UK Finance Departments Balancing AI Adoption and Excel Reliance

Continued Excel Usage: Despite AI advancements, nearly 20% of UK finance decision-makers still primarily use Excel for invoice processing.
Slow Automation Adoption: Only 28% of finance decision-makers classify their organizations as advanced in digital transformation.
Focus on Automation Benefits: Reducing errors, improving financial control, and reducing costs are primary objectives for automating the AP process.

Resistance to Change: The persistent use of Excel highlights a reluctance among some finance professionals to fully embrace new technologies, potentially hindering overall efficiency.
Strategic Shift: There’s a growing focus on using automation to deliver proactive business value, reflecting a strategic shift from past years’ reactive measures.
Operational Efficiency: Adoption of AI and machine learning in AP processes aims to enhance data accuracy and operational efficiency, though uptake remains gradual.
Implementation Challenges: The need for fast implementation, minimal training, and powerful data extraction are key considerations for finance departments evaluating AP automation solutions.

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