The key elements of automation
Internal and External Data Ingestion
All business processes begin from the generation of data. This can be either through external sources such as incoming invoices, or internal such as staff completing purchase request prior to buying something.
In both cases, this data is integral to the good decision making within the process, and quite often data will need to be replicated within multiple systems within a business.
Workflows
Every business is driven by processes with some more complex than others. The sequence of steps through which each process passes from initiation to completion is a Workflow.
The management of these workflows is crucial to providing regular insights within your process and provide the platform to enabling successful controls in your finance area. Good examples are the routing of purchase request for approval and invoices being approved by Finance Managers.
Integration
With the management of data becoming increasingly vital, paired with the increasing number of systems utilised within each business, the ability to control the movement of data is pivotal to informed decision making.
Integrations allow the ongoing seamless communication between systems which can then dramatically reduce the data entry requirement.
Document Management System
The storage and retrieval of company documents has never been more significant with the increased compliance and reporting requirements on businesses.
DMS provide staff a controlled, central and easily accessible repository of information.
The key steps to successful automation
Tangible Return on Investment
While finance processes all include intangible associated costs and risks, key process analytics will allow for fact-based projections of existing and future cost comparisons.
This will allow you to make informed decisions on your automation journey. Paired with intangible benefits such as increased visibility and clear audit trails, this will demonstrate where you will see the greatest value from automation.
Understand Your Why
Taking the time to understand individual business needs delivers clarity on existing pain points and frustrations of the current process. Identifying where errors and a lack of compliance and auditability can lead to a risk of liability or direct cost to the business, is beneficial to assessing the outcome being generated through automation.
Plan for Success
Working with the key stake holders within your business reduces the risk profile for your automation project. Understanding and ongoing staff involvement in the changes within your business provide the platform for a future proof outcome.
Immediate Improvements
Time delays during between understanding the need, and utilising automation within the business can create unnecessary project fatigue, which leads to user acceptance issues and slower returns. A short implementation and continuous improvement model allow for the benefits to be realised early and with a platform for ongoing success.