Every company operates in a competitive landscape and must deliver high quality products and services to customers with the least amount of friction. All company divisions have to align to this common goal including the finance function.
The finance function is often seen as a black-box for the rest of the organization, yet it is a critical part of the organization’s financial well-being with complete visibility over the company’s data and financial flows.
Our client wanted the finance function to be the “business value architect” and to level up the sustainable profitable growth across all divisions and to connect the dots (the data map), and use it to view everything through a commercial, operation, financial and always in broader strategic lens.
Delivering transparent data with drill down capabilities to understand the bottom-line of the products and services on offer is an essential part of the finance function service. To be able to do that, the finance function needs access to a myriad of data points that are often not in the same place and in different unrelated systems.
Our client recognises the importance of automating the finance function, meaning moving away from non-value-added resource consuming tasks and one of these tasks is the extraction, collection, centralisation and normalisation of enterprise wide data to support reconciliation processes.
Our role was to partner with the business in such a way to fully understand their specific pain points and their various data points whether their inputs or outputs and propose technology techniques to achieve their goal.
To achieve the desired results, it involved significant challenges and in some cases worked with our client to redefined the business process to meet the needs of the market. We see our role not in just delivering technology excellence, but be part of the journey and make contributions based on experience of our talented sector specific systems analysts.
The objective is to be able to close monthly reconciliation processes more efficiently and effectively. The transformation resulted in additional space time capacity sufficient to review and analyse the results and conduct high-value work, providing more accurate data in a timely or real-time manner and ultimately enhance their role within the business as more than just being a bean counter.
Automation is more than just eliminating manual work and errors. It is cost optimisation, producing reliable reporting, generate accurate forecasts and improves customer and employee experience, whilst supporting the various business units with financial information whether to better understand their costs, strategy results and pricing models.
Transforming the finance function with optimal processes and technology capabilities afforded our client to discover the endless possibilities of automation in various areas of their business processes.
The transformation strategies resulted in time saving, deliver key insights and leverage newly enriched data to make the best decisions for your business. Organization wise the company benefited in a clearer picture of their data landscape which will drive future data science initiatives, and better understanding how the introduction of integration and API capabilities extended the business intelligence across departments.