Finance & Accounting Automation: The Key to Cost Saving and Transformation

Every organization across the world has a finance team that manages the entire critical payment cycle internally and externally. Although the number of FTEs in the finance team might vary depending on the size of the organization, the challenges remain the same. Major challenges finance teams and CFOs across the world are facing are related to cash flow management, invoice management, managing payment cycles, and increasing efficiency every day.

In recent years, medium and big-sized organizations have started adopting tools and technologies in order to reduce the risk of minute errors due to human intervention that might cause major challenges to the organization as a whole. According to a recent report, the Finance & Accounting outsourcing market is bound to increase to over $16.5 billion by 2025.

As major companies have operations worldwide, their finance teams are scattered across various shared service centers which makes it difficult for the employees to locate the invoices and consolidate the data across multiple locations. CFOs are now investing in technologies like a suite of (F&A) finance and accounting solutions which include robotic process automation (RPA), Artificial Intelligence (AI), and Intelligent Document Processing (IDP) in order to streamline their entire finance cycle.

Organizations are automating their entire P2P cycle with different procure-to-pay solutions and business process management to accelerate contract management, vendor relationship, purchase order management, invoice process management, travel & expense management, etc., and their order-to-cash process with O2C solutions. 

Below are some real-life case studies where companies have automated and streamlined their Finance & Accounting operations with automation and AI:

1. Blue Star's Entire Accounts Payables Improves by 33% with Procure-to-Pay Process Re-engineering: India’s largest air conditioner manufacturer, Blue Star automated its accounts payable cycle by implementing intelligent workflow management solutions for managing payment cycles and automated the invoice processing with robotic process automation.
2. Automation Of Accounts Receivables Cycle For Automobile Sealant Manufacturer: One of America’s largest sealant manufacturers automated its accounts receivables cycle with RPA platforms and IDP solution.
3. Centralization of Order Management for a Leading Paint Manufacturer: One of India’s largest paint manufacturers automated their entire order management cycle with O2C solutions and increased overall productivity.
4. BPM Optimizes Accounts Payables For A Leading Airline Catering Firm: One of world’s largest airline catering firms streamline its accounts payables process by implementing business process management solutions including RPA and intelligent document processing (IDP)
5. Optimizing Accounts Payable process for house leasing company: A leading house leasing company in the USA optimized their accounts payables cycle by streamlining the process by implementing F&A solutions.