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A recent study by PayEm highlights that 86% of financial professionals still depend on Excel for budgeting and forecasting, while 75% prefer manual reviews over AI solutions. This reliance on outdated tools indicates a significant technological gap in the financial industry, emphasizing the urgent need for modernization in spend management and financial operations by 2025. The findings suggest that the financial sector has a substantial opportunity for growth through the adoption of AI and automation technologies.
The survey, which included 270 finance professionals from various industries, revealed that challenges such as inefficient processes and budget management issues are prevalent. Respondents identified cost-effectiveness and ease of integration as critical factors for adopting new technologies. Despite concerns about initial investments and complex integration, the availability of scalable SaaS solutions could alleviate these fears and facilitate the transition to more efficient financial operations.
• 86% of finance professionals still use Excel for budgeting and forecasting.
• 75% prefer manual reviews over AI or automated solutions.
AI technologies can enhance efficiency and transparency in financial operations.
Automation helps in tracking expenditures and enforcing budgets effectively.
Scalable SaaS solutions can simplify the integration of new technologies in finance.
PayEm focuses on modernizing financial operations through AI and automation solutions.
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