Despite the fact that financial digitization has been underway for more than 30 years, it is currently accelerating at an unprecedented speed in terms of innovation. Still, there are myths surrounding this process.
CEPYME points out that Spanish businessmen have experienced a cost increase of more than 24% due to inflation in a volatile market that requires greater business agility. The digitization of financial processes is a tool to take into account to save costs and stand out in the market. Spanish companies that have not taken advantage of this opportunity come to lose up to 120,000 euros per year due to lack of digitization. This follows from the report prepared by Payhawk.
Financial management in Spanish companies: forecasts, expenses and trends
The report ‘Financial management in Spanish companies: forecasts, expenses and trends’ examines how Spanish companies are adjusting their business plans to the economic and market situation, and how technology can be a key tool in this process.
According to the document, 86% of those surveyed in the financial area consider that the Digitization of accounting and financial operations would reduce costs in Spanish companies. This demonstrates a change in mentality in finance departments, who now see the adoption of technological solutions as essential. In addition, 51% of those surveyed believe that they could save between 30,000 euros and 120,000 euros per year, while 20% raise this figure above 120,000 euros per year.
According to the report, the degree of digitization in the financial area of Spanish companies is moderate. Only 8% of those surveyed consider that the processes are completely digitized in their company, while in 27% of the cases, they do not reach half.
This lack of digitization significantly affects the strategic potential of financial professionals, as 42% spend 25-50% of their working day on operational tasks, 40% more than half their time, and 12% more than three quarters of their time.
88% of the financial professionals surveyed consider that the incorporation of digital technologies would allow them to optimize their daily work, according to the report. This would free up time for tasks that could help companies deal more effectively with today’s economic challenges.
Mentioned tasks include process optimization (42%), financial training for staff (33%), risk analysis (33%), budget planning (32%), business planning and strategy (32%), and business future forecasting and analysis (32%).
Respondents also point to the importance of cost savings plans and process auditing (27%); financial advice to the staff (22%); consultancy to other departments, for example, on issues of optimization of resources (21%); exploring new business opportunities (20%); participation in the strategy for the development of professional careers for employees and the recruitment of new talents (20%) and the search for investors and/or sources of financing (17%), as tasks that generate value for the company.
Iñigo Aguirre, head of the Payhawk Business in Spain, affirms that financial professionals have the ability to drive the success of their organizations, but to do so they must evolve from a tactical role to a strategic one that allows them to advise and collaborate with other departments.
Cybersecurity, one of the main priorities of SMEs when investing in their digitization