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.
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
The automation of processes such as Purchase-to-Pay and Order-to-Cash have delivered significant efficiencies and savings, allowing SSCs to deliver more with less. However, pressure remains to repeat these successes and implement a sustainable approach.
The Record-to-Report process naturally becomes a logical next step for improvement and automation. The benefits of one consistent, scalable cloud-based platform include reduced risks, better use of resources, improved visibility across multiple data sources, a more robust control framework with complete audit trails, and reduced administration and costs.