According to Accenture, 80% of finance processes can be automated, freeing up finance professionals from mundane tasks that consume 60-75% of staff time. The report, entitled ‘Digital Finance beyond the Hype’, suggests that CFOs are actively exploring robotic Process Automation and artificial intelligence as a way to standardise processes, liberate staff time and improve all key financial metrics. The report cites a global logistics supply chain company that increased process standardisation from 1% to 80% with the introduction of systems like Corrivo, that use Robotic Process Automation to churn out accurate documents, replacing the documentation that is so often laced with anomalies due to the heavy manual input traditionally involved.
The time savings from automation, Deloitte suggests, are what allow finance professionals to identify optimisation opportunities, improve cashflow by an order of magnitude and work across all areas of the business to identify and remediate shortfalls in performance. Think of introducing a software platform like Corrivo as a way to realise value across the business, not a way to reduce headcount. The reality is that without the heavy burden of time-sensitive tasks, finance professionals can do so much more for your business than simply processing and recording inbound and outbound transactions.
The Equation is Simple
Ever heard of the Pareto Effect? The idea is that 80% of your problems stem from 20% of your causes. In Accounts Receivable terms, our experience shows that time and time again, 80% of a Credit Team’s problems can be resolved or lessened by implementing eInvoicing. Accuracy increases, and queries on invoices go down. Productivity goes up, and time is freed for teams to work with greater clarity, control and confidence. A small team can handle larger volumes of invoices more efficiently add greater value to the business from the insights they derive from the newly available data. Invoice to Cash time reduces, and aged debt diminishes as customers have accurate, complete data and easier payment options and can self-serve copy invoices. If there is one thing Robotic Process Automation can be applied to in order to generate a sweeping range of improvements, it’s ebilling or eInvoicing.