How companies are turning their financial data into a superpower

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Article by SnapLogic, Regional Manager A/NZ, James Campbell.

The growing need to modernize business processes with intelligent technologies means organizations around the world are embracing AI, cloud and data initiatives.

By automating heavy administrative tasks and creating a cohesive line of business, organizations find benefits not only in saving employees time, but also in improving the efficiency of internal and external service delivery.

As this modernization process becomes more common, barriers ranging from a lack of technical understanding among employees to a lack of confidence in new systems are hampering the speed of adoption, especially among finance and accounting teams.

Since these teams manage some of the most sensitive data a company has, companies need to handle this information in a way that empowers them and gives them an edge over the competition.

With this in mind, integrating AI and automation-based technology into financial infrastructure can ensure that all back-end financial data processes are fast and seamless.

Without AI automation and integration, CFOs and their teams can spend weeks or even months painstakingly verifying data accuracy, ensuring regulatory compliance, and in-depth reporting. It is even common for staff to work late, undertaking grueling processes at the end of the month.

Perhaps the biggest issue is the demand for real-time financial data to provide executives with business intelligence. Unfortunately, this demand means that manual processes are becoming less and less viable for financial services.

The future of finance and accounting teams

A near-perfect accuracy rate in reporting automated transactional finance processes has shown that technology can be trusted to help cancel out human error, improve the speed of operations, and save time and effort for highly skilled finance teams dedicated to unskilled data entry tasks.

Ultimately, the goal of automation centers around giving employees back the time they need to spend on value-added tasks like analytics and business intelligence while simultaneously improving processes. , accuracy and efficiency.

Given this, a clear understanding of automation and what it can do for a business is essential. Equipping finance teams with the right tools to empower them with real-time data for better financial decision-making is especially crucial in today’s ever-changing and volatile business environment. In addition, CFOs will be able to focus their team’s talents more effectively.

Finally, within an organization, financial services can evolve from the perception of tired accountants to sources of savvy initiatives that can provide other business areas with the information needed to improve their own services.

Ensuring an effective employee experience

Automation can also be beneficial for the relationship between the company and all employees. Many organizations pay special attention to EX when it comes to streamlining a company’s operating procedures.

The key here is to provide simple, standardized processes and avoid overwhelming employees with internal financial administration. Automation can ensure these essentials easily and consistently, without requiring employees to provide month-end reports.

How to make the change?

Finding smart technology solutions to modernize long-standing business processes can often be a challenge, but ensuring employees clearly understand and are trained in how automation works and what it means to them can help minimize those challenges. problems.

In short, automation is becoming a superpower capable of simplifying and modernizing the processes of handling and transferring financial data. In an ever-changing climate of enterprise technology integration, now is the time to reassess your finance and accounting processes as you move towards creating a digital strategy.

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