- Report claims 90% of organizations are still using spreadsheets
- Four in five have automation planned in their roadmaps, AutoRek finds
- Businesses need to modernize payment data management
Almost all (90%) organizations are still relying on outdated spreadsheets and similar forms for some of their most vital business data, new research has claimed.
By using legacy tools, businesses are operating less efficiently than they could be, slowing themselves down and preventing themselves from optimal growth, a study from AutoRek found.
Although four in five (82%) have automation on their roadmaps, there are still some challenges that are stopping businesses from using better tools.
Businesses are using legacy software, still
Only two in five (43%) plan to implement automation within the next six to 12 months, with a further fifth (20%) planning to do so within 18 months.
AutoRek acknowledged that spreadsheets offer familiarity for workers, however they’re let down by large amounts of manual processing that can lead to delays. Legacy systems also threaten compliance and competitiveness by introducing potential regulatory risks and increasing costs.
“Legacy systems and manual processes pose a direct threat to operational efficiency. In turn, this threatens compliance and market competitiveness," noted AutoRek Payment’s Lead, Nick Botha.
The company confirmed artificial intelligence and automation can help small and medium-sized businesses to adopt more modern approaches, however the desire to modernize isn’t met with equally clear guidance.
Modernizing payment data management should be the first port of call for businesses looking to boost efficiency, enhance accuracy and improve compliance. Today, 81% of organizations receive payment data in real-time or once a day, with 83% processing, actioning and reporting this data with the same frequency.
“Our research shows a worrying disparity between how payments are made and how they are processed,” added Botha. “Payment methods have become more sophisticated, yet the industry is still heavily reliant on legacy solutions to process transactions.”
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