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Majority of CFOs Are Feeling Mounting Rigidity to Automate the Finance Perform

Vic.ai

Research from StrategicCFO360 and Vic.ai unearths finance leaders prepared to increase efficiency and procure valuable insights via sped up automation

Analysis: Majority of CFOs Are Feeling Mounting Rigidity to Automate the Finance Perform

Research from StrategicCFO360 and Vic.ai finds finance leaders eager to increase efficiency and gain valuable insights through accelerated automation

Research from StrategicCFO360 and Vic.ai unearths finance leaders prepared to increase efficiency and procure valuable insights via sped up automation

NEW YORK, July 13, 2022 (GLOBE NEWSWIRE) — To raised understand the affect of automation inside of finance departments, Vic.ai, the artificial intelligence (AI) platform for self sufficient accounting and real-time insights, in partnership with StrategicCFO360 at the moment introduced a brand spanking new analysis inspecting the demanding situations and choices Leader Financial Officials (CFOs) face inside the provide setting to automate the finance carry out with the resources and strategies they’ve. The new analysis, titled “The Long run of Automation and Intelligence inside Undertaking Finance,” printed {{that a}} majority of finance leaders are emerging their automation investments to stay competitive inside the face of a just right exertions marketplace and emerging operational costs.

The record, essentially in accordance with a May 2022 survey of 145 CFOs and other finance leaders all over all industries, further came upon that 81% of CFOs recognize the potential for automation to optimize processes and resources and take hold of data insights all over the finance carry out.

The analysis moreover came upon:

  • A plurality of polled CFOs recognizes the price of automating the finance carry out, with 61% reporting it has essential price.

  • 58% of CFOs plan to increase their investment in automation over the next one year, with almost part expecting to comprehend their targets all over the next two years.

  • 1 / 4 of CFOs record having already completely computerized their payroll and invoice management processes, and more or less 45% say it’s underway in each and every.

  • Only 5% of CFOs say they’ve completely computerized data analysis, then again 34% plan to automate this carry out inside of two years.

  • The most typical downside faced via CFOs when automating the finance carry out is integration with their provide tactics, in keeping with 61% of CFOs.

  • While emerging efficiency and productivity is via some distance the primary function for CFOs to use automation, over part of CFOs are moreover searching for to generate additional insights.

  • When having a look at data collection, a powerful share of CFOs (81%) say they’re in search of to optimize processes and resources with operational processing insights.

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“This record printed that finance leaders are ready to capitalize at the choices equipped via AI and automation,” said Vic.ai CEO Alexander Hagerup. “Undertaking finance is at an inflection degree, driven partially via the adulthood and reliability of automation technologies. With emerging operational costs and specialized experience turning into increasingly tough to hire, the benefits of automation are transparent – and the tension to adopt artful, insightful expertise is mounting. Those finance leaders who’re going previous digitization and adopting AI-powered automation are at the path to true autonomy, breaking clear of the pack and positioning themselves to win.”

Undertaking finance is readily reworking proper right into a additional strategic carry out as pressure continues to build for CFOs to align and force financial methodology with venture methodology. In addition to, the increasingly risky international monetary gadget has sped up the need for finance to be additional agile and proactive in using data to decide the fitting financial levers to tug at any 2d.

“I do believe that automation is the best way by which to head,” said one survey respondent from the banking industry. “It’s the only method that brick-and-mortar financial institutions will be able to compete with the fintechs and other virtual varieties of banking. We need to benefit from AI to the fullest.”

Our company is embarking on a digitalization adventure, profiting from the tools already available internally and exploring new ones to be had available in the market,” reported one different respondent from the pharmaceutical industry. “Our vision is to transform a data-driven, revolutionary company, always in need of forward to integrating venture processes to marketplace tendencies and proactively responding to the customers’ and consumers’ desires.”

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Vic.ai was once introduced in 2017 to build completely self sufficient AI tactics that make finance and accounting teams additional surroundings pleasant, right kind, and artful. By means of coping with time-consuming movements like invoice processing, Vic.ai’s solution is helping venture purchasers akin to HSB, Nordic Choice Motels, Intercom Inc. and HireQuest, along with top accounting firms like RSM LLP, PwC, BDO, and Armanino LLP redirect resources in opposition to higher-value functions like spend intelligence, benchmarking and value optimization. Over the former year, Vic.ai persisted to push limitations with new choices, at the side of Vic.ai Autopilot and Vic.ai Self sufficient Approval Flows, which provide the foundation for actually self sufficient accounting, along with its upcoming Vic.ai Spend Intelligence, a first-of-its-kind prescriptive AI expertise for awesome enterprise-grade price optimization.

StrategicCFO360, a newsletter of Leader Govt Crew, time and again surveys CFOs on topical issues affecting the venture group to provide valuable insights and largest practices essentially in accordance with real-world experience.

You’ll be capable of be told all the record at www.vic.ai/assets/cfo-report-the-future-of-automation-and-intelligence-within-enterprise-finance.

About Vic.ai
Vic.ai is pioneering using autonomy and intelligence to digitally transform accounting and finance processes to improve productivity, decision-making, and ROI. Vic.ai addresses one of the crucial manual and inefficient procedure in accounting – invoice processing – to improve its pace and scalability, and finally permit purchasers to reinvent their accounts payable operations and improve financial management. By means of processing more than part one thousand million invoices with up to 99 percent accuracy, Vic.ai has helped 10,000+ purchasers download $200 million in price monetary financial savings and six million hours in time monetary financial savings. Vic.ai is jointly headquartered in New York City and Oslo, Norway. For added information, please cross to http://www.vic.ai/.

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About StrategicCFO360
StrategicCFO360 is powered via Leader Govt Crew, publishers of Leader Executive and Corporate Board Member since 1977. CEG exists to improve the potency of venture leaders, assemble communities and give a boost to society. Study additional at https://strategiccfo360.com and https://www.chiefexecutivegroup.com.

Media Touch:
Marianna Vyridi
Huge Valley Promoting and advertising for Vic.ai
+1 (650) 468-3263
[email protected]

{A photograph} accompanying this announcement is obtainable at https://www.globenewswire.com/NewsRoom/AttachmentNg/38750024-3fff-4919-b461-8c6bd028d3d4