Today, businesses bet on automation to improve efficiency, reduce costs, and scale quickly.
Do you often wonder whether you’ve sufficiently automated your business processes?
Nobody wants to be left behind in the race for business process automation and the benefits it offers—higher productivity, improved business processes, and a strong competitive advantage. It, therefore, is pertinent to regularly assess whether your business is doing well enough on the automation front.
Here are some statistics to help you learn how other companies are embracing automation using technologies such as AI, machine learning, and RPA.
Automation stats
35% of organizations are automating business processes in at least one function or business unit, compared to 28% in 2018.
58% of businesses have embedded at least one AI element into a product or process
The market size of modern workflow management solutions that use machine learning is expected to touch $26 billion in 2025, up from $4.8 billion in 2018.
The accounting function is betting on automation to improve compliance and reporting. The global market for accounting software is expected to be $20.1 billion in 2026, a growth of 8.02% CAGR from 2018 – 2026.
88% of corporate controllers plan to implement robotic process automation (RPA) in 2021.
Accounts Receivable Automation
The CFO’s office is one of the prime areas that businesses look to automate. The many repetitive tasks such as record-keeping, book-entries, invoicing, and budgeting are prime targets for automation because of their mundane nature. Automation also frees up finance executives’ time to focus on more strategic tasks such as mitigating risk and predicting future financial outcomes.
Accounts receivable is a crucial finance function, and automating it can help you reduce days sales outstanding by 10%, improve collections by 20%, and apply cash with zero-touch posting. Want to check how well you’ve automated your AR functions and what the opportunities for improvement are?
Download our accounts receivable automation assessment template (Excel-based) and fill it with the required info. The tool will help identify whether you are a ‘leader’ in AR automation or a ‘beginner’ or ‘novice’.
Use this tool to help decide what type of AR solutions you need to plug the gaps in your accounts receivable automation process.
Here’s a sneak peek into how to use the template.
Irrespective of whether you are a ‘novice’ at AR automation or ‘competent’ at AR automation, HighRadius can help you with the latest order-to-cash (O2C) insights and services.
About HighRadius
HighRadius is a Fintech enterprise Software-as-a-Service (SaaS) company that leverages Artificial Intelligence-based Autonomous Systems to help companies automate Accounts Receivable and Treasury processes. The HighRadius® Integrated Receivables platform reduces cycle times in your order-to-cash process through automation of receivables and payments processes across credit, electronic billing and payment processing, cash application, deductions, and collections. HighRadius® Treasury Management Applications help teams achieve touchless cash management, accurate cash forecasting, and seamless bank reconciliation. Powered by the Rivana™ Artificial Intelligence Engine and Freeda™ Digital Assistant for order-to-cash teams, HighRadius enables teams to leverage machine learning to predict future outcomes and automate routine labor-intensive tasks. HighRadius solutions have a proven track record of optimizing cash flow, reducing days sales outstanding (DSO) and bad debt, and increasing operational efficiency so that companies may achieve strong ROI in just a few months. To learn more, please visit www.highradius.com
