Increasing operational excellence in Finance with better data processes
By Martin Monka on Jul 1, 2020
Among all the new innovations, data intelligence and digitization trends in Finance, efficiency in the core operational processes and correct data is still the foundation to provide a higher value as a Finance Organization.
This will come at no one’s surprise if you consider that hunting down errors and inaccuracies in data is keeping up to 50% of valuable users busy according to Gartner*. Inefficient operational processes and data management are two of the biggest culprits that slow down finance.
Most Finance KPIs are focused on areas that impact the business directly such as Operating Cash Flow, Days Sales Outstanding (DSO) or Days Payable Outstanding (DPO), time to close in Record-to-Report, and so on. But do you take into consideration how much of those KPIs are affected by how efficiently and error-free you process your operational data? In a survey by PwC**, 26% of CFO’s named data quality issues as a reason why they cannot properly implement insightful KPIs. So how much of those KPI’s are actually influenced by the underlying data processes?
In Finance, where providing insightful data on the organization’s performance is at the core of its activities, shouldn’t data processes be part of the performance indicators? After all, they have a direct and indirect impact on the performance of the finance organization and have a huge impact on the cost of doing finance.
The difference between what organizations believe their processes are and how they actually are executed, can sometimes be surprising. A thorough understanding of the actual processes is the foundation to any improvement, and process mining can be a powerful tool to get these insights. Our recently announced partnership with Celonis aims at bridging the gap for finance organizations to better understand their processes and then act with a clear picture to improve and automate those processes. Celonis’ process mining technology can help identify inefficiencies and incompliance in your data input processes. Those processes need to be addressed from an end-to-end perspective and with a solution that allows finance teams to deliver results fast. Fast results that can be validated, reduce project risks and give finance teams the control to achieve the best results, but also to respond to changes quickly.
Learn how Winshuttle can help you overcome those data challenges that slow your finance organization down today!
*Gartner, The need for speed, Getting faster in Finance where it matters
**PwC CFO Key Performance Indicators (KPI) Survey, 2017
About the author
Martin is an Enterprise Solutions Manager for Finance Automation, based in Bothell, Washington, USA.
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