We are excited to announce the release of our Finance Optimization Strategy Report for 2024, a comprehensive analysis of global trends in continuous improvement (CI) and finance process optimization. Drawing on our independent research conducted with finance and accounts payable professionals worldwide, this report provides valuable insights into the current landscape of finance operations. It offers actionable strategies for teams looking to optimize performance and streamline processes.
Key Insights into Continuous Improvement and Finance Optimization
The report delves into four key areas that are driving the future of finance. It is a must-read for finance leaders aiming to stay ahead in an increasingly competitive and technology-driven world.
1. CI Responsibility Shifting to Front-Line Teams
One of the most significant trends uncovered is that continuous improvement is no longer the sole responsibility of senior leadership. Instead, it is increasingly being driven by those who manage the day-to-day processes. Our research shows that 28% of Finance Managers are responsible for CI initiatives, but in 25% of companies, CI is a team-wide responsibility. Yet, despite the enthusiasm for improvement, 50% of companies still lack formal CI programs, and many finance teams receive training on an ad-hoc basis.
2. Key Drivers: Time and Accuracy
The primary motivations for optimizing finance processes remain consistent across industries. Saving time and improving accuracy are the top goals, cited by 83% of respondents. Teams are focusing their optimization efforts on high-impact areas of performance. Automating routine tasks, standardizing processes, and implementing financial software/ERP systems are the most common strategies. However, nearly half of the respondents believe that current optimization tools are only moderately effective, signaling room for improvement.
3. Technology as a Catalyst for Change
Finance teams are increasingly reliant on technology to achieve their optimization goals. The top tools in use include financial software/ERP systems, data analytics tools, and automation software. Yet, the adoption of cutting-edge technology like robotic process automation (RPA) and artificial intelligence (AI) is still in its early stages—less than a quarter of respondents have implemented these advanced solutions. The report highlights that the biggest opportunities for technology-driven improvements lie in accounts payable and fraud prevention.
4. Overcoming Barriers to Continuous Improvement
Despite widespread recognition of the importance of CI, many finance teams face challenges in fully realizing their goals. The top three barriers to CI are a lack of training and skills, the absence of a standardized CI framework, and limited leadership commitment. Furthermore, although 89% of respondents believe AI will have a positive impact on CI, only 22% are currently using AI tools in their finance operations. There is an opportunity for companies to overcome these barriers by investing in the right training, technologies, and leadership support.
Unlock the Future of Finance Optimization
Our Finance Optimization Strategy Report offers a wealth of knowledge for finance leaders looking to stay ahead of the curve. Whether your focus is on automation, data analytics, or implementing advanced tools like AI and RPA, this report provides the insights needed to drive continuous improvement across your finance functions.
Download the report to explore these findings and access practical strategies for optimizing your finance operations in 2024 and beyond.
