WHY FINANCEEXECS SHOULD BETRANSFORMATION

NINJAS

JOHN MANCINI, CHIEF EVANGELIST, AIIM

IT'S TIME FOR FINANCE TO BE MORETHAN NUMBER COUNTING.

NEARLY 3 IN 4ORGANIZATIONS HAVEAN ACTIVE FINANCIAL

PROCESSTRANSFORMATION

PROJECT UNDERWAY.

AMERICAN PRODUCTIVITY ANDQUALITY CENTER

BUTPER ERNST & YOUNG,

ONLY 49% OF CFOSBELIEVE THAT THEY

HAVE A MAJORCONTRIBUTION TO

MAKE ASORGANIZATIONS MAKETHE SHIFT TO DIGITAL.

WHYare so many organizations looking hard at

financial process transformation?  

4 REASONS

#1 - THE WIDEVARIATION IN THEEFFECTIVENESS INFINANCIAL PROCESSESPROVIDES A RICHOPPORTUNITY FORCOST SAVINGS.Until recently, the cost of software to manage

accounting documents and automate how they

are processed was beyond the reach of all but the

largest organizations. They no longer are, but

there remain large variations in adoption, which

translate into significant differences in the

underlying cost structure of managing accounting

documents.

Source: APQC, Blueprint for Success and

Sustainable Process Transformation in Finance

and Accounting

Top performers

Bottom performers

$5.00per invoice

$12.50per invoice

46,667invoice line items

per FTE

181avg. items in chart

of accounts

21,232invoice line items

per FTE

727avg. items in chart

of accounts

#2 - MOST ORGANIZATIONS AREREACHING THE CONCLUSION

THAT OFFSHORING HELPS – BUTDOES NOT RESOLVE – THE

FUNDAMENTAL COSTDISADVANTAGE CREATED BY

MANUAL PROCESSES.

#3 - MANUALFINANCIALPROCESSES ANDINFORMATION...

MOST COMPANIES ARELOSING AS MUCH AS 1%OF SALES DUE TO POORPLANNING ANDDECISION MAKING.WHY?

BUSINESS DECISIONMAKERS MISINTERPRETOR DISCARD FINANCIALANALYSIS.

...ULTIMATELY HAVE A NEGATIVEIMPACT ON OTHER CORE PROCESSES.

SOURCE: APQC

#4 -GUARANTEEINGTHE SECURITY

AND PRIVACY OFINFORMATION

AND THEAUDITABILITY OF

FINANCIALPROCESSES IS AN

INCREASINGLYIMPORTANT ROLE

FOR THE CFO.

CONCLUSION:

CEOS AREDEMANDING THATTHEIR CFOS TAKE ALEADERSHIP ROLEIN TECHNOLOGYSTRATEGY AND

DIGITALTRANSFORMATION.

FIND OUTMORE -

GET YOUR FREEE-BOOK

HTTP://INFO.AIIM.ORG/4-FACTS-SAVVY-CFOS-MUST-KNOW-ABOUT-BUSINESS-PROCESS-TRANSFORMATION