AI in finance could free up at least four hours per week

“Businesses, big and small, struggle with limited resources and time. Automation allows them to reduce the time spent on manual processes.” Laurent stated at the beginning of our discussion.

This transformation is impactful for finance teams, who often bear a heavy burden of time-consuming, repetitive tasks. Laurent’s research quantifies this burden:

“Finance teams in SMBs often spend significant hours each week chasing down documents and invoice approvals–at least 4 hours per week for the majority of finance professionals, according to a recent Yooz survey, with nearly a quarter of respondents spending 7 or more hours per week on this task.

“Automation can cut down this time drastically, allowing teams to focus on strategic planning and decision-making.”

These statistics highlight the potential for a significant shift in how finance professionals spend their time. By automating these routine tasks, finance teams can redirect their efforts towards more strategic, value-added activities.

The analytical capabilities of AI also promise to revolutionize financial decision-making. As Laurent notes:

“AI algorithms can analyze large data sets, providing insights and predictions that enhance decision-making processes in just minutes.”

This rapid analysis can provide finance teams with deeper insights, enabling more informed and timely financial strategies.

Related: AI in HR can transform overload into meaningful impact

The strategic impact of AI in finance

While efficiency gains are impressive, Laurent points out that the benefits of automation extend far beyond mere time savings:

“Automation allows SMBs to grow sustainably and manage larger volumes of work with the same or even fewer resources.”

“As businesses grow, the volume of tasks increases. Automation provides the scalability needed to handle increased workloads without proportional increases in operational costs. This allows SMBs to grow sustainably and manage larger volumes of work with the same or even fewer resources.”

This scalability is crucial for finance departments, allowing them to handle increasing complexity and volume of financial data without a proportional increase in team size.

Accuracy is another critical benefit. Laurent emphasizes:

“Automation also improves accuracy by minimizing human intervention which reduces the likelihood of errors and enhances the accuracy of operations. This is especially beneficial in functions like finance, where timely and accurate data is crucial for decision-making and compliance.”

In finance, where precision is paramount, this improvement in accuracy can significantly reduce risks and enhance overall operational reliability.

Unlocking strategic potential in finance teams

Perhaps most excitingly, Laurent Charpentier shared insights into how automation can unlock strategic potential:

“We found that 77% of finance professionals report feeling that their potential to contribute strategically to business outcomes is significantly hindered by a lack of acknowledgment of the extensive operational pressures they face daily. 

“When asked about potential resolutions, automation was highlighted as critical, with 88% of finance teams emphasizing its importance for strategic engagement.”

These statistics underscore a crucial point: automation isn’t just about doing things faster or more accurately – it’s about elevating the role of finance professionals within the organization. 

By freeing up time and mental energy, automation allows finance teams to focus on more strategic, value-added work.

Laurent’s vision for the future of finance is clear:

“It’s encouraging to see automation amplified with artificial intelligence, resulting in improved productivity without the need for additional headcount.”

“It’s encouraging to see automation amplified with artificial intelligence, resulting in improved productivity without the need for additional headcount, which is particularly advantageous for SMBs operating with tight budgets.”

This perspective challenges finance departments to think creatively about how they can drive organizational growth and success through technological leverage.

Security considerations in financial automation

Laurent also highlights the importance of security in this new landscape:

“I think it’s also important for businesses to consider the security benefits and risks of AI tools. On one hand, AI-powered fraud is on the rise. However, AI is one of the most powerful tools to combat it. 

“Businesses can fight fire with fire by utilizing AI-enabled systems for anomaly detection, vendor risk assessment, advanced data analysis and predictive analytics, natural language processing (NLP), and more, to repel AI-powered attacks.”

This insight underscores the dual nature of AI in finance – while it presents new security challenges, it also offers powerful tools for protecting financial data and processes.

The human element in automated finance

Finally, Laurent emphasizes the enduring importance of human expertise in finance:

“Automation should augment job functions, not replace human workers.”

“Automation should augment job functions, not replace human workers. I believe automation unlocks the strategic potential of finance teams, enabling them to operate at a higher, more valuable level. 

“This shift allows teams to concentrate on business innovation and long-term planning rather than getting bogged down by repetitive, manual tasks. Humans are indispensable, and automation should be a powerful tool in their arsenal to enhance their roles and deliver greater value.”

This perspective highlights that the goal of automation in finance is not to replace humans, but to empower finance professionals to achieve more.

What does this mean for HR Professionals

As finance roles evolve, HR professionals will need to adapt their recruitment, training, and development strategies. 

The focus may shift towards hiring finance professionals with strong analytical and strategic skills, capable of leveraging AI tools effectively. 

Additionally, HR teams may need to facilitate upskilling programs to help existing finance staff transition into more strategic roles.

As we witness this revolution in finance, it’s clear that AI and automation are not just changing processes – they’re reshaping the very nature of financial work. 

By maximizing the use of these technologies, finance teams can elevate their role, providing more strategic value to their organizations and driving business success in new and exciting ways.