The majority of finance workers in the UK believe their company is failing to adapt to changing regulations and technology, making it harder to meet new reporting requirements, get an accurate oversight of its financial position, plan for the future, or compete with quicker moving competition, according to a new survey of 1,000 accounting and finance professionals.
While 55% say their company is simply too slow to adapt, 29% believe the problem is so bad, their company’s future is being put at risk.
These are just some of the issues uncovered in a new report which surveyed over 1000 UK-based finance workers to understand their interpretation of company attitudes towards adopting new technology.
When it comes to investment in financial and accounting technology the new report has highlighted a split between those finance teams who view their company as an innovator and open to taking risks, and those who define their company as “laggards”, failing to take even low risks or dismissing new technology until it has been fully proven in the market.
UK Finance workers split over the need to move with the times and implement new technology
Even among those finance teams whose company is investing in new technology, 16% of finance workers believe investments are made too often with no strategy (meaning they are constantly having to learn how to use new systems) while 13% said their company was too slow to invest and was constantly behind the competition on technology.
The independent survey was commissioned by automated accounts payable and document management specialists Invu and carried out by Sapio Research.
Ian Smith, Invu Finance Director and General Manager, said: “Government initiatives like Making Tax Digital have so far been diluted and not provided much impetus for Making Business Digital. This survey shows that many businesses have been innovators seeking competitive advantage. I would expect to see this realised in 2020, with a performance gap opening up between those who have chosen this path and the laggards.”
For those UK companies whose workforce don’t think the company is putting itself at risk over its technology policies – or lack of – 16% still felt the company was too slow to move towards updating its existing technology.
Smith added: “Back-office functions, like finance, are often the last to see investment in new technology. It has to be hoped that the finance staff who perceive their business is being too slow to innovate are able to persuade their management teams to act before they fall too far off the pace to survive.”
However, it is not all doom and gloom, there is hope for businesses once they’ve decided to bring in new technology.
Over half of UK finance workers (52%) claimed their company was “very effective” at implementing new technology – once they had made the decision to do so – with just 8% claiming their company struggled to implement new technology.
To access the full report, you can download it from the Invu website here: https://www.invu.net/resources/