- The report states that 90% of organizations are still using spreadsheets
- Four in five have a planned automation on their roadmap
- Companies need to modernize payment data management
Almost all organizations (90%) still depend on obsolete spreadsheets and similar forms for some of their most vital commercial data, according to new research.
When using inherited tools, companies operate less efficiently than they could be, decreasing speed and avoiding optimal growth, found an Autreek study.
Although four out of five (82%) have automation in their roadmaps, there are still some challenges that prevent companies from using better tools.
Companies are using inherited software, still
Only two out of five (43%) plan to implement automation within the next six to 12 months, with another fifth (20%) planning to do so within 18 months.
Autreek acknowledged that the spreadsheets offer familiarity for workers, however, they are disappointed by large amounts of manual processing that can lead to delays. Inherited systems also threaten compliance and competitiveness by introducing possible regulatory risks and increasing costs.
“Inherited systems and manual processes represent a direct threat to operational efficiency. In turn, this threatens the fulfillment and competitiveness of the market, “said the leadership of the Payment of Authek, Nick Botha.
The company confirmed that artificial intelligence and automation can help small and medium enterprises to adopt more modern approaches, however, the desire to modernize is not found with an equally clear guide.
The modernization of payment data management must be the first port of scale for companies that seek to increase efficiency, improve precision and improve compliance. Today, 81% of organizations receive real -time payment data or once a day, with 83% processing, action and reports of these data with the same frequency.
“Our research shows a worrying disparity between how payments are made and how they are processed,” Botha added. “Payment methods have become more sophisticated, however, the industry still depends largely on inherited solutions to process transactions.”
