Your Take: Spend Management and Financial Technology Survey

Question Title

* 1. Which tools do you currently use for budgeting and forecasting? (choose all that apply)

Spreadsheets (e.g., Excel, Google Sheets)

Dedicated software (e.g., Adaptive Insights, Anaplan)

ERP systems (e.g., SAP, Oracle)

Custom in-house tools

Other (please specify)

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* 2. What measures do you have in place to manage risk associated with company spend? (choose all that apply)

Manual reviews and approvals

Automated compliance checks and regular audits

Training programs for employees

Contract review processes and vendor risk assessments

Corporate Cards with spending limits and controls

Fraud detection and prevention measures

Insurance coverage

A combination of the above

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* 3. What are the biggest challenges your organization faces when it comes to managing spend? (choose all that apply)

Limited visibility into spending data

Manual and inefficient processes

Breaking the budget or lack of budget enforcement

Shifting the budget inefficiently due to surprises & lack of employee compliance with spending policies

Supplier management challenges (e.g., price negotiation, finding qualified vendors)

Fraudulent activity

Any quotes or comments you would like to provide?

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* 4. What factors are most important to you when considering new financial technology? (choose all that apply)

Cost-effectiveness

Ease of integration with existing systems

User-friendliness

Scalability and future-proofing

Security and compliance features

Any quotes or comments you would like to provide?

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* 5. What is the main challenge you face in implementing new technologies?

High costs

Complexity and integration issues

Lack of skilled personnel

Security and compliance concerns

Resistance to change within the organization

Other (please specify below)

Please provide your input/comments.

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* 6. By how much would you say that AI and automation has made your financial organization more efficient since implementing?

0-25%

26-50%

51-75%

Over 75%

We are not using AI or automation currently

Any quotes or comments you would like to provide?

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* 7. What are the main challenges in collaborating with other departments? (choose all that apply)

Communication barriers

Misaligned goals and priorities

Lack of understanding of financial processes

Differences in workflow and processes

We work well together, and there are no major challenges or blockers

Other (please specify)

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* 8. Which skills are going to be most in demand from finance professionals in the next 5 years? (please select up to 2 options)

Data analytics and interpretation

Cybersecurity knowledge

Blockchain technology expertise

Artificial intelligence and machine learning

Financial modeling and forecasting

Digital payment systems and fintech innovations

Robotic process automation (RPA)

Strategic planning and decision-making skills

Any quotes or comments you would like to provide?

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* 9. Which technological tools are you considering integrating into your tech stack within the next year? (check all that apply)

Advanced budgeting and financial planning software

Automated accounts receivable/accounts payable systems

Additional cybersecurity solutions

Business Intelligence (BI) platforms

Blockchain-driven products

No additional investments planned for the upcoming year

Other (please specify)

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* 10. Given the potential for automation to free up significant time from manual tasks, where do you see the greatest opportunity to refocus your efforts for maximum impact?

Leading Strategic Financial Planning Initiatives

Enhancing Cross-Departmental Collaboration on Financial Projects

Driving Business Growth through Data-Driven Insights

Developing and Implementing Advanced Financial Strategies

Improving Stakeholder Engagement and Communication

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* 11. Any additional quotes or comments you would like to add?

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* 12. What is the size of your organization?

1-10

11-50

51-100

101-250

251-500

501-1,000

Greater than 1,000

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* 13. Which industry is your organization in?

Agriculture

Automotive

Banking

Construction

Consumer Goods

Education

Energy

Entertainment

Financial Services

Government

Healthcare

Hospitality

Insurance

Manufacturing

Media

Non-Profit

Pharmaceuticals

Professional Services

Real Estate

Retail

Technology

Telecommunications

Transportation

Utilities

Other (please specify)

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* 14. Role

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* 15. Optional; you may choose to remain anonymous. Names will not be published in the report without permission.

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* 16. If you want to be quoted in the final report, please let us know.

Yes, I would like to be quoted. You may use my name and title.

Yes, I would like to be quoted. Please contact me first.

No, I would like to remain anonymous.

Your Take: Spend Management and Financial Technology

Welcome to PayEm and Encoursa's 2024 survey on Spend Management and Financial Technology.

Question Title

* 1. Which tools do you currently use for budgeting and forecasting? (choose all that apply)

Question Title

* 2. What measures do you have in place to manage risk associated with company spend? (choose all that apply)

Question Title

* 3. What are the biggest challenges your organization faces when it comes to managing spend? (choose all that apply)

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* 4. What factors are most important to you when considering new financial technology? (choose all that apply)

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* 5. What is the main challenge you face in implementing new technologies?

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* 6. By how much would you say that AI and automation has made your financial organization more efficient since implementing?

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* 7. What are the main challenges in collaborating with other departments? (choose all that apply)

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* 8. Which skills are going to be most in demand from finance professionals in the next 5 years? (please select up to 2 options)

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* 9. Which technological tools are you considering integrating into your tech stack within the next year? (check all that apply)

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* 10. Given the potential for automation to free up significant time from manual tasks, where do you see the greatest opportunity to refocus your efforts for maximum impact?

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* 11. Any additional quotes or comments you would like to add?

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* 12. What is the size of your organization?

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* 13. Which industry is your organization in?

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* 14. Role

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* 15. Optional; you may choose to remain anonymous. Names will not be published in the report without permission.

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* 16. If you want to be quoted in the final report, please let us know.

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* 17. Thank you for taking the time to complete our survey! Make sure to enter your email address for a chance to win an Amazon Gift Card.