Finance Process Excellence
From scattered solutions to end-to-end integration
While most companies have started leveraging digital enablers such as cloud technology and RPA, and have undergone organizational transformations in recent years, these optimizations often fail to realize measurable business value and cost savings. In order to deliver a tangible value-add to the business and moving toward touchless processing, process leaders need to review all elements of the operating model.
CFOs today are facing both traditional and new digital challenges
Regardless of whether you are looking at Offer-to-Cash (O2C), Purchase-to-Pay (P2P) or Record-to-Report (R2R): Organizations have always struggled with integrating these processes end-to-end. Historically grown, often manual and paper based processes lead to errors, delays, dissatisfaction of business partners, as well as revenue and cost saving potential left untouched.
Transactional Finance processes are expected to run reliably and with ever-increasing efficiency, resulting in lower budgets and a smaller workforce. However, optimization of these processes is easier said than done – as past re-organizations, mergers and acquisitions have oftentimes resulted in scattered and disconnected processes and systems.
In the era of digitization, Finance processes need to adapt to new business models, system landscapes as well as integration with internal and external parties. However, Finance should not only adapt but can use this as an opportunity to generate additional business value and to become touchless.
Organizations should consider all elements of the operating model
To reach this goal, all elements of the operating model need to be reviewed:
So what’s in for you?
- Finance process automation and optimization of the service delivery model results in process cost reduction of up to 60%
- Seamless processes and customer self-service mechanisms lead to increased customer satisfaction and retention
- Improved process cycle times result in working capital improvements of up to 20%
- A global governance strategy leads to a control & compliance improvement of up to 90%
The COVID crisis forces CFOs to increasingly focus on optimization of working capital. Finance process optimization plays a critical role in freeing up additional liquidity.
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