In this particular creativeness age fueled with the digital revolution, the part in the finance organization remains magnified as no time before.
Pressure points for many business organizations remain:
– Reduce enterprise cost base
– Decide faster
– Provide more transparency to internal and exterior stakeholders.
Finance organizations need to resolve these challenges by quickly transitioning from traditional functions for instance:
Cycle time improvement for month finish close and transaction processing
General Finance operations cost reduction
They need to embrace emerging modern proper functions for instance:
Analytical and executive decision support functions
Making data presentation actionable
Identifying operational savings and efficiencies
Portfolio management and resource allocation
Positive enterprise risk management
Business partnership while using operational teams
The initial challenge confronting any finance organization is always to close the expectation gap with senior business decision makers.
Recent surveys established that you have a disconnect between what most finance organization see their priority along with what most senior business leaders see since the business priorities.
The primary distinction between this two perceptions represents an expectation gap which should be closed.
Particularly most finance organizations still view their role thinking about traditional functions, while however business priorities tend to be aligned while using modern functions identified above.
The unfortunate the fact is that the functional a part of these traditional finance functions are frequently being automated, plus other instances being commoditized and outsourced.
Included in this are functions like bank reconciliation which has virtually been eliminated by Electronic Bank Statements and Bank Monitor functionality in standard ERP systems.