finance team hasn’t…the choice was to invest in technology and not in headcount”. Not only is the ability to rapidly turn data into insights for the rest of the business key for agility in challenging economic circumstances, but working smarter by improving efficiencies and procedures can result in higher levels of collaboration across the business. Liston said, “I can see much more collaboration, people having conversations about what this data actually means for the business… Automation has elevated the role of my team in the eyes of their peers and in other departments... they’re now a bit more interested in what we do in the sense of where we are adding value.” For new talent in the business, the ability to see that their insights are not just numbers in a spreadsheet but inform a key part of the decision-making insight for the rest of the business will boost morale and satisfaction in the workplace. Making the difference To realise the full potential of the finance team as a strategic asset within the business, and crucially retain that talent, it must stop being siloed and labelled ‘the process department’. Increasing the efficiency of AP through automation can give the team time and autonomy to be integrated, and starting to make the difference as the crucial strategic arm of the business, providing credibility and improved decision-making. Scale-up businesses will quickly outgrow their current systems – and indeed their young talent – if they do not build a finance department that channels teams towards more exciting, strategic endeavours. To support finance professionals as they craft their trade, it is crucial that finance leaders lean on automation to unleash time for these opportunities. The business will be paid dividends in increased productivity and the ability to capitalise on their talents’ analytical expertise. 56% of finance teams spend over ten hours a week processing invoices and supplier payments.” “ Finance Monthly. Bank i ng & F i nanc i a l Se r v i ce s 49
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