Despite the steady march of technological innovation, many finance teams are still stuck in outdated processes. The latest example? A startling 74% of finance teams remain entrenched in paper-based workflows, according to the 2024 Yooz Survey: The Cost of Finance’s Paper Dependence. This reliance on paper is more than an operational inconvenience—it’s a direct barrier to efficiency, sustainability, and profitability in modern business.
The survey, conducted by Yooz in collaboration with third-party platform Pollfish, captured insights from 500 U.S.-based finance professionals across industries. It highlights the persistent reliance on paper processes and explores why many businesses are hesitant to embrace the digital transformation that could revolutionize their workflows.
The Persistence of Paper: Cultural and Operational Barriers
Nearly half of the surveyed finance professionals report using a mix of paper and digital formats, with 47% printing documents daily. Cultural resistance, a preference for tangible documentation, and a lack of adequate training are among the top reasons behind this paper dependence. In fact, 43% of respondents cited resistance to change as the primary obstacle to adopting digital processes, while 35% admitted feeling unprepared to phase out paper entirely.
This attachment to outdated practices costs more than time. Workers lose an estimated six weeks per year managing manual paper tasks, while 22% of respondents noted missed payments due to misplaced invoices—an oversight that can strain vendor relationships and disrupt cash flow.
The Financial and Environmental Toll
Paper-based workflows don’t just slow down operations; they’re a financial drain. Handling, storing, and retrieving physical documents takes up significant resources and limits the ability to scale operations efficiently. Beyond the financial impact, these processes are at odds with growing corporate sustainability goals. While 73% of finance professionals agree that eliminating paper would enhance sustainability efforts, fewer than a quarter believe their organization will fully digitize within two years.
“The reliance on paper is a legacy of the past that no longer serves the fast-paced needs of modern businesses,” explained Laurent Charpentier, CEO of Yooz. “Organizations that prioritize digital transformation set themselves up for a competitive edge while contributing to a more sustainable future.”
Automation as a Solution: A Win-Win for Efficiency and Sustainability
The survey underscores the untapped potential of automation in finance. Currently, only 21% of organizations describe their processes as highly automated, leaving a significant opportunity for improvement. By embracing digital workflows and automation, businesses have the opportunity to streamline document management, reduce costs, and enhance operational agility.
Automation also aligns seamlessly with sustainability goals. Digital workflows eliminate paper waste, reduce carbon footprints, and foster greater alignment across departments. These benefits can rally cross-departmental support for digital initiatives, making it easier for organizations to transition away from legacy systems.
Overcoming Barriers to Digital Transformation
While the benefits of going paperless are clear, overcoming the cultural and operational barriers to digital transformation requires strategic planning. According to Yooz’s findings, businesses can accelerate their transition by focusing on three key areas:
- Enhanced training and change management: Providing comprehensive training programs can reduce resistance and equip teams with the skills needed to thrive in a digital-first environment.
- Streamlined processes: Addressing organizational red tape and aligning IT resources with departmental goals can pave the way for smoother transitions.
- Sustainability as a catalyst: Framing digital transformation efforts around environmental impact can inspire greater enthusiasm and engagement across teams.
Yooz’s findings serve as a wake-up call for finance teams: delaying automation risks widening the gap between forward-thinking businesses and those clinging to outdated practices. As Charpentier aptly put it, “The future is digital, and it’s waiting for us to embrace it.”
Businesses that prioritize digital transformation today will not only unlock efficiencies and cost savings but also position themselves as leaders in sustainability. The choice is clear: organizations must leave behind their paper trails and step confidently into a more agile, automated future.
