A recent study by Dun & Bradstreet revealed that many UK finance leaders are focused on growth through automation and new technologies despite the disruptions caused by the pandemic.
Indeed, it was reported 45% of the respondents are embracing new technologies in order to increase efficiencies while 43% are planning on enhancing their data quality so as to be better prepared in 2021. It was also noted that 96.78% of UK businesses stated to have been disrupted this year with 98.39% of sales and 97.79% of employees impacted by the pandemic.
Yet, despite the many disruptions, the study showed that leaders’ priorities included business expansion and growth as well as the implementation of enterprise technology solutions such as CRM (Customer Relationship Management) and ERP (Enterprise Resource Planning) systems as key to improving their financial operations.
Moreover, 35% of leaders have said that automation would be their priority in 2021, while 75% have said to be already on the journey and automated most of their financial operations. Finacial leaders believe that there is a lot to gain from automating financial processes and that it will support their future strategy.
Having a successful automation strategy is made possible by having quality customer and user data, as well as effective data management in place. However, most struggle with using data to generate insights with minimal manual work, maintaining useful customer records among systems, and sharing data across the organisation to inform decision-making.