In a time when macro-issues rule and inflation rages, efficiency is crucial to maintaining profits.
The requirement to function more efficiently is generally understood by chief financial officers (CFOs) and their finance teams.
The expectations of those financial specialists are also increasing, particularly as transaction volumes rise and supply chains continue to be shaky.
OpenEnvoy CEO Matthew Tillman told Karen Webster that cost-cutting is a top priority. And the choices regarding how to reduce expenses typically revolve around how to automate the tedious and laborious processes that ate up the time of dozens, hundreds, or even thousands of employees. However, there can also be a reluctance to embrace the technology that streamlines the back-end job.
People are afraid of automation because they believe it would be a complex process, he added.
That’s partly because enterprise resource planning (ERP) integrations have often taken place across years and entailed open-ended management contracts, according to Tillman.
Tillman’s observations were made in light of the fact that Stanley Black & Decker is apparently in the process of axing 1,000 financial positions in order to save money. The conglomerate’s strategy exemplifies what is taking place in corporate boardrooms across a wide range of industries as CFOs search the company for logical areas to reduce administrative costs.
However, there are other opportunities when the decision does not need to be as clear-cut that can be taken advantage of. According to Tillman, businesses may use automation to their advantage by focusing their workers on more strategic, skilled duties, beginning with the bills they are going to pay.
