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Overcoming the Objections to Finance Automation

13th Dec 2019
Brought to you by
SAP

SAP® Concur® is the world’s leading brand for travel, expense and invoice management solutions.

Save content
Have you found this content useful? Use the button above to save it to your profile.

Finance automation is transformative for the finance team. Its benefits ripple throughout the whole of a business too. But despite the compelling examples of what finance automation delivers, you’re likely to find someone in every part of your business who’s very strongly against the idea.

 

(I Can’t Get No) Automation

 

If you’re keen to implement finance automation in your business, getting buy-in from these people is essential. And to do this, you have to be ready to address their objections every time they come up.

 

With that in mind, here’s our musical guide to the objections you’re likely to hear – and how to overcome them.

 

Time After Time
 

Whenever anything new is suggested, one of the biggest complaints you’re likely to hear is that the business doesn’t have enough time or resources to be able to implement it successfully.

 

But with cloud-based solutions there is no software or hardware to buy, install, maintain or upgrade. It means you can be up and running quickly. And because the solution is simple and intuitive, getting staff trained and ready to use it is relatively easy. Any reputable provider will give you all the support you need.

 

It’s All About the Money

 

The other big concern you hear whenever change is discussed is about how much it will cost and why the business can’t afford it.

 

But automation doesn’t just solve current problems – it opens up savings opportunities. Systems quickly pay for themselves too.

 

Research shows the average small to medium sized business using an integrated expense, travel, and invoice solution:

 

Saves 530 hours per finance employee per year 

Saves over £50,000 per year

Saves £18 per expense report

Saves £10 per invoice

 

And in the case of SAP Concur, you pay for the number of transactions you process each month, so you’re never paying over the odds.

 

The Fear

 

One of the most common objections you’ll hear is simply around resistance to change. But a manual, paper-based finance process is actively putting your business at risk. It doesn’t give you visibility into cashflow, it doesn’t reveal opportunities for growth and it impacts on employee morale.

 

There is also likely to be an underlying fear of job losses. We’ve all heard the headlines about the robots taking people’s jobs. But the story we hear over and over again from our customers is the opposite. What tends to happen after automation is that finance staff become more important than before because they’re freed to do more strategic work, making them more valuable assets to the company.

 

Dancing in the Dark

 

Fear of the unknown is also a big driver for people resistant to the idea of automation. It helps to provide more defined insight into the changes the business will see. In our experience, it takes about a month for paper to get out of a system. In two months, you’ll have near total visibility into spend. In four months, you’ll have negotiated better payment terms with suppliers.

 

On average, an invoice solution will mean:

 

  • The finance team will spend 68% less time processing invoices
  • There’ll be 67% fewer late payments to suppliers
  • Compliance with procurement policies will be at 99%

 

On average, a travel and expense solution will mean:

 

  • 67% more travel expenses will be within budget
  • Expense claims will be approved three times faster
  • 84% of claims will comply with T&E policies

 

Times They Are A-Changin’

 

Change is always hard, but when it comes to finance automation, for many businesses it’s not a question of “if” but “when”. Too many finance teams are weighed down by outdated admin-heavy processes that take time and energy away from business growth, putting long-term success at risk. To find out if you’re one of them, take our AP risk assessment test now. Or if you’re already committed to embracing the opportunities it has to offer, get in touch with an SAP Concur advisor today.

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