How Business Transformation Creates Finance Heroes
June 29, 2018
As we all know, finance professionals play a pivotal role in any organisation, ensuring that the lifeblood of the business, cash, is kept flowing effortlessly into the business. However, despite appearances, the job itself is regularly far from effortless.
Maintaining financial processes, managing staff, reducing bad debt and maximising cash flow can all be tough work. Adding in the pressures and deadlines at month end, it’s no surprise that a recent study found that 87% of finance professionals said that they worked overtime and 60% reported raised stress levels at this time.
Many of the finance professionals we talk to every day see this as “just part of their job”. Indeed, for most it is.
The month end slog seems unavoidable. Without employing a huge team to process and allocate payments, deal with exceptions and clear down, it can appear that overtime and stress are part and parcel of working in finance.
This, however, is simply not the case any longer. With the rise of AI & RPA, finance professionals now have the option to transform their business processes, not only automating tedious repetitive tasks, but unlocking the true potential of the vast amounts of data created by the finance department.
The effect that these technologies can have on the working day are staggering. Implementation of an AI solution can see all payments allocated by 12 noon, even (and most importantly) at month end, as recruitment provider Impellam saw. Worries such as unallocated cash can be dealt with, one company reduced unallocated cash from £6 million to under £500, effectively removing it as a business concern altogether.
No longer is month end an arduous slog, with overtime, pressure and worry. Staff hours that were spent on repetitive manual tasks can be repurposed to value added work, not only improving morale, but benefiting, ultimately, cashflow.
Transformations of this magnitude rarely go unnoticed. We’ve found that when finance professionals make the leap to AI solutions, they become heroes within their company.
“My staff think it’s the best gift I’ve ever given them!” – Janet Chapman, Sales-to-cash manager for Canal & River Trust, after implementing Rimilia’s AI solution.
Many have been recognised externally too, having won awards for the improvements they have made to their businesses, such as Phil Rice, Head of Credit at Aggregate industries, winner of the 2017 Aecus (Hackett Group) Automation Awards, and multiple CICM award winner and Centre of Excellence.
With the increased pressures on today’s finance departments, it’s no coincidence that finance professionals are looking to the latest technology to transform their processes, bringing business benefits and becoming heroes in the process.
Why not watch our Credit Champions video to see how Phil Rice became a hero within Aggregate Industries and recognised externally by the CICM and Aecus.