It’s the constant battle almost every company faces – controlling business processes in a way that encourages growth while keeping costs down. Companies spend millions trying to manage processes with varying levels of success, but one area where companies are making strides is in financial operations.
In most cases, financial operations – which usually have a significant impact on cash flow and earnings – are labor intensive and heavily paper-based. Despite the digital age in which we live, a 2011 study by the Aberdeen Group found that 77 percent of all invoices received are still paper-based. That may be due in part to the fact that financial services usually receive little new investment and funding to upgrade and streamline processes, even though significant efficiencies and cost savings can be found by investing in financial services processes.
Many global businesses are finding great success in streamlining financial operations through shared services, and the most successful are incorporating these elements:
- Software as a Service (SaaS)
- Automated workflow
- Best practices
- Comprehensive reporting
- Effective change management
For more information about each of these elements, and for a case study highlighting one global corporation’s success with a DataServ accounts payable automation solution, click here for the full case study.
Image by artnoose