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éléments par Neil Kinson

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  How automation will impact education

  Publié: octobre 24, 2018, 7:34pm CEST par Neil Kinson

  There has been a lot of hype around how new technologies like automation will impact our way of life. Some live in fear that their jobs will be lost to humanoid robots, while others excitedly welcome bots like Amazon Alexa into their home. The impact of 'robots' -- itself an ill-defined category -- is widely discussed and hotly contested. In the business world, most industries have much to gain from automation and robotics, but what this looks like in practice is a far cry from the wider speculation. Education in particular is ripe for automation -- but we won’t be… [Continue Reading]
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  An end to financial compromise in business?

  Publié: mai 8, 2015, 1:08pm CEST par Neil Kinson

  

  As with many aspects of finance, the budget is a balancing act. The same can be said of the financial period-end close at many companies. It's a process that's full of compromises. But does it have to be that way?

  Unlike politicians who may use dramatic financial compromises to drive public relations initiatives, many corporate finance leaders don’t usually openly discuss the compromises they face in their financial close. They just accept the grim reality of many hours of spent by accounting and finance professionals passing emails, spreadsheets and explanations back and forth. The objective is to keep the close process moving along with as much accuracy as possible. Maintain compliance, but do it as efficiently as you can. Document everything, but be expedient. At every turn the price is paid in long hours of manual effort and button-pressing to close the books.

  The painstaking and slow manual activities of the close include reconciling, posting and documenting items such as accounts receivable to sales orders. Each of these processes has to be repeated hundreds of times across every entity close -- typically with many people watching and reviewing the numbers again and again.

  Hidden Costs

  Finance leaders at the top of the organization may not even be aware of exactly how much costly and risky effort is required overall. That's because most of the labor-intensive local close activities are distributed across many different people deep within the ranks of finance and accounting teams -- or within a shared service center. What finance leaders everywhere do see is that the close is a slow and often expensive process.

  But what if we lived in a world where we didn’t have to compromise?  Unfortunately, there isn’t a magic solution to end painful budget compromises for government officials. There will always be members of the public either happy or unhappy with the way they spend -- or don't. But corporate finance teams can take heart. There is a way to complete a quality close with the speed and efficiency needed -- without compromises. The key is process automation.

  The Mandate for Automation

  In fact, the repetitive nature of the close and the need for rigorous governance, accuracy and auditability makes it the ideal core business process to automate now -- whether the close is completed entirely in-house, or with a shared service center or outsourcer. One look at research from top analysts shows an unmistakable trend.

  The "2014 State of the Shared Services Industry Report" from the Shared Services and Outsourcing Network (SSON) clearly states: "With regards to future investment priorities, the main targets are automation for efficiency, internal collaboration and paperless processes".

  End-to-end automation of repetitive local close activities is being used right now by top organizations to get the accuracy, efficiency and control they need without burning through manual work hours of members the finance team in a periodic fit of compromise and effort. Process automation simplifies the close and frees up valuable time while it produces accurate and reliable results. It's the best way to stop compromises in your close.

  Image credit: Lisa F. Young/Shutterstock

  Neil Kinson is vice president, EMEA, at Redwood Software