Advanced Business and Process Automation Should Lead Your Digital Transformation

Advanced automation transforms more than just companies, processes and efficiency. It also can transform the careers of finance and IT leaders who apply business process automation with sophistication instead of taking a less focused, even scattershot approach. 

You might think, “Hey, we’ve automated, eliminated manual tasks, made ourselves leaner, allowed our people to focus on important, higher-value stuff, isn’t that enough?”  

It’s a good start, but it’s just the half of it. The half that leaves potential on the table. Understanding the distinction between the levels of automation is essential to greater insights, opportunities, and benefits.  

Basic automation involves digitizing tasks and processes to boost efficiency and productivity while using a rules-based approach to analyze data and optimize processes. It is important but not intelligent and that limits its potential. On the other hand, advanced automation puts artificial intelligence and machine learning to work to analyze historic and real-time data. With continuous learning, it quickly optimizes processes and resources and involves less manual oversight. It’s central to a successful digital transformation strategy. 

A recent study, Becoming More Efficient: How Finance and IT Are Leading the Way, we did in partnership with Oxford Economics reveals how companies using AI and machine learning reap outsized benefits with business automation and process automation. The study gathers input from 1,700 finance and IT executives working at organizations with over 1,000 employees. They are CFOs, CIOs, CTOs, and VPs of finance and technology from the US, Canada, Europe, South America, Australia, and Asia.  

Executives whose businesses adopt emerging technologies like advanced automation, process automation software, and fraud detection software report taking efficiency and productivity to another level. Many also say their strategic role within their companies has grown, and they’re often charged with leading the company’s overall digital transformation. Because they have the digital transformation experience and ideas others lack, they’re increasingly asked to share their knowledge and expertise beyond their usual finance and IT functions. That’s an opportunity. 

Identifying leaders in advance automation 

From what that big pool of talent had to say, the Oxford Economics team identified nearly 280 executives – 1 in 6 – as AI Strategy Leaders. They are select finance and IT professionals embracing both advanced automation and leadership opportunities.  

What makes a leader? They are: 

• More likely to use AI and automation solutions in spend management. In fact, a full 90% are using AI and machine learning tools more in expense, travel and invoicing processes. 

• More likely to integrate spend management systems into financial and ERP systems.  

• More likely to integrate travel, expense, and invoicing processes into a single platform. 

• More effective in such finance tasks as handling invoices, updating compliance policies, maintaining financial visibility, and undertaking long-term planning. 

• Better prepared to confront top organizational and functional challenges. 

• More likely to craft a detailed strategy for using AI. 

• Less willing to settle for off-the-shelf “insights” Instead, they receive tailored insights from customized analytics tools and reporting dashboards. 

Together, what those leaders describe is a comprehensive approach to automation. They realize every spending decision is an opportunity to invest in the company. And that every spending decision also brings risk, meaning you must obtain all the clarity and accuracy you can from the tools at your disposal. 

Learn more: Get the report, assess where you’re at 

Amid so much change, you might wonder if your organization is ahead of or behind the curve in its digital transformation journey.  

• Download the joint SAP Concur and Oxford Economics report, Becoming More Efficient: How Finance and IT Are Leading the Way, to find out more about what industry peers say about automation, the future, and their roles. 

• Use our Travel & Expense Maturity Assessment Tool to better understand where your current solutions position you regarding digital transformation, while obtaining suggestions on how your business can gain efficiency.