Close, Consolidate and Report

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Point of View on Enabling Technologies

Close, Consolidate and Report

How can enabling technologies and Robotics Process Automation help to automate and standardize the Close, Consolidate and Report process? We explore how trends and innovations will shape the future of operational finance.

Finance is changing and although Finance teams have a lot of experience in managing process improvements through incremental change, they have to accept that the Finance function will continue to move even faster. Hereby, we offer you our Point of view on the future of Finance. We will dive into how Finance delivers value to the organization, and what enables the Finance function to do so. Below the highlights of the Point of View are presented to you. For further information, please download the report or contact us.

Close, Consolidate and Report, Point of View on Enabling Technologies

Finance factories

Finance will be a utility function where day-to-day transactional Finance will be managed centrally in fully automated/robotized process centers – Finance Factories – with continuous control and process visualization tools monitoring real-time on process exceptions. These Finance Factories are connected to finance centers of excellence and outsourcing partners in a hub-and-spoke model.

Digital technologies

The introduction of Digital technologies is likely to be the most important factor impacting your Finance function. Digital technologies such as Robotic Process Automation (RPA), Blockchain and In-memory computing require an open mind for developments and new technologies, but will help improve the effectiveness of your services faster and at lower costs than current methods.

Close, Consolidate and Report

Organizations exhibit challenges that may be indicators for initiating transformation of the Close process. Leveraging integrated technology solutions for the financial close improves governance, collaboration and workflow around complex, labor-intensive activities, thereby providing reductions in costs.

Software vendors offer solutions to improve the efficiency and compliancy of the financial close process as well as improvements in management reporting, analysis, external financial reporting and disclosure. Cloud platforms are leveraged ubiquitously across the enterprise to enhance consistency in processes and flexibility to scale.

In Gartner’s 2016 Magic Quadrant for Financial Corporate Performance Management Solutions, Gartner evaluates vendors on their capabilities to extend and enhance finance processes through the close cycle. Leaders provide mature offerings that meet market demand and have demonstrated the vision necessary to sustain their market position as requirements evolve.

The RPA vendor landscape is highly fragmented with no clear market leader. Some are focused only on robotics, others have a diverse portfolio. Robotic Process Automation enables organizations to achieve far more process automation, leaner operations, it reduces costs and is redirecting resources toward embedded analytics that spot trends, anticipate risks and predict opportunities in high-value areas.

More information on Finance Enabling Technologies or Robotic Process Automation?

Do you want to know more on Finance Enabling Technologies or Robotic Process Automation? Please contact Fred van der Waa at +31 (0)88 2885472

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