As the roadmap for Trintech’s portfolio of Record to Report automation solutions is planned and produced, we make every effort to involve our clients in the process. Consequently, the extensive Spring 2018 release of new capabilities within the portfolio can be best described as customer-driven Record to Report (R2R) innovation.
“We’ve conducted extensive research with leading financial professionals from around the world during our planning and development process for our spring release of R2R solution updates,” says Michael Ross, Chief Product Officer at Trintech. “Using their feedback on how automation can reduce risk while positively impacting productivity, the importance of connectivity with their ERPs and, overall, how they define success within their office of finance, we’ve designed an extensive roadmap of innovation that strengthens our clients’ ability to be key strategic contributors within their organizations.”
As part of this process, we’ve leveraged feedback from both the Trintech Innovation Portal, where users of our solutions can share and vote on ideas for enhancements, and our Customer Advisory Board, which includes over a dozen global organizations who meet regularly to explore industry trends and opportunities for innovation. Therefore, the investments are well aligned to the needs of financial professionals and have a notable impact and ROI for our clients as they work diligently to improve the effectiveness and efficiency of their office of finance.
From this feedback, we’ve identified three key areas of focus for our research and development:
1. Record to Report Innovation
Because the demands of the office of finance are continually evolving, with increased emphasis on being a strategic contributor to their business’ success, Record to Report Innovation is an area of development that is ripe with opportunity. Now that the benefits of automating the R2R process have been consistently proven by companies around the world, from being able to standardize processes and procedures all the way to ensuring compliance with complex regulatory guidelines, it’s the perfect time to push the envelope in this space, and we’re doing just that with Risk Intelligent RPA™ (RI RPA).
If you’re not familiar with RI RPA, you can think of it as robotics in software with the added component of risk sensitivity explicitly designed to support your complex needs during the financial close process. Though robotics and automation can help improve the efficiency of your R2R, it’s really risk-intelligence combined with robotics that can allow you to focus on exceptions that require human intervention based on the risk of misstatement of the underlying balance. When an issue is identified based on your organization’s unique risk tolerances, policies, and procedures, it ensures that the correct remediation procedures are applied, and that you can sleep well at night knowing that that reliability of your financial statements is well-taken care of at all times.
2. User Experience
Over the past 18 months, we’ve made a notable investment in the user experience within our solutions; our goal is to make the day-to-day use by our customers as pleasant as possible as they pursue financial transformation. Through simple updates such as updating colors to make the solution a little easier on the eyes, to more complex developments like reducing the number of clicks it takes to get a piece of information or perform a task, our product management team is consistently scrutinizing every inch of our solutions to provide the best experience possible.
Trintech’s solutions power the core of our customer’s financial processes, such as operational matching, General Ledger (GL) reconciliation, intercompany accounting, compliance, close management, journal entry management, and reporting. During their development, we also focus on ensuring that our portfolio’s R2R capabilities provide a strong foundation for supporting and connecting with third-party best-in-breed solutions, including integrations with ERPs and solutions for tax, treasury, Plan to Perform, and more.
For example, Trintech continues to use robotics to create a smooth ERP integration, with new and updated dedicated connectors for several applications, such as Oracle®, and is officially certified by SAP® and NetSuite®. The company’s ERP agnostic approach to even the most complex integrations, including those with multiple instances and multiple vendors, allows its clients to avoid time-consuming and expensive third-party integrations, especially as their companies expand.
As of the end of March 2018, the company’s spring releases will be complete with the launches of Cadency 5.0, UPCS 8.0, T-Recs 7.4, and ReconNET 9.3. If you are a user of one of Trintech’s solutions, you can find more information and detailed documentation on all of the recent updates by visiting our customer information portal, the Trintech Success Center.