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New research reveals legacy tech within finance departments is risking major inaccuracies
A new survey exploring the challenges and experiences of finance departments in British businesses has been unveiled , with findings revealing legacy technology is having a detrimental effect on productivity and accuracy . More than half of respondents stated they are still using legacy OCR technology , and of those , a huge 98 % admit this results in errors or requires manual intervention .
Commissioned by Open ECX , a leader in financial process automation software , the survey of 810 managers working in finance departments in companies with 250 + employees , found that while 14 % of those using legacy OCR technology state it is rare for it to produce errors or require manual intervention , a substantial 84 % admit it happens most or some of the time .
For what is often considered the engine room of most organisations , such inaccuracies within the finance department could not only present a major risk to the business but also have a negative impact on the productivity levels of the finance teams who must then painstakingly work to resolve the errors .
Nathan Ollier , CEO at Open ECX , said : “ At a time when businesses and finance teams are under huge pressure to keep costs down , further compounded by the recently announced employer tax and page increases , it is alarming to see how widespread the use of legacy OCR technology is , and worryingly , the negative effect it is having on both productivity and accuracy within finance departments .
“ It is clear that many finance teams are struggling with time consuming , manual processes resulting from outdated and complex technologies ; the knock-on effect is unmotivated staff and disgruntled suppliers who are being forced to deal with these queries and errors , and ultimately , growth and productivity being held back .”
The research also revealed that over two-thirds ( 78 %) of respondents are having to intervene in between 21 % and 80 % of their supplier invoice
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