UK finance leaders prioritise tech, AI to drive productivity

The results of the fourth annual survey on the state of automation in finance by Yooz have been published, shedding light on the key priorities for finance decision-makers globally in 2024. The survey, conducted in association with the AP Association, involved more than 1500 finance and accounting professionals from regions including the UK, USA, France, Spain, Belgium, Luxembourg, Switzerland, South Africa, and UAE.

The report, titled "The State of Automation in Finance 2024: How Finance Leaders Use Technology to Drive Productivity and Value," details how finance departments are progressing with digital transformation and leveraging systems such as Accounts Payable (AP) and Enterprise Resource Planning (ERP) to enhance their productivity.

Laurent Charpentier, CEO of Yooz, commented on the findings, highlighting a notable shift in the approach taken by finance leaders. "After several years of reactive measures, our 2024 annual research confirms that finance decision-makers are now proactively looking to deliver business value," Charpentier said. "The emphasis on improving productivity and obtaining better information to facilitate informed decision-making demonstrates a clear commitment to elevating the strategic role of the finance department within the business."

The key highlights specific to the UK from the 2024 SAIF report indicate three main priorities for finance decision-makers: increasing the use of technology (36%), cash flow optimisation (35%), and reducing overheads (31%). The report also reveals an ongoing reliance on Excel spreadsheets, with 19% of UK finance professionals still using spreadsheets as their primary method for processing Accounts Payable invoices.

However, the use of artificial intelligence (AI) in finance is notably on the rise. Since 2021, the adoption of AI by UK finance teams has increased from 13% to 30%, indicating a significant shift towards more advanced technologies. Charpentier remarked on this trend, noting that "organisations leveraging Yooz AP automation have gained unmatched benefits thanks to our existing AI technologies and will be perfectly placed to explore emerging and fast-developing innovations from our AI labs."

Charpentier added, "Embracing this technology in finance departments will see productivity soar with nearly instantaneous invoice processing and validation, alongside access to both real-time and historical data. Finance decision-makers who do not shy away from the evolution of AI in their departments will be in a prime position to make informed decisions quickly and add real corporate value."

The 2024 Yooz State of Automation in Finance survey was conducted in March 2024 by Sapio Research through an email invitation and an online questionnaire. Participants included 1550 finance and procurement professionals from organisations with over 50 employees across various countries. The survey aimed to provide an independent analysis of the use of technology in finance departments and assess whether it meets the goals of finance decision-makers. It also examined the adoption of Accounts Payable automation technology and its potential to offer strategic insights to finance leaders.

The survey results highlight the evolving challenges and opportunities that finance teams face as they continue their journey toward greater digitalisation and efficiency. The findings underscore the importance of technology in driving productivity and value within finance departments, showcasing the vital role of proactive measures and advanced innovations like AI to keep pace with the changing economic landscape and work models.