Automation in Finance
Jeff Canning, during Ampleo’s Intermountain CFO Summit, describes the importance of data security, automation in finance, and the responsibility of the CFO to provide oversight and guidance through the evolving technology that ensures data integrity in the world of finance and accounting.
Jeff explains what really matters in finance and accounting…. TIME! We are all allotted the same amount of hours in a day, and as finance professionals, we need to maximize our efforts and do more with less. This is the overall purpose of automation in finance.
Key takeaways:
- Compress the time it takes to get data and information before it gets to us at the CFO level
- Data security is key – we must ensure financial data is secure
- Automation = cost savings
- APIs – we need to ensure that our systems are talking to each other
- Bots can streamline basic processes and remove 99% of human error
- Adopt technology, don’t be satisfied with where you’re at, and adoption speed will be key to having a competitive advantage in the future
Quotes:
“The team can only go as fast as the slowest output”
“Bots are your friends”
“We need to adapt and be ahead of this change or we will be left behind”
“We need to continue to change, or we change professions”
