INFOGRAPHIC was to fully automate their invoice receipting process , requiring little or no manual intervention . This concurs with the finding that one third say their AP processes are around 41 %– 60 % automated , meaning the other half must be manual .
Interestingly , the survey also highlighted a lack of budget was the number one barrier that could stop or limit success in achieving their priorities , with 59 %
Automation has the potential to completely transform the finance and AP function .
identifying this as their main obstacle . Budget also governed the next barriers identified by respondents , with technology ( 48 %), time ( 48 %) and skills ( 43 %) all dependent on sufficient budgets .
Ollier concluded : “ While budget constraints are likely to determine the level of investment in automation , as we head into 2025 , businesses can ill afford to ignore the potential risks associated with legacy technologies . Even where some processes are partially automated , this is still likely to result in a lot of time being wasted on manual processes , keeping teams from higher-value tasks that could be driving more productivity and profit .
“ Finance and AP teams want technologies that can automate supplier invoice processing , that can quickly and accurately reconcile statements , and that can empower them to focus on the areas of the job that delivers real and tangible value . Yes , this is an investment , but one that will drive long-term , positive change . Put simply , can businesses afford not to update their technologies and systems ?” p
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