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| 1 minute read

Improve Finance Operations? Focus on People First

So much written on bots, RPA, automation, and the like. It starts with the people and getting the data correct in the system of record. Many times it is as simple as the right price, the right quantity, and the right date for the right product. The level of input errors has been increasing with the overload of order changes during the pandemic. Most back-office functions are overwhelmed due to underinvestment and configuration issues with customer interfaces on the front end. Finance functions appear to swell to meet the rising tide of corrective actions and ultimately clog up the order to cash process. Yes, it is 2022, and the above sounds like a script from 1982.  

Going back to the old process mapping exercises reveals the same issues and opportunities. It starts with a "stand-down" and a review of the transaction flow. Then on to the interaction of people in the process to see the breakdowns. Then a redesign of the technology to configure (not customize) a simplified process flow... then either bring in the bots or box it up for an outsourcer. The need for speed continues... with accuracy and consistency.  More to follow...

© Copyright 2022. The views expressed herein are those of the author(s) and not necessarily the views of Ankura Consulting Group, LLC., its management, its subsidiaries, its affiliates, or its other professionals. Ankura is not a law firm and cannot provide legal advice.

Even the best automation tools are only as good as the data. Missing, incorrect, or incomplete customer data means a heightened risk for invoicing errors that require time and energy to resolve.


office of the cfo, perspective, finance

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