Summary
This report presents the findings of a global research study conducted by the Institute of Financial Operations & Leadership (IFOL), with support from Restore Information Management. The study surveyed accounts payable and finance professionals to assess the current state of automation within the accounts payable sector and to identify future trends. Key findings indicate that a significant portion of finance teams, 73%, are not fully automated, with 27% lacking any automation. Manual data entry and errors are prevalent challenges, with 66% of respondents still entering invoices manually. The report highlights that while there is a growing interest in automation, progress has plateaued, and many teams continue to face inefficiencies. Additionally, the adoption of AI in accounts payable processes has increased, with 29% of respondents utilizing AI tools. The report emphasizes the need for organizations to prioritize automation and improve their operational processes to enhance efficiency and strategic value.
