- Report requirements 90% of organizations still use spreadsheets
- Four out of five have scheduled automation in their timetables, authors
- Businesses need to modernize payment data control
Almost all (90%) organizations are still dependent on outdated spreadsheets and similar forms of some of their most important business data, new research has claimed.
By using older tools, companies work less efficiently than they could be, which slows down and prevents optimal growth, found a study from Authork.
Although four out of five (82%) have automation on their timetables, there are still some challenges that prevent companies from using better tools.
Businesses use older software, still
Only two out of five (43%) plans to implement automation within the next six to 12 months, with another fifth (20%) planning to do so within 18 months.
Automenk acknowledged that spreadsheets offer confidentiality for workers, but they are failed by large amounts of manual treatment that can lead to delays. Older systems also threaten compliance and competitiveness by introducing potential regulatory risks and rising costs.
“Older systems and manual processes pose a direct threat to operational efficiency. On the other hand, this threatens compliance and market competitiveness, “noted Autenek Payment’s lead, Nick Botha.
The company confirmed artificial intelligence and automation can help small and medium -sized businesses use more modern approaches, but the desire to modernize not met with equally clear guidance.
Modernization of payment data control should be the first port of call for companies that want to increase efficiency, improve accuracy and improve compliance. Today, 81% of organizations receive payment data in real time or once a day, with 83% processing, action and reporting of this data at the same frequency.
“Our research shows a worrying difference between how payments are made and how they are treated,” Botha added. “Payment methods have become more sophisticated, but the industry is still highly dependent on older solutions to process transactions.”
