Recent findings by the Hackett Group in its 2013 Key Issues Study suggests that operating margin takes precedence over revenue growth in leading Global 1000 corporations this year. To accomplish this, Hackett claims that business support services organizations must increase operational agility and flexibility in order to reduce costs and achieve margin goals.
The report goes on to state that many companies will need to increase automation or even eliminate work that does not add value and thus represents unnecessary cost.
For the Office of Finance, this means finally tackling the inefficiencies inherent in the ‘Last Mile’ – the record-to-report process! By orchestrating the disparate set of close, compliance and certification activities into a single, automated and controlled process, organizations will significantly reduce the risk of errors and costs associated with R2R. A great way to accomplish this is to dramatically improve the quality of a company’s financial stewardship, and provide tools that allow for agility in communication and collaboration with stakeholders in real time.
The cost savings are measurable and immediate, allowing the CFO to focus their efforts on the more strategic cost reduction and margin goals shown above.