By: Sara Evans

As automation technology continues to disrupt industries, C-suite leaders are grappling with how to harness its power to deliver business value.

The accounts payable automation solution leader Yooz recently released a new study showing a deep divide between visions of digital transformation and the harsh realities of implementation.

Despite digital transformation priorities around technology, productivity and cash flow optimization ranking high for business leaders in 2024, only a mere 29% of finance decision-makers rated their organization’s progress as “advanced.” Yooz found that tackling this gap requires a new skill-set, with soft skills now ranking as the most important for finance leaders and CFOs in 2024.

To dig more into this trend and what it means for CFO survival, we sat down with Yooz’s chief executive officer Laurent Charpentier to discuss his perspective and learn how Yooz is helping finance teams evolve for the new era of automation.

How do you see the role of the CFO changing?

Charpentier: CFOs have had to evolve in recent years beyond traditional money management and accounting expertise. There’s an increased focus on finance driving the enterprise’s long-term corporate vision, while also leveraging technology to support greater automation and efficiency in financial operations. They also have had to adapt to constantly changing economic pressures and an unprecedented shift in work models.

This shift requires a more sophisticated skill-set and greater comfort with innovation and technology. Our recent State of Automation in Finance report found that soft skills such as communication (44%), problem-solving (42%), and leadership (39%) were deemed the most important skills for finance leaders and CFOs in 2024. CFOs who are thriving have embraced these new imperatives and become champions of the corporate vision–not just its accounting. They’re looking for ways to add value, increase productivity and bring new solutions to the table.

How is automation impacting finance?

Charpentier: Our State of Automation in Finance report showed that over a third of finance decision-makers plan to focus on enhancing productivity within their teams over the next year, with automation seen as the most effective strategy for driving this productivity.

Accounts payable (AP)  represents a great opportunity for automation among finance teams, as it significantly reduces the likelihood of errors and improves the overall data quality while also reducing manual efforts, which is strongly correlated with increased productivity. We saw that 38% of respondents recognized productivity as a top benefit of AP automation, closely followed by 37% pointing to improved data accuracy.

As AP automation has increased in recent years, we’ve been able to track its impact on the amount of time spent managing vendor invoices. Since 2021, the average time spent on this process alone has dropped by 26%, which highlights the tremendous impact on efficiency and productivity. Thanks to automation, 31% of finance departments capture and process invoices in under two hours.

Yooz’s 2024 State of Automation in Finance report mentions a widening gap between those who have and have not embraced automation. What’s behind this disparity?

Charpentier: Quite simply, some companies have doubled down in their resistance to embracing change. A practical example of this is how some rely so strongly on spreadsheets and refuse to experiment with more efficient technologies and tools.

This will change over time. Finance leaders are realizing that tech-forward and holistic strategies are crucial for survival. Our report found that those using AP automation alongside their Enterprise Resource Planning (ERP) platform increased by 40% from 2022 to 2023. This highlights the drive to use both new and existing technologies to increase productivity and improve decision-making.

What’s next for Yooz?

Charpentier: It’s an exciting time to be in the AP automation space as more and more businesses embrace the unmatched capabilities of automation and AI. Yooz is now celebrating its 10th year in the North American market, where we’ve grown from an emerging player to a recognized leader in AP automation. This is an incredible achievement for our team.

As we look ahead, we’re laser-focused on innovation as we continue to evolve our product to meet the changing needs of customers. This includes continued investments in AI, machine learning, RPA and big data technologies. You can expect to see us expanding our direct sales strategy, as well as continuing to nurture indirect sales channels with referral partners and resellers. Research and education also remain a priority, with reports like our annual State of Automation and Finance serving as the industry standard for finance leaders in their digital transformation journeys.

Published by: Holy Minoza