5/6/2023 0 Comments Mundane tasks![]() It is a strategy that will also safeguard them against human error and other internal administrative crises that can cause damaging financial loss. ![]() For these organisations, the use of streamlined automated technology to reduce the administrative burden can help them overcome a significant hurdle on the road to recovery. As a result, many have accrued a formidable backlog of invoicing and payroll tasks – and are relying on much smaller teams to handle them. Reducing the time taken up by onerous administrative tasks will give employees more time to concentrate on the ‘bigger picture’ initiatives that are so vital to boosting revenue.įinance departments across the country have been forced to downsize following the Covid-19 pandemic. Crucially, it allows individuals to channel their energy into more creative and strategic tasks, where they can exercise their autonomy and problem-solving skills to achieve tangible results for the business. The benefits of automating mundane but necessary tasks can be transformative and empowering -both for employees and for the business itself. Not only does this point towards vast efficiency improvements, but it also suggests a reduction in costly instances of human error. ![]() When it comes to time savings brought about by automation, the figures back up the promise PwC’s Finance Benchmarking Report found that automating finance tasks can save 30%-40% of the time spent on doing the same tasks manually. ![]() The use of innovative IT solutions to automate these tasks can offer precious time back to teams, allowing them to focus on the more stimulating, value-adding activities that drive business growth. Currently, these day-to-day tasks form a significant chunk of employees’ time, adding to the pressure they are already under to juggle a variety of repetitive administrative processes. However, invoices still need to be processed and payrolls need to be generated. Rapidly accelerating digital transformation has created a wealth of opportunities for financial services. By transforming monotonous work into streamlined automated processes, businesses can reduce costs, drive productivity and efficiency, and foster a happier workforce culture. Tactical solutions are needed to ease the burden on teams and free up staff to focus on more challenging, qualitative endeavours. As well as being slow and demoralising, such high levels of manual processing can lead to inconsistent results and financially damaging errors. A study has found that office workers in the accountancy, banking and finance sectors spend on average over three hours a day on manual, repetitive tasks which are not part of their primary job. This stagnation can be costly – in more ways than one. Innovation and strategic planning run the risk of being left behind as energy is spent on resource-sapping back-office complications. Budget cuts, the great resignation and post-Brexit recruitment problems mean that many employees are spending disproportionate amounts of time grappling with mundane operational tasks to simply keep businesses afloat. The challenges of adjusting to the reopened economy have placed financial services under significant strain.
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