Corpay Research: UK Finance Teams Lose a Day a Week to Manual Admin
A recent survey conducted by Corpay revealed that 86% of finance teams in the UK are dedicating over six hours each week to manual administration tasks. As a result, this adds up to nearly a full working day lost on non-value-adding activities.
The data was gathered from a sample of 300 CFOs, highlighting a significant inefficiency within finance teams. This issue not only impacts productivity but could also affect overall business performance if not addressed, suggesting a need for more automated solutions in finance operations.
Key takeaways
- ▸86% of UK finance teams spend six or more hours weekly on manual administration tasks.
- ▸Finance teams effectively lose a full day of work per week to these non-value-adding activities.
- ▸The survey involved 300 CFOs, indicating a widespread issue in financial operations.
- ▸This suggests an urgency for adopting automated solutions to improve efficiency.
Why this matters
This survey underscores the inefficiencies plaguing finance departments in the UK, potentially leading to higher operational costs and lower productivity. As companies increasingly seek to streamline their processes, there is a strong case for investing in automation solutions, which could help regain valuable time and resources. Firms that fail to adapt may find themselves at a competitive disadvantage, unable to keep pace with those leveraging technology for operational efficiency.
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