NEW YORK, July 13, 2022 (GLOBE NEWSWIRE) — To raised perceive the affect of automation inside finance departments, Vic.ai, the synthetic intelligence (AI) platform for autonomous accounting and real-time insights, in partnership with StrategicCFO360 in the present day launched a brand new examine inspecting the challenges and alternatives Chief Monetary Officers (CFOs) face within the present atmosphere to automate the finance perform with the assets and methods they’ve. The brand new examine, titled “The Way forward for Automation and Intelligence inside Enterprise Finance,” revealed {that a} majority of finance leaders are rising their automation investments to remain aggressive within the face of a good labor market and rising operational prices.

The report, based mostly on a Could 2022 survey of 145 CFOs and different finance leaders throughout all industries, additional discovered that 81% of CFOs acknowledge the potential of automation to optimize processes and assets and seize information insights throughout the finance perform.

The examine additionally discovered:

• A plurality of polled CFOs acknowledges the worth of automating the finance perform, with 61% reporting it has important worth.
• 58% of CFOs plan to extend their funding in automation over the following 12 months, with practically half anticipating to attain their targets throughout the subsequent two years.
• 1 / 4 of CFOs report having already totally automated their payroll and bill administration processes, and roughly 45% say it’s underway in each.
• Solely 5% of CFOs say they’ve totally automated information evaluation, however 34% plan to automate this perform inside two years.
• The commonest problem confronted by CFOs when automating the finance perform is integration with their present methods, in line with 61% of CFOs.
• Whereas rising effectivity and productiveness is by far the main goal for CFOs to make use of automation, over half of CFOs are additionally searching for to generate extra insights.
• When taking a look at information assortment, a convincing proportion of CFOs (81%) say they’re trying to optimize processes and assets with operational processing insights.

“This report revealed that finance leaders are able to capitalize on the alternatives provided by AI and automation,” stated Vic.ai CEO Alexander Hagerup. “Enterprise finance is at an inflection level, pushed partially by the maturity and reliability of automation applied sciences. With rising operational prices and specialised expertise changing into more and more troublesome to rent, the advantages of automation are clear – and the strain to undertake clever, insightful expertise is mounting. These finance leaders who’re going past digitization and adopting AI-powered automation are on the trail to true autonomy, breaking away from the pack and positioning themselves to win.”

Enterprise finance is quickly remodeling right into a extra strategic perform as strain continues to construct for CFOs to align and drive monetary technique with enterprise technique. As well as, the more and more unstable international financial system has accelerated the necessity for finance to be extra agile and proactive in utilizing information to establish the fitting monetary levers to tug at any second.

“I do consider that automation is the way in which to go,” stated one survey respondent from the banking business. “It’s the solely means that brick-and-mortar monetary establishments will be capable to compete with the fintechs and different digital types of banking. We have to make the most of AI to the fullest.”

“Our agency is embarking on a digitalization journey, benefiting from the instruments already obtainable internally and exploring new ones available in the market,” reported one other respondent from the pharmaceutical business. “Our imaginative and prescient is to turn out to be a data-driven, revolutionary firm, all the time wanting ahead to integrating enterprise processes to market traits and proactively responding to the shoppers’ and customers’ wants.”

Vic.ai was launched in 2017 to construct totally autonomous AI methods that make finance and accounting groups extra environment friendly, correct, and clever. By dealing with time-consuming actions like bill processing, Vic.ai’s resolution helps enterprise prospects equivalent to HSB, Nordic Alternative Lodges, Intercom Inc. and HireQuest, in addition to high accounting corporations like RSM LLP, PwC, BDO, and Armanino LLP redirect assets towards higher-value capabilities like spend intelligence, benchmarking and price optimization. Over the previous 12 months, Vic.ai continued to push boundaries with new options, together with Vic.ai Autopilot and Vic.ai Autonomous Approval Flows, which give the muse for actually autonomous accounting, in addition to its upcoming Vic.ai Spend Intelligence, a first-of-its-kind prescriptive AI expertise for superior enterprise-grade price optimization.

StrategicCFO360, a publication of Chief Government Group, usually surveys CFOs on topical points affecting the enterprise group to supply helpful insights and greatest practices based mostly on real-world expertise.

You’ll be able to learn the complete report at www.vic.ai/assets/cfo-report-the-future-of-automation-and-intelligence-within-enterprise-finance.

About Vic.ai
Vic.ai is pioneering using autonomy and intelligence to digitally rework accounting and finance processes to enhance productiveness, decision-making, and ROI. Vic.ai addresses probably the most handbook and inefficient job in accounting – bill processing – to enhance its velocity and scalability, and in the end allow prospects to reinvent their accounts payable operations and enhance monetary administration. By processing greater than half a billion invoices with as much as 99 p.c accuracy, Vic.ai has helped 10,000+ prospects obtain $200 million in price financial savings and 6 million hours in time financial savings. Vic.ai is collectively headquartered in New York Metropolis and Oslo, Norway. For extra info, please go to http://www.vic.ai/.

About StrategicCFO360
StrategicCFO360 is powered by Chief Government Group, publishers of Chief Government and Company Board Member since 1977. CEG exists to enhance the efficiency of enterprise leaders, construct communities and strengthen society. Be taught extra at https://strategiccfo360.com and https://www.chiefexecutivegroup.com.

Media Contact:
Marianna Vyridi
Huge Valley Advertising and marketing for Vic.ai
+1 (650) 468-3263
mvyridi@bigvalley.co

A photograph accompanying this announcement is out there at https://www.globenewswire.com/NewsRoom/AttachmentNg/38750024-3fff-4919-b461-8c6bd028d3d4