8DEC - JANOur story started a bit more than 15 years ago when we decided to design and implement our shared service and sourcing strategy, including setting up a shared service center for entities in the K&H Group. The aim was to improve efficiency and be cost-effective by centralizing general and administrative policies, processes, and tasks, such as processing incoming and outgoing invoices, administering payroll, and managing taxation. Parallel with the centralization, we simplified our IT Platform/ERP system to reach upfront value capture. We combined the transformation to establish a VAT (Value Added Tax) group structure, which made our business flow more straightforward.Since then, we are working continuously on process improvements, simplification, and lean programs as other financial shared service providers. A few years ago, we realized we have already tapped the potential to traditional levers. In the meantime, technology changed around us; the whole ecosystem was renewed. We had to face new challenges brought by blockchain, artificial intelligence, chatbots, robotic process automation (RPA), machine-to-machine learning, OCR (optical character recognition). Our core business started to use the technologies mentioned earlier. More and more of our core services became digital by preferring seamless, real-time interactions supported in many cases with smartphone applications. Because of this trend, we realized that the general administrative function without automating--still collecting papers, doing manual work--became outdated and doesn't support our workflow anymore.Non-core finance functions - such as accounts payable, accounts receivable, payroll administration, taxation, procurement, and facility management - represent a significant part of every organization. The most innovative companies invest in developing these functions and turning them into digital solutions and automation to improve performance and reduce costs. In our case, covid-19 helped us to accelerate remote working and the need to speed up our efforts to By Dr. Marianna Sándor, CEO, K&H Shared ServicesTHE PROVEN BENEFITS OF DIGITALIZATION in the Banking SectorWe need to develop our ERP system accordingly to accept such an XML structure. Still, this way, we can eliminate errors and improve data quality regarding this kind of invoiceIN MYOPINION
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