74% of Finance Teams Remain Trapped in Paper-Based Processes, Yooz Survey Reveals

New study uncovers the hidden costs of paper dependence and the barriers to digital transformation

DALLAS--(BUSINESS WIRE)--Despite continued advancements in technology, businesses across industries are struggling with inefficiencies tied to outdated paper processes, creating operational risks and hindering their ability to achieve digital transformation. Yooz, a cloud-based purchase-to-pay (P2P) automation provider, reveals in its latest research that 74% of finance teams still rely heavily on paper workflows, stifling their potential for cost savings, agility and sustainability.

The 2024 Yooz Survey: The Cost of Finance’s Paper Dependence, conducted by the third-party survey platform Pollfish, asked 500 U.S.-based finance professionals across various industries to identify challenges, inefficiencies and opportunities for digital transformation in finance.

Key findings include:

• Nearly half (49%) of finance professionals use a mix of paper and digital formats, with 47% printing daily. Cultural resistance and trust in tangible documents perpetuate this reliance, slowing modernization efforts.
• Workers lose more than 6 weeks of work annually spent on manual paper tasks, while misplaced invoices lead to missed payments for 22% of respondents, straining vendor relationships.
• Resistance to change (43%) and insufficient training (18%) remain the top obstacles to digital transformation. Additionally, 35% of respondents feel unprepared to phase out paper entirely.
• Only 21% of organizations describe their processes as highly automated, highlighting the vast opportunity for efficiency gains through digital workflows.
• Although 73% of respondents agree that eliminating paper would support sustainability efforts, fewer than a quarter believe their organization will fully digitize within two years.

The report highlights the need for businesses to prioritize digital transformation, invest in automation tools and address organizational barriers to change. By aligning automation efforts with sustainability goals, companies can foster cross-departmental support and unlock efficiencies that enhance competitiveness.

“The reliance on paper is a legacy of the past that no longer serves the fast-paced needs of modern businesses,” said Laurent Charpentier, CEO of Yooz. “Organizations that prioritize digital transformation set themselves up for a competitive edge while contributing to a more sustainable future.”

Visit the 2024 Yooz Survey: The Cost of Finance’s Paper Dependence report at Yooz’s website for the complete survey results and additional insights.

About Yooz

Yooz provides the smartest, most powerful, and easiest-to-use cloud-based E-invoicing and Purchase-to-Pay (P2P) automation solution. It delivers unmatched savings, speed, and security with affordable zero-risk subscriptions to more than 5,000 customers and 300,000 users worldwide. Yooz’s unique solution leverages Artificial Intelligence and RPA technologies to deliver an amazing level of automation with extreme simplicity, traceability, and end-to-end customizable features.

Yooz North America is headquartered in the Dallas, Texas metropolitan area with global offices in Europe.

Learn more about Yooz at www.getyooz.com.