There was a time when finance solely focused on labor arbitrage and shared services models but soon, emerging leaders in the field recognized that process standardization and centralization are necessary to increase the efficiency and effectiveness of modern organizations. Today, the role of finance has again changed fundamentally. CFOs are now heavily investing in automation technologies as the next step in the evolution to enable enterprise transformation. With the emergence of several new technologies like chatbots, robotic process automation (RPA), AI, and machine learning, automation has been brought to a whole new level, making things possible that never were before.
For example, automation helps optimize financial process performance; automatically controlling critical tasks removes the risk of human error and helps businesses avoid losses. Then there are all the benefits financial managers get from using advanced analytics: better data quality, new data sources, and improved scoring techniques. Moreover, automating processes like underwriting typically gives organizations an improved process flow, better customer service levels, faster broker and agency communications, more accurate tracking, consistent decisions, and improved margins, among other things.
Today’s complex, resource-constrained, and demanding business environment demands excellence in F&A risk management while constantly challenging teams to “do more with less.” This is complicated by the critical nature of risks such as fraud that can affect an organization’s bottom-line and dent its corporate reputation. By employing the right automated controls, enterprises can annul risks that are amenable to rule-based mitigation, potentially reducing manual controls by a dramatic margin. This allows for focus on the right areas and ensures proactive action, accelerating transaction processing along with driving higher levels of accuracy. In short, automation serves as an auxiliary solution, helping bring efficiency and productivity into an existing financial system.
To assist companies in finding accomplished financial control and automation consulting/ service companies, CFO Tech Outlook has compiled a list of leading financial control and automation firms that are at the top of their game. The enlisted organizations are addressing building automation challenges and transforming the financial operations and processes at the convergence of several disruptive technologies. Besides, the magazine also comprises insights from thought leaders in the sector on the industry trends, best practices, recent innovations, and their advice for aspiring CIOs.
We present to you CFO Tech Outlook’s “Top 10 Financial Control and Automation Consulting/ Service Companies – 2020.”