All industries are going through transformation processes due to the emergence of new practices. However, finance digitalisation is in an early stage in most of the companies.
Are companies keeping up to date with technological advancements regarding finance?
Are companies able to face daily business challenges and tasks, and choosing which process to digitalise at the same time?
What is driving the current digitalisation trend?
Technology: big data and machine learning, among other technologies, are improving standardisation and automatisations tasks.
New competitors: companies that embrace new technologies are faster and more competitive as a result of their efficiency inside different business processes.
Now the goal is to act as a strategic role inside the company, combining business competence with technical know-how. Taxes, Risk Management, Compliance, Regulation and Financial Mechanisms need to use automated and accurate information in real-time so business and strategic decisions could be taken based on knowledge derived from operational functions.
Although Backoffice digitalisation is complex and reimbursement in long-term could be high, it is usually a postponed process. This phenomenon is explained by the cultural shift. Backoffice skills need to change to face more strategic challenges and less daily tasks.
How we faced Finance Digitalisation in BNB?
As a software consulting company we wanted to move forward and improve our own ERP as well as our business processes in terms of review and design. We decided to implement Workday!
- Replacement of 5 legacy systems
- Ability to obtain real-time information about projects, profitability and revenue
- Automate billing process: streamline contracts, expenses and time processes
- Empower managers and employees to take decisions anytime and anywhere
- Redesign business processes framework and operational journals
One of the most stunning advantages of Workday is that all business processes provided by Workday could be customised to any company’s needs and it could done also according to security requirements. Every company can make these changes without code!
Furthermore, each organisation role has its own dashboard where relevant data can be seen according to different duties carried out by the specific role. The Report System embedded the transactional system, now we have all the information in just one dashboard.
Analytic information comes from various sources that are combined in real-time.The Planning and forecasting processes have been automated, moreover, the forecast preparation now is immediate, just pushing a button!
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Now at BNB we have truly real-time information. Every transaction is recorded and updated in real-time.
Team Engagement has been improved. Transparency and efficiency allow finance to focus on the development of new insights; involving all managers and team in the development of a new target vision.
Reduced Billing Time. Now we have control over all projects as billing and strategic competencies are combined with in-depth business know-how.