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Taking a Bird’s Eye View of Automating Finance Processes
It’s no secret, automation makes things go fast, really fast. But what else can it accomplish?
Pulling insights from conversations with various professionals in the US and UK, Capgemini describes how the “boots on the ground” see coming shifts in the fundamentals of finance. Accelerating both manual processes and decision making allows companies to remain competitive by driving innovation.
“We’re really talking about a cultural shift here—we’ve got to take this opportunity to show how we can add value.”
While the focus on real-time data has its appeal in an industry that constantly moves at a breakneck pace, some of the greatest benefits exist in the medium and longer terms. This is because the name of the game is…
Rather than making wholesale changes every other fiscal year, organizations are opting to tinker with their processes, focusing on changing the ways they operate while introducing individual tools in smaller droves. This allows for more targeted improvements and facilitates spending flexibility, such as balancing differing investment sizes vs. (usually) larger capital expenditures.
An example of one of these tools can be found here.
Finance professionals will need to skill up to positively affect business operations. They are used to manual processes, properly leveraging new technology to change the nature of their job presents both an obstacle and an opportunity.
Other challenges include:
- Technology management: Who controls the hardware, IT?
- Scalability: Often, finance professionals are playing the part of test dummy when it comes to automation integration. But, will the results carry the same impacts into other business areas? Without standardization, it’s hard to tell.
- ROI: Because every business cares about its bottom line…
It’s not Just About Saving Money
It’s about total cost effectiveness. It’s not just about being faster, as that alone will lead to speeding up bad processes. Understanding how real-time information can be used to adjust workflows and influence long-term projections is what defines successful automation integration.
Read the full article “Reimagining the Future of Finance” here.