Improve Finance Operations? Focus On People First – Financial Services

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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…

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