Why FP&A Teams Care About Workflow Automation
Gain visibility into finance and operations process inefficiencies with workflow automation.
Reduce Inefficiency and Risk with Automation
FP&A pros have a clear understanding of the importance of workflow efficiency throughout the Finance organization but also throughout the organization in general. Inefficiency in critical business workflows, like approval processes, costs the organization real dollars and presents a substantial risk. FP&A teams often find themselves in the middle of process inefficiency and can even be tasked with solving these operational problems.
Think of a process as common as Capital Expenditure Requests. When the process is handled via emails, attachments, spreadsheets, etc., it's incredibly inefficient. Not to mention the risks of delays, improper approvals, and lack of visibility. The alternative is putting a process like this into a workflow automation system. By identifying and then automating all the processes that impact the organization's cash flow, FP&A teams can:
- Reduce process inefficiencies leading to lost revenue
- Relieve local and retained FP&A staff of routine back-office work
- Increase process visibility leading to better decision making
- Maintain a stronger, more transparent relationship with business units and departments
Resources
- Workflow Automation ROI Guide
- Four Requirements of Process Compliance
- Preparing for CapEx Automation
- Workflow Automation Guide for Finance
Benefits of Workflow Automation for FP&A Teams
You can gain immediate benefits by automating your most critical processes, but why stop there? The more processes you automate the more efficiencies are created across the organization.
- Allow FP&A teams to focus on value-added activities by automating critical finance processes.
- Ensure that expenditures are going through the appropriate approvals and match with approved budget expenditures before spend is officially committed to or goes out the door.
- Exceptions can be approved ahead of time which makes documenting in any sort of variance analysis easy.
- Automate workflows related to the budgeting & rolling forecast process.
- Optimize your finance and organizational processes to improve performance and reduce risk.
Automate Any Business Process
To see how quickly you can begin automating your business processes, check out our 2-minute product video.
