There exists a trend for simply opting for a new digital finance tool, but not adopting older, more successful ones. This is harmful to businesses as some digital finance tools have already delivered much success. One such technology to have tasted success is Robotic Process Automation (RPA). It automates financial processes such as monthly financial closure or reconciling cash accounts. In a study conducted by management consulting giant Bain, it was understood that a staggering 55% of those surveyed aren’t yet using online invoice approval systems or optical character recognition tools. About two-thirds of these laggards though are expected to adopt them over the next two years. Another 43% are not yet using customer self-service portals or e-invoicing. More than two-thirds are bereft of any tax classification tool. The corresponding figure for electronic work papers remains a mere third of the total. Increasingly those not adopting are expected to do so in the next two years.

Source:https://www.bain.com/insights/youre-still-not-using-these-digital-finance-tools-snapchart/

Uploaded Date:13 September 2018