Automating the Office of Finance

Achieving Greater Control and Better Decision-Making by Streamlining Transaction Processing

A Webinar last month hosted by Nuage Consulting Group highlighted research that clearly defined the dilemma of the modern finance organization:

  • Finance professionals surveyed by the APQC said they spend more time on transaction processing (49%) than on Control (18%) and Decision Support (17%) combined
  • Of those tasks draining time and resources, 56% cited G/L Account reconciliation, followed by external audit (50%), Intercompany Settlement (46%) and Posting Journal Entries (37%)

There IS a better way. Smart Process Platforms that can intelligently capture data from paper files and digital documents like invoices, orders and receipts can automate the bulk of the tasks that are consuming the time andeffort of finance professionals today.

Digitizing and automating approval routing, G/L coding and entering transaction data entry represent low hanging fruit from a process automation standpoint, typically delivering a quick ROI and providing a framework for automation of other processes.

Making the Most of Existing Systems and Data

In many cases, companies today already have the right systems in place to manage their data and their documents. What’s missing is the ‘connective tissue’ to turn the enterprise resource systems (ERPs) and Enterprise Content Management Systems (ECMs) into the engines of an intelligent, automated system for accounts payable.

Smart Process Automation Platforms, like Artsyl’s docAlpha, integrate with existing business systems to transform the unstructured data in documents like invoices, receipts and bills of lading stored in business and ECM systems into structured data that can be stored and managed in ERP systems—automatically, with minimal human intervention.

For the AP staff, this translates into the elimination of routine tasks like data entry and document filing. For finance executives, it means that data and documents are transformed into information instantly, resulting in greater visibility to critical business information. For customers, this can translate into greater responsiveness and better service at a lower cost.

That’s just the beginning. Transforming documents and data into actionable information can then drive automated processes for routing data/documents for approval and coding, and automatically creating transactions within the ERP system in a way that is fully transparent and instantly auditable.

Beyond transactional processes, smart process automation platforms can support better business decisions by providing timelier, accurate access to the data that informs the organization’s key performance indicators.

The Results are In—and Intelligent Automation Wins

According to AIIM’s 2015 survey for companies that have bridged the gap between their data, documents and decisions, the expectation among users is that they will achieve ROI within 12 months (53%).

The reality, according to the same survey, is that results are usually better than that, with 63% achieving ROI within 12 months.

Benefits of ECM/ERP systems with intelligent capture include:

  • Reduced ERP manual data entry inefficiencies
  • Reduced manual document sorting and classification inefficiencies
  • Resolved data entry errors with automated validation
  • Targeted and resolved workflow bottlenecks with automated routing
  • Greater transparency with real time data, document and decision access
  • Scalability to adapt to business growth without adding staff
  • Reallocation of personnel to more strategic, valued-added work

Contact Us to Learn More

To learn how a Smart Process Platform like docAlpha can transform your operations by radically reducing time/effort spent on tactical, transactional tasks, contact your Artsyl representative. They’ll review your current process and systems, discuss opportunities for automation and added efficiency and provide a live demonstration of intelligent capture in action.