less”.
While historically many finance professionals were chained to their desk and other traditional approaches to working, in today’s highly mobile and connected society, mobile workforces are a necessary staple. Thankfully, automating low-value repetitive tasks completed by the office of finance is starting to gain more traction, and year after year the interest in the benefits of financial automation grows. Despite the growing interest, there’s minimal research available to show where and how organizations are automating in their R2R processes, or what goals they have in mind when implementing automation.
To better understand what the future of automating the R2R process looks like, Trintech surveyed almost 200 companies across 31 countries to better understand what has been automated, what is currently in the process of being automated and where organizations are looking to adopt automation in the future.
To access the survey results, learn more about the array of challenges that face the office of finance during the month-end close and how organizations are implementing automation to overcome those problems, download the report.