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
The goal, which at times can be the challenge, is how to be more efficient and effective year after year. In most cases, this is achieved through the set up of Shared Services. When they are first established, standardization and centralization deliver up to 50% savings. During subsequent phases, increased services and scope, technology automation, and outsourcing cut costs further.
With Shared Services maturing, companies are looking for the next area to make further, incremental efficiency savings and improve effectiveness. This is where Record-to-Report automation comes into the picture.
For more information on executing this, download the eBook: “Enabling Financial Transformation Through Technology” by click on the banner below.