Zone & Co Releases 2024 State of Finance Automation Survey Results, Highlighting the Cost of Inefficiencies in Order-to-Cash Processes

Survey reveals finance leaders lose 5% of annual revenue to manual OTC tasks and identify automation as the solution

NEW YORK, Dec. 10, 2024 /PRNewswire/ -- Zone & Co, the leading provider of ERP-expanding software solutions for the CFO's office, today unveiled findings from its 2024 State of Finance Automation Survey. This comprehensive study of over 200 leaders in the financial space highlights how outdated manual processes in order-to-cash (OTC) workflows drive significant revenue losses. In response, finance executives are prioritizing automation as an essential tool for creating more efficient, future-ready operations.

The survey reveals a not-so-surprising truth: companies with advanced OTC automation run more efficiently. More interestingly, these same companies report significantly less revenue loss, uncovering a powerful connection between automation maturity and financial resilience. For CFOs and Controllers, the findings emphasize the need to embed automation within broader digital strategies to achieve sustainable growth and operational excellence.

"We hear it time and again from finance leaders—manual workflows lead to missed revenue, inefficiencies, and frustrated teams," said Chad Wonderling, CFO at Zone & Co. "But the conversation is shifting. It's no longer just about cutting down on manual effort. Digital transformation is equipping finance leaders to reclaim lost revenue and drive growth through smarter, more efficient operations, ultimately unlocking greater value for their organizations."

Key Findings from the 2024 State of Finance Automation Survey

• Digital transformation priorities: 74% of finance leaders identified digital transformation as essential for their company's survival, yet nearly 70% reported only partially connected OTC systems.
• Widespread revenue leakage: Nearly all respondents reported some degree of revenue leakage, with manual OTC processes leading to losses exceeding 5% of annual revenue for one in five organizations.
• Automation maturity matters: Companies with mostly or fully automated OTC workflows are 21% less likely to experience revenue leakage above 5% compared to those with manual processes.
• Challenges with manual workloads persist: 64% of respondents listed manual workloads as a top challenge, with payment collection inefficiencies and data disparity among the most cited issues.
• Efficiency through automation: Companies leveraging Zone & Co solutions, such as ZoneBilling, reported significant operational improvements—including a 94% reduction in revenue booking time for a leading renewable energy software provider and an 80% reduction in manual billing workload for an automation-focused telecommunications provider in New Zealand—freeing finance teams to focus on strategic work and enhancing overall efficiency.

Rethinking the finance function through OTC automation
Today's finance leaders are looking beyond patchwork fixes and siloed systems to address inefficiencies in OTC workflows. While the survey highlights the cost of inefficiencies, it also paints a clear picture of the opportunity: organizations that embrace automation and system connectivity are not just addressing revenue leakage—they're setting the stage for transformative change. By fully integrating automation into the finance function, companies unlock faster cash conversion cycles, better data-driven insights, and the ability to scale operations without sacrificing precision or control. This shift redefines the role of finance, turning it into a strategic driver of growth rather than a back-office function mired in manual tasks.

"Automation is more than a buzzword—it's a practical and necessary strategy for modern finance functions," said Thomas Kim, CEO at Zone & Co. "However, automation must be rooted in end-to-end workflows and solution-focused software designed for seamless operations. When finance leaders move beyond patchwork solutions and embrace a unified, built-for-purpose software platform, they can deliver higher value across their organizations with automated processes and connected data for decision-making. That's the real promise of modern finance technology—not just streamlining manual tasks, but empowering teams to think and act strategically."

About the Survey
The 2024 State of Finance Automation Survey captured insights from CFOs, Controllers, and senior finance leaders across various industries and company sizes. The study explored topics such as OTC automation, manual task hours, revenue leakage, and digital transformation priorities.

For a detailed breakdown of the survey findings and actionable steps to enhance OTC processes, visit www.zoneandco.com/guides/survey.

About Zone & Co 
Zone is reinventing the way companies approach back-office excellence, empowering finance leaders and their teams to scale and thrive in today's dynamic business landscape. Its highly flexible platform enhances out-of-the-box ERP capabilities, offering maximum visibility and control over company operations. From complex billing & revenue recognition to AP automation and advanced FP&A reporting, Zone's unified platform integrates seamlessly with leading ERP software, adapting precisely to evolving needs. Trusted by over 4,000 customers worldwide, Zone & Co is committed to delivering real-world solutions that deliver tangible results for its customers. Headquartered in Boston, MA, with hubs across Europe, North America, Australia, and Asia, Zone is dedicated to shaping the future of enterprise back-office management.

For more information, please visit: www.zoneandco.com or follow us on LinkedIn: linkedin.com/company/zoneandco.

Contact: [email protected]

SOURCE Zone & Company Software