Finance Automation : Beyond Technology
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ITESOFT webinar slides for 26.02.19. Looking at the future of Finance Automation, considering the changes in the demographics of organisations, the importance of technology in recruitment, amongst many other themes.
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Finance Automation : Beyond Technology
- 1. 1 By 2020 “Millennials” will make up more than a third of global work forces…
- 2. 2 WELCOME Finance Automation: Beyond Technology
- 3. 3 John Stovold UK Marketing Manager Rory Coleman-Smith Marketing Project Manager Our speakers today…
- 4. 4 By 2020 “Millennials” will make up more than a third of global work forces…
- 5. 5 What has this got to do with Accounts Payable, Finance or even Automation?
- 6. 6 Which demographic represents the majority in your AP team? 1. Mainly “Baby Boomers” 2. Mainly “Generation X” 3. Mainly “Millennials” 4. Mainly “Generation Z” POLL QUESTION:
- 7. 7 Arguably, Millennials are/will be the first generation that are truly digitally native.
- 8. 8 Automation is an effective recruitment tool. Not just allowing organisations to recruit the best and brightest, but to keep them.
- 9. 9 Generation Z are already stepping it up another gear… And are likely to continue to do so. Demanding more.
- 10. 10 Reducing mundane and routine tasks. Robots will assist, rather than replace.
- 11. 11 If you, or your business has already invested in applications, has this given real term benefits to the team? 1. No investment to date 2. No return on investment 3. Minimal real term benefits 4. Yes, real term benefits POLL QUESTION:
- 12. 12 80% of those using AI and 78% using RPA say it frees employees from repetitive work.
- 13. 13 61% process 50% or more of their supplier invoices manually. 61% 39%
- 14. 14 Do you feel that removing the most mundane and repetitive tasks is worth real investment? 1. Yes 2. No 3. Unsure POLL QUESTION:
- 15. 15 86% of companies will be running purely on SaaS applications by 2022.
- 16. 16 • Reduced operational costs • Drastic reduction in set up cost and time • Enables collaboration in decentralised teams • Eliminates the burden of upgrades & maintenance • Facilitates access to previously inaccessible data
- 17. 17 Has your organisation explored, or invested in, SaaS applications? 1. Yes – in my department 2. Yes – not in my department 2. No 3. Unsure POLL QUESTION:
- 18. 18 2019 will be the year in which AI goes beyond the hype…
- 19. 19 Finance is the area most often found to invest in analytics in 79% of organisations. 43% 57%
- 20. 20 Understand current and past performance, predict future performance and make smarter decisions.
- 21. 21 Save 1% on each order which allows an annual return of 18%
- 22. 22 The workforce of today is motivated by opportunities to develop and possess a sense of purpose with regard to their work.
- 23. 23 Questions?
- 24. 24 Download the 2018 PPN Annual Survey Report. “The Future of Purchase to Pay.
- 25. 25 We would love your feedback. Please do complete our exit survey.
- 26. 26 THANK YOU
Hinweis der Redaktion
- Source: ManPower 2018
- And by this stage, the “baby boomers” will make up roughly 6% of global workforces…
- Well, think about your AP department right now, what does this look like? Is it filled with people chasing down pieces of paper, or keying data into systems from another screen perhaps? What is the demographic of the staff? And how happy are they with what they have to do, day in day out? Now, imagine what this team will look like in just a few short years…
- The current generation of employees coming into organisations don’t just want good technology, but they expect it. For most organisations, their newest recruits will be looking for employment with organisations that are able to offer them access to a working environment that many of us have not known. Mark Judd, Vice President, HCM Product Strategy EMEA at Workday, explains: “For millennials, technology has to combine impact with simplicity, they demand that things are intuitive and easy to use.”
- How does automation feed into this narrative? Simply put, automation breaks monotony, creates value and is, fundamentally, an effective and attractive recruitment tool. Many recruiters are already warning that more than half of millennials are already thinking about their next job opportunity because they feel stagnant and underutilized. New technologies enable millennials to embrace more flexible working patterns, and become more entrepreneurial, reversing the trend towards economic concentration and ‘big business’. It is not just about less job loyalty, but less loyalty to traditional workplace patterns. RPA and AI can support engaging the best millennial talent by meeting this trend.
- Millennials are demanding in technology use and breaking ground in a gig economy, but… Generation Z are already stepping it up another gear, and are likely to continue with this trend. Gen Z is driving towards a new creative age, where experiential needs and self-fulfilment in work take on primacy. Passion and emotion will be positive catalysts, rather than control and rationalism that is seen as key business drivers today.
- AI and RPA are enablers of this new age, reducing mundanity and routine tasks to free Gen Z to be creative. Robots will assist, rather than replace. Many bureaucratic and managerial roles will be automated (it is already being reported that if at least 50% of your current role can be automated, then it will be in the near future), and Gen Z will chase experience in their work, replacing the old ‘career path’ with an ‘experiential path.’ They will stay in a job because they are learning and gaining from the experience, rather than simply seeking higher positions or making more money.
- Report from Goldmsiths University
- Before we look at forecasts, let’s just stop and think about current trends when it comes to automation in AP. According to the PPN Survey, 2018, And only 20% of organisations that responded said that they still manually processed less than 10% of their incoming supplier invoices. All of this, despite the rapid advances of technology in this sector, especially since cloud solutions effectively lowered the bar for a genuine RoI from automating the AP process.
- So, if SaaS has opened the door to more organisations to explore automation, it is no surprise to hear that Cisco’s cloud index of 2018 forecasts that…
- Benefits of SaaS highlighted by Cisco Highlighted areas are so often the reasons given by business not to invest in automation tools and solutions. Final point – Data – driving AI, and analytics.
- Generating real benefit from the use of Artificial Intelligence tools, and no. I am not referring to terminators, or physical robots! Forbes predicts that 2019 will be the year in which AI goes beyond the hype for enterprises. Why? Well, Globally, businesses and governments saw 2018 as the breakout year for AI, with venture capitalists pushing 47% more investment in 2018 into AI businesses in the UK alone. And of course, all of these applications need access to vast volumes of data if they are going to deliver any real benefit to their users.
- So, to generate benefit from SaaS, data and AI, analytical tools are key. According to “The Analytics Advantage” report by Deloitte 2018 Finance is cited as the area of business that is most often found to invest in analytical tools. Analysing this data to generate real benefit is one, simple, up skill that could be managed within AP and finance.
- In today's data-filled world, analytics is an essential part of staying competitive.Financial analytics help businesses
- Early payment discounts Still in infancy in many countries. If paid within 10 days – save 1% Better than bank interest rates How? Receive and process more quickly – Network Rail = 1.2 days on average
- Consider your team, the players who go above and beyond, or show real drive and desire to succeed. Now, are these the same people who have taken on more responsibility? Asked for more training?
- Need 3 logos
- Exit Survey Request