The challenges of finance and treasury management can be comparable across all industries. Changes in the financial markets, new regulatory requirements and managing internal and external stakeholder expectations are getting increasingly complex in a highly connected world. Some key challenges for the LOB head of finance and treasury are as follows:
1. Ensuring effective Compliance to regulatory and internal policies
2. Driving topline and demand
3. Controlling spending & improving profitability[read more=”Read more” less=”Read less”]
4. Monitoring Risk
The common challenge of ensuring adequate and timely visibility into the company’s operations and be able to proactively identify patterns and risks is something that CFO’s constantly grapple with given the huge mammoth of structured and unstructured content that they deal with.[/read]
The opportunity for the finance function to drive business transformation is only increasing, driven by several factors including visibility and access to information, ever changing regulatory and accounting requirements, constant cost pressures, digital revolution, social media and shifting customer expectations. [read more=”Read more” less=”Read less”]
CFO’s are focusing their energies in orchestrating business growth and agility. They are also putting together a performance framework that will be the basis for continuous evaluation to steer the organization to success. The information and data that will feed into such forecasting and evaluation is made available real time from a host of data sources lying both within and outside the enterprise (including competitor and customer related information), without requiring much effort and time from the finance team to collate and present it. In addition to standard performance metrics, the finance organizations’ DNA is changing, to include KPI’s such as customer information, customer surveys, supplier data, customer sentiment analysis from social media, trends in sales data etc. and determine early patterns that may eventually transform their markets to be able to identify and seize opportunities early.
The finance organization is putting in place technologies that not only analyze such huge volumes of information from multiple sources, but can also put together meaningful dashboards that can interpret and provide insights to determine the course of action and support decision- making. Solutions like predictive analytics (that can use this information to predict future events) and prescriptive analytics (to suggest possible future course of action in an event), is increasingly becoming a pet project for several finance organizations.
The finance organization is focusing on creating a connected enterprise that is fully automated, where employees and business partners are not only able to have visibility to information but also leverage it to execute business processes effectively. The shared services organization itself is seeing a transformation that includes a shift away from a pure focus on cost reductions towards improvements in efficiency and quality, as well as the transfer of more value-added activities to the SSC.
CRITICAL SUCCESS FACTORS
The CFO increasingly has to act as a perfect partner to the CEO. They must not only support the CEO to bring the strategic direction to existence but also must demonstrate great finance leadership and controllership. Embracing new technologies including total process automation across the finance function, delivering an effective shared services operation, predictive analytics and forecasting the future performance based on the past is critical to success for the finance role.
Key Business solutions
With our world class, proven SSC solutions , your shared service organization is able to not only deliver superior customer services and experience but also significant reduction in the time and cost to process your finance operations. Our solutions enable you to completely automate your shared service operations and deliver superior value to your internal customers.
Keeping your master data clean and up-do-date sounds simple but in reality several organizations are far from this goal. Low quality, error prone data and duplicate master records are a challenge for several organizations. With our solution, you can not only simplify and automate the process of creating / updating your master records but also automate workflows and generate better compliance management for your master data.
Organizations that process massive amounts of travel expense reimbursement face multiple challenges given the huge manual nature of this activity. You are looking to reduce the transaction processing cost, gain control over travel expenses, ensuring 100% compliance with travel policy with minimal manual checks and have better transparency into the process. This solution integrates with your SAP Travel Management and similar expense management software to significantly bring down the administrative workload associated with travel expense accounting.
Given the huge volume of data in your transactional systems, you have a constant worry about :
- Being incompliant by not having data and documents properly archived.
- Losing valuable digital assets in a disaster.
- Not being able to provide evidence in the case of a litigation.
- Slow processes due to heavy paper based processes.
Our archiving solutions securely archive both documents and data to ensure that they are not tampered with and ensures that you are always litigation ready. Our solutions enable you to speed up paper based processes by close to 70% by integrating documents with your ERP transactions and providing immediate access anytime, anywhere.