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calculate2Are traditional methods of calculating ROI holding you back from adopting new technology? We are glad to see it isn’t just us at Trintech who have realized that more often than not, the way you calculate your ROI may be inhibiting your company’s potential for future growth. This past year, SSON.com has expressed its view on how organizations are consistently misled on adopting new technology due to their “traditional ROI calculations.”

This article, which can be seen in full at the end of this blog, identifies that the struggle with identifying the business value of a technology investment lies in the issue that value-added outputs are increasingly intangible in today’s organizations. Although these intangible benefits may be hard to pinpoint, they are in most cases, more valuable than the hard benefits.

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Key R2R Trends For 2016This blog is part of a series of Key R2R Trends for 2016, the full list can be seen by downloading the Insights piece here.

Modern companies are complex in their size and make up and often have very disparate systems across multiple sites and geographies. The increased prevalence of Shared Service Centers (SSC) and, more recently, Global Business Services (GBS) have driven companies to improve their standardization and harmonization.

“When considering the automation and unification of critical financial processes, such as account reconciliations, compliance and Financial Close, the whole is greater than the sum of its parts. These activities are highly dependent on each other and, when unified, create new insights and return on investment (ROI) savings.” – Gartner

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Key R2R Trends For 2016This blog is part of a series of Key R2R Trends for 2016, the full list can be seen by downloading the Insights piece here.

Disruptive technology is still seen as the number one method that finance professionals identify to make finance processes more effective. Experts agree that this technology is continuing to evolve through Social, Mobile, Analytics, and Cloud (SMAC), to provide intelligence when and where it’s needed and improve collaboration across teams and geographies.

“The next wave of IT can be found in Social, Mobile, Analytics, Cloud (SMAC). SMAC technologies are redefining enterprise IT and will remain the driving force of enterprise level IT for decades to come. The combined technologies erase geographical barriers, cut costs, and enhance the operations of any given business. SMAC technologies are transforming companies today, while simultaneously preparing them for the business challenges of tomorrow.” – Capgemini

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Key R2R Trends For 2016This blog is part of a series of Key R2R Trends for 2016, the full list can be seen by downloading the Insights piece here.

Following on from our previous blog, around the perceived dangers of robotic process automation, it’s not the robots that are keeping CFO’s up at night, it’s how to attract and retain talented people.

Attracting millennials’ means understanding and preparing for their expectations. Not only are they highly ambitious, they also expect to work with purpose built technology that dispenses with repetitive manual work.  Therefore automation, which continues to be critical for improving the quality of work, can help attract and retain your best talent.

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Key R2R Trends For 2016

This blog is part of a series of Key R2R Trends for 2016, the full list can be seen by downloading the Insights piece here.

Over the past 12 months it is likely that you have heard something about robotic process automation and the potential impact it will have on F&A departments. Indeed, it has gained significant press attention, including a rather dispiriting analysis from the BBC that seems to suggest that as finance professionals, our work is highly susceptible to automation.

So, do we all just jump tomorrow before we’re pushed?  The answer is obviously no. Simply put, the types of menial and manual data tasks that automation is good for, aren’t the types of tasks that deliver job satisfaction for employees. Definitely leave the robotic jobs to the robots.

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Key R2R Trends For 2016

This blog is part of a series of Key R2R Trends for 2016, the full list can be seen by downloading the Insights piece here.

In 2016, companies will continue to be faced with the challenge of doing more with less. This is a topic that we have heard throughout 2015, and some would even say since 1995, and isn’t going anywhere in the near future.

“The challenge for finance has not fundamentally changed over the years. Providing more for less, streamlining and reducing transactional costs, providing an effective control framework, and helping the business make the right decisions to improve business performance –we know all this. The challenge is in execution.” – PWC

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Operational Reconciliations MatchingWhy is matching such a cumbersome process? Haven’t we invested enough money into our ERP’s to make this process easier on us?

Let’s be clear, matching should be pretty straight forward, however, due to the lack of consistency across our data, we still find ourselves using spreadsheets and databases to complete the process manually outside our ERP systems.

Although matching tends to be a high priority, the operational reconciliation process should never really just be about the matching; even though the manual processes sometimes makes it feel like that. The key point here is not that matching isn’t important, it’s that there are solutions out there that can take this challenge away simply and effectively, allowing you to focus your time on greater issues critical to your organization.

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METRICOFTHEMONTHIt isn’t just us at Trintech who have been stressing the importance of corporate governance across the office of finance. This November, CFO.com has also expressed their views on the topic of risk management and governance in their Metric of the Month: Internal Audit Costs.

 This article, which can be seen in full by following the link at the end of this blog, reviews APQC’s data, highlighting the continuous growth around tightening SEC requirements. Due to these tighter requirements, companies are looking to realign their priorities and focus on funding an internal audit tool to further enhance their corporate governance and prevent risk across their finances.

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Financial TransformationThe primary objective of any financial transformation project is to achieve process improvements by increasing the quality, effectiveness and efficiency of financial information, ultimately enhancing shareholder value. The challenge with financial transformation, however, isn’t why you would do it, but how you do it.

While we would all like to think that our projects will be a success, simply hoping they will be is unlikely to make them successful. In reality, McKinsey states that 70% of all transformation projects will end up failing; highlighting how difficult it is, at an operational level, to actually deliver a successful project that meets the initial objectives. So why is this the case?

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checklistDue to an increase in regulations and stakeholder demands, the pressure on the organization’s financial close and reporting processes is greater than ever before. These pressures often require organizations to disclose more information in their reports, and in a shorter time frame than ever before, dramatically increasing the risk of errors across their office of finance. Due to these pressures, many organizations are now turning to automation software to help them gain better control and visibility over their entire financial close process.

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