Repetitive tasks cost UK finance GBP £179 billion & harm morale
New research indicates that the prevalence of repetitive tasks in UK finance departments is having a significant impact on both employee retention and business productivity.
Productivity and morale
A study commissioned by Medius, which surveyed 1,000 finance professionals across the UK and US, found that a majority of finance workers experience a loss of focus only 41 minutes into repetitive work. This phenomenon, referred to as "brain fade", has resulted in substantial financial and personnel costs, including lost revenue, recruitment challenges, and diminished morale within finance teams.
The findings reveal that 74% of finance professionals in the UK are contemplating leaving their jobs due to the high volume of mundane, manual work required of them. On average, finance staff spend over 3.5 hours per day on tasks that could be automated, translating to more than 23 working weeks annually dedicated to repetitive activities.
Financial impact
According to senior finance professionals surveyed, the cumulative effect of reduced productivity is estimated to cost UK businesses around 4% of turnover, or GBP £179 billion, each year. This figure draws on Office for National Statistics (ONS) data and self-reported impacts by finance leaders in the survey.
"Repetitive work that could be automated could be potentially costing UK businesses £179 billion in revenue and dragging down productivity", said Chris Wilmot, Chief Finance Officer at Medius. "Errors creep in, processes slow, and employees burn out. Automation is no longer just about efficiency - it's about protecting profits."
The study suggests that where "brain fade" occurs, 42% of those carrying out mundane tasks report difficulty retaining information, 40% feel either disengaged or frustrated, and more than a third (34%) make an increased number of errors during their work.
Errors and risk
The research pointed to serious consequences resulting from mistakes made during repetitive tasks. Thirty-one percent of respondents admitted to sending a document or email to an incorrect recipient, 28% have accidentally disclosed confidential information, and 25% missed signs indicating potential fraud.
Overall, 96% of those surveyed acknowledged that lapses in focus during routine work had resulted in significant mistakes. These errors had a demonstrable business impact: 52% cited rising costs from work that had to be redone, 51% said trust with clients or suppliers was affected, and 44% pointed to direct revenue loss as a result of errors made.
"Repetitive tasks are draining the life out of finance teams," said Chris Ortega, CEO of Fresh FP&A. "Finance leaders hit cognitive fatigue just 41 minutes into focused work. After that, you're not getting sharp decisions or innovative ideas instead you're getting brain fade. And that costs businesses, fast."
Potential for automation
Despite only 38% of routine workloads currently being automated on average according to respondents, 77% believe that further automation could help mitigate burnout and fatigue in finance roles. Finance employees reported that, if time was freed, many would focus on value-adding work; 33% indicated they would prioritise data analysis and forecasting, 29% would devote more time to professional development, and 27% would concentrate on strategic planning.
The report also suggested that automation could not only reduce error rates but also enable finance teams to contribute more strategically to business growth, skills development, and retention. The majority (84%) of survey participants stated that reducing mental fatigue is a key consideration when choosing workflow or automation software solutions.
"Most finance departments have already started their automation journeys," added Medius's Chris Wilmot, "this is about recognising the business imperative to keep innovating and finding higher-level, more strategic tasks for finance professionals."
Looking ahead
In response to these findings, solutions such as Medius Supplier Conversations, an AI-powered assistant for supplier interactions, have been described in the report as a way for businesses to lessen the burden of repetitive tasks. This kind of technology provides autonomous updates and responses without the need for manual intervention from finance personnel.
The research was conducted by Censuswide among 1,000 finance professionals-500 in the UK and 500 in the US, across different seniority levels. The methodology followed Market Research Society and ESOMAR principles, with results intended to provide business leaders with a benchmark for assessing the costs and opportunities of automation in finance functions.