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Wednesday, August 11, 2021

Autonomous Financial Operations

Introduction,  uses and implications:

How Ready are you for Autonomous Finance Operations?  in HBR

August 10, 2021

Few technological advances fuel the public imagination like the concept of autonomous vehicles. It’s easy to understand the broad appeal of self-driving cars, operating without any need for human involvement or intervention, potentially boosting safety and productivity and curbing energy consumption.

Now, imagine how implementing a similar complex technology could support businesses by using autonomous finance operations to significantly improve organizations’ spend strategies and finance management.

Corporate finance has traditionally remained reliant on largely manual efforts and legacy tools, making it one of the most time-consuming, labor-intensive, costly functions. Despite the introduction of automation software to manage repeatable, basic tasks, many processes remain fundamentally unchanged from the way they operated decades ago, with manual effort at the core of the undertaking.

But when those same finance teams have autonomous technology to support them and to provide critical spend insights, they are finally free to think bigger about how to strengthen their organizations and to have a greater impact on overall transformation and growth.

That future is now a reality for many modern CFOs and their teams. And, much like fully-self-driving cars, the promise of fully autonomous finance operations and all the advantages they might bring is growing closer and closer.   .... ' 

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