According to the Gartner Financial Agenda Poll, growing the business will be the top enterprise-level business objective in 2020, along with improving operational excellence and executing business transformation. By exploiting data and leveraging automation, CFOs and their teams will be able to focus on what matters most: creating value for their organization. Only with new technologies like Robotic Process Automation, new structures and, above all, new skills like Analytics, will the finance department be truly successful.
Based on their strong financial expertise, finance departments make key decisions for their organization, from planning the budget to validating investments on new projects. But at the same time, they lack data analytics skills and are still using Excel as the main analytical tool, which increases the risk of errors and decreases the accuracy of their analyses. According to Gartner, “CFOs identify metrics and management reporting as a top priority for 2020.”
CFOs need to be equipped with modern analytics and business intelligence tools to leverage data and make better, faster decisions.
Our clients are facing the same issues, and we have the solutions. First, we assess your needs in order to select and implement the analytics tools that best suit you, allowing your teams to generate reports automatically on a daily basis, or empowering you with self-service analytics tools and techniques, providing maximum autonomy in analysis activities. Then, as you gain in maturity, together we identify more use cases including predictive analytics or AI to answer your most complex questions such as “Which areas should we invest in tomorrow?” You can be sure that our teams will accompany you both in implementing these projects and in training your teams.
Historically, financial department only worked with financial data, but now they have the opportunity to deal with a large volume of internal and external data. At the same time, financial activities require accurate data, and according to Accenture, “Seventy-six percent of CFOs agree that without ‘one version of the truth’ across business units, their organization will struggle to meet its objectives.”
With a data-driven approach, CFOs strive to increase efficiency across their entire organization, but they can only achieve this with a well-structured and governed data platform.
As a CFO, you are becoming the cornerstone of your organization’s transformation, and you are probably already working hand in hand with your CIO to get the best return on investment for IT projects. Building the right data platform for your organization is probably your next challenge, enabling you to get real-time data and ensuring the quality of the data you manipulate. We are here to help you make this new project a success, working with your finance and IT departments to define your data collection and processing needs. We then design the architecture that fits these needs, build the data platform and implement it within your organization, according to best practices in data governance, so that at last you can easily leverage your internal and external data assets.
Finance departments still lack structure for their performance management and business intelligence activities. They spend more time collecting data then exploring it. Management control teams are still using spreadsheets and Excel-based dashboards, so they face issues in consolidating, tracing, and securing their data, and in their ability to collaborate with each other.
The finance and management control functions need an effective solution to manage company performance and simplify the budgeting construction process.
As we do for our clients in other industries, we accompany you to implement your collaborative enterprise performance management solution in order to reduce risks and increase added value. We automate data collection and consolidation, allowing you to dedicate more time to budget analysis, simulation and monitoring. Our teams have a strong business expertise to assess your needs, define your business models and rules and deploy the solution that best suits your organization.
Financial departments are used to dedicating most of their time to transaction tasks or time-consuming tasks in the financial close, mainly built around manual processes. However, more and more companies expect CFOs and their teams to play the role of a partner supporting other departments and improving the organization’s efficiency.
CFOs need to leverage automation technologies in order to offload mundane tasks and focus their efforts on high value-added activities for their organization.
All the financial departments we meet face the same issues, and we help all of them implement Robotic Process Automation technologies. We start by identifying the key processes you need to automate, then once the ROI is proven, we define your automation roadmap to manage daily tasks such as accounting operations, accounts payable and payroll. As you gain maturity, it will no longer be a question of how to automate simple tasks, but rather how to leverage intelligent automation (with Hyperautomation) to improve productivity and allow employees to drive profits.