Financial planning automation is a tool to help businesses streamline their financial planning and forecasting processes. It uses data analysis techniques and advanced algorithms to automate manual tasks such as data collection and reporting.

Among other benefits, financial planning automation software can improve accuracy and efificency, reduce workload, and identify budding trends to enhance decision-making.

Let’s go into more detail about these benefits now.

Reason #1: Save Time and Reduce Workload

Financial planning can be time-consuming and labour-intensive. By taking advantage of automation, you can save hundreds of hours spent on repetitive, tedious work.

For example, financial planning automation software can instantly collect, clean, and organise data from various sources, such as databases and spreadsheets. Your finance teams can stop wasting time manually gathering and processing data, and instead dedicate their energy to more strategic projects.

In fact, according to technology research firm Gartner, automation can save finance teams 25,000 hours of avoidable rework caused by human error—now, that’s nothing to scoff at!

Reason #2: Improve Accuracy And Reliability

As we just touched on, human error is a major risk in the world of financial planning. When finance teams gather and process data manually, there’s a chance they may enter information incorrectly or miss crucial data points.

Financial planning automation almost eliminates the need for manual data entry, significantly reducing the risk of human error. The software’s advanced algorithms and data analysis techniques can also identify trends and patterns in real-time, allowing teams to proactively spot and prevent serious errors. 

Reason #3: Identify Trends And Patterns To Inform Decision-Making

Forecasting is a critical part of financial planning—and it needs to be timely and accurate. Your team must quickly identify trends, patterns, risks, and opportunities to stay ahead of the game.

Because manual input is slow and error-prone, it’s a roadblock in the path towards accurate, to-the-minute forecasting. And that’s where financial planning automation comes in.

Using the software, your company can identify trends and patterns across areas such as:

• Customer spending patterns,
• Customer loyalty,
• Profitability,
• Cash flow,
• Sales and trade spend.

These insights will help you build more powerful marketing and sales strategies.

Reason #4: Boost Efficiency To Gain A Competitive Edge 

We’re still in the beginning stages of automation within the financial planning industry. To gain an edge over your competitors, early investment in these tools is crucial—and every hour saved matters.

The improved accuracy, reliability, and efficiency financial planning automation software brings will put you well ahead, positioning your organisation as a thought leader and innovator within the industry.

Future Insights For The Financial Planning Industry

The financial planning industry is likely to evolve and adopt new technologies in the near future, including artificial intelligence and more advanced automation. These technologies have the potential to revolutionise planning procedures and match increasing customer expectations.

Embracing this new technology is the best way to put your financial planning organisation at the forefront of the industry and continue providing valuable, competitive services in the years to come.