Automation in finance: From optimization to transformation

Automation can help propel an organization’s finance transformation strategy forward. However, it can be a challenge to know where to start. We have some pointers.

Whether you're aiming for incremental improvements or a complete overhaul, automation offers the versatility to propel your finance transformation strategy forward. However, navigating the breadth of automation choices can be challenging, as it encompasses a spectrum of modernization initiatives from optimizing existing processes to transformational automation that fundamentally revamps operating models, embraces new technologies, and responds to shifting market requirements. For organizations not yet ready for large-scale change, automation-driven optimization offers a low-risk, high-reward entry point.

Why start with optimization?

Starting with an automation-driven optimization approach serves as a powerful first step. It focuses on automating repetitive, rules-based tasks within existing processes. This frees up employees for higher-value activities, boosts accuracy and consistency, and lays the groundwork for future automation. 

However, it can be challenging to know where to start. Here are some key areas to focus on:

  • Repetitive tasks: Time-consuming, error-prone tasks like data entry, invoice processing, and report generation
  • Consistent processes: Defined, predictable workflows ideal for programming into robotic process automation (RPA) bots
  • High transaction volumes: Organizations handling massive data streams can leverage automation for efficient processing
  • Large support teams: Automate routine tasks in accounts receivable, accounts payable, and data processing to free up human resources
  • Backlog of activities: If your team is overwhelmed, automation can clear the backlog and improve future workload management
  • Efficiency and cost reduction: Automate to minimize labor costs and streamline operations, leading to tangible cost savings

Remember, optimization is just the beginning.

Think of automation as a journey, not a destination. Once you've mastered automation-driven optimization, you can set your sights on larger transformative initiatives that fundamentally require aligning strategic goals, securing leadership buy-in, and embracing change management.

By starting with optimization, you unlock the transformative power of automation to become a more competitive and agile force in today's ever-changing business landscape.


Get in touch with our specialists

View All Specialists
Catherine Tran

Catherine Tran

Director, CFO Advisory – Business & Finance Transformation
Kim Clark-Pakstys

Kim Clark Pakstys

Managing Director, CFO Advisory

Looking for the full list of our dedicated professionals here at CohnReznick?



Let’s start a conversation about your company’s strategic goals and vision for the future.

Please fill all required fields*

Please verify your information and check to see if all require fields have been filled in.

Please select job function
Please select job level
Please select country
Please select state
Please select industry
Please select topic

Related services

Our solutions are tailored to each client’s strategic business drivers, technologies, corporate structure, and culture.

This has been prepared for information purposes and general guidance only and does not constitute legal or professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its partners, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.