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Oracle Study: Agile Finance Teams Are Transforming Their Organizations

New Research from the American Institute of CPAs (AICPA) and Oracle

July 25, 2017
Oracle Study: Agile Finance Teams Are Transforming Their Organizations - Artsyl

New research from the American Institute of CPAs (AICPA) and Oracle highlights how companies with agile finance teams have a positive impact on business results, demonstrating more success when launching a new product or service, and reporting positive revenue growth more often than their less agile peers.

Agile finance functions have high-performing teams that are responsive and flexible, embrace digital technologies, automate many end-to-end finance processes, and invest in analytic and strategic skill sets.

The research also found that agile finance teams empower their leaders to be more effective by delivering forward-looking analyses to identify new business opportunities.

At Artsyl Technologies, we have witnessed first hand the kind of transformation that companies can experience through digital transformation and business process automation. Companies that partner with Artsyl and adopt smart process technology to automate their processes often justify their investments by quantifying their return on investment though efficiency gains and cost savings. Ultimately, smart process technology empowers their organizations to become more agile, leading to frictionless scalability and process transparency, so that finance and operations can contribute to, rather than inhibiting business growth.

A New Operating Model for Finance

According to the AICPA and Oracle, their recent survey of 480 senior finance professionals in North America helped to define a new operating model for modern finance consisting of the following attributes:

Cross-functional, integrated teams that are centralized in shared services or centers of excellence. With access to digital technologies like robotic process automation and machine learning, the ever-improving accounting services and efficiency delivered by these teams drive more efficient and more effective business operations and improved results.

The ability take full advantage of big data analytics and artificial intelligence. Access to real time data and the ability to analyze and apply that data to real world business challenges and opportunities will separate the leaders in finance and leading companies from the competition. Empowering the Financial Planning & Analysis (FP&A) function with big data and AI leads to business insights organizations need to innovate and out-perform their competition.

New skill sets in statistics, data analysis, data visualization, and business partnering, to support rapid decision making and performance management further define the shape of things to come in finance. With systems and technologies in place to manage the routine, finance professionals will be able to hone these skills and apply them to new business challenges, leading to more exciting and more fulfilling work for finance professionals.

The future is here for finance professionals

While the AICPA’s report may sound like science fiction, or like the breathlessly optimistic work of a technology consultant, the MOST exciting thing about the world described in the AICPA/Oracle report is already here, and ready for prime time.

Artsyl Technologies customers are able to build the foundation for this future by transforming all of their unstructured data and documents into information that can fuel automated processes and deliver timely data to their analytical systems. Typically, low-level functions like accounts payable or sales order processing become the entry points for smart process technology that streamlines and automates inefficient, manual processes.

Smart process platforms like Artsyl’s docAlpha platform intelligently extract data from paper and digital documents, connecting to ERP and ECM systems to validate information and automate approval workflows and transaction data entry. This results in timely access to business data and greater process visibility and control.

Once a platform is in place and a model for automating one or more processes has been established, it can become a springboard for enterprise-wide automation and digital transformation.

To learn more about how companies are embracing technology to automate their business processing to become more agile and more effective, contact your Artsyl Technologies representative and request a demonstration of the docAlpha Smart Process Platform.