FDs still bogged down by paper and labour
More than two-thirds of finance directors complain that despite the implementation of IT solutions, they still remain heavily reliant on paper.
Link: FD speaks out against red tape
Seventy-two percent of FDs questioned complained about the paper-intensive nature of their businesses, while almost half – 48% – said that processes like accounts payable, accounts receivable and credit control remained highly labour-intensive.
According to software company Macro 4, who carried out the survey, FDs at large UK companies complain that they have to spend too much time on ‘low value operational activities’, while more than a third highlighted printing and postage costs as a significant burden.
These findings suggest serious shortcomings of implementing enterprise resource planning and other IT systems in the work place, Macro 4 said.
‘Despite investment in ERP, both paper and electronic documents remain an essential part of virtually all business processes. Companies should therefore consider document management and delivery as an integral part oftheir ERP strategy. Otherwise the efficiency gains from their ERP investments are likely to fall short of their full potential,’ said Lynda Kershaw, market manager at Macro 4.