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In the current business environment, where organizations increasingly work with a range of business partners across multiple geographical locations, finance departments are undergoing a much-needed evolution. Manual processes and redundancies in employee tasks add increased costs while putting the organization at risk for inaccurate data and poor partner relationships. To minimize these challenges, top-performers have altered the configuration of their finance departments, as well as the technology that they use to support them.

Automation is integral to overcoming the numerous operational hurdles associated with accounts payable and receivable. Shared service centers and centralized finance technology that digitizes formerly manual processes can solve problems internally. Externally, supplier networks can improve communication with the extended enterprise, reducing costs and improving accuracy. In our recent report, we explore how automation, along with enterprise-wide collaboration via integrated solutions and comprehensive systems, can significantly improve your organization’s financial operations. Here are a few key takeaways:

  •  Integrate your systems. Financial operations are best served when combined with automated accounting solutions and enterprise-wide, integrated systems. This undeniably accelerates and improves access to the data necessary for critical decisions. It also frees up resources to focus on customer-centric tasks.
  • Maximize collaborative capabilities. Tying in various department and business functions via a centralized data repository and integrated systems fosters greater cross-corporate collaboration and all its benefits.
  • Promote the cultural change emphasizing collaboration. Integrated systems drive greater efficiency and accuracy in data. However, if units continue to operate independently or in silos, the benefits of such systems are muted. Corporate culture must reflect the need for all to embrace collaboration.

To learn more, read the full report. 

 

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