In the 1960s, futurists predicted that organizations in the new millennium would exchange information in a fully electronic manner. The unfortunate reality is that corporate processes remain mired in paper, and no one knows that better than financial professionals.
Almost two-thirds of respondents to PayStream Advisors’ Financial Automation Survey (FAS) 2005 found over-reliance on people and paper-based processes to be the biggest headache in their financial operations. However, PayStream research illustrates that, tired of the hassles and inherent risks associated with paper-based processes, organizations are increasingly showing an interest in technology solutions that will streamline and automate some or all of their processes.
Results: PayStream Advisors Financial Automation Survey 2005
PayStream Advisors’ annual survey of Fortune 1000 companies—Financial Automation Survey (FAS)—attempts to gauge finance, IT/MIS and accounting professionals' attitudes on a range of financial automation topics. In particular, it seeks to uncover organizations’ decision-making processes, current and planned use of specific technologies, and financial process improvement goals for the forthcoming year. This report, based on the results of FAS 2005 is intended to shed light on the innovative practices followed by organizations in their pursuit of improved control, lower costs and process efficiencies.
Conducted online in the third and fourth quarters of 2005, the FAS 2005 was completed by over a hundred accounts payable, purchasing, and financial professionals at domestic Fortune 1000 companies. Typical respondents spanned a range of company sizes and industries including manufacturing, financial services, healthcare, utilities and telecommunications. The resulting benchmarking report provides insights into the following areas:
• What pain points do companies face in their financial operations and more specifically in the accounts payable area?
• What technologies are companies adopting to overcome these challenges? What benefits is automation delivering?
• How are risk management and Sarbanes-Oxley compliance requirements impacting organizations’ interest in automation?
• What can be learned from the innovators of financial automation technology?
PayStream will offer a free online webinar revealing further insights from the Financial Automation Survey.
About PayStream Advisors
PayStream Advisors delivers unbiased, third-party market trend information, assessments of financial automation technology and innovative ideas to business leaders in consumer billing, finance and treasury, accounts receivable and accounts payable. PayStream's Research houses distinctive analytics that will help you compare and contrast the technologies, solutions, and vendors that you need to know about before you begin your investigation.