Financial system automation reduces manual input and management errors by verifying all vendor or transaction information and reduces fraud and other risks.
FREMONT, CA: The cost of establishing new workflows and systems is high. It requires time, employee focus, effort, and money, which might be substantial. Good workflow automation should save firms money in these areas and implement it correctly. However, getting there needs considerable investment.
It is especially true for financial systems and operations. There is a big divide between startups and small businesses that rely on small company accounting software and spreadsheets as their IT environment and large corporations that rely on massive enterprise systems. It encompasses a vast portion of the economy. The requirements may be similar, but the available resources and scope can be completely different. This is why cost-cutting and piecemeal solutions are prevalent at this level.
As the company expands, so do its requirements and resources. As teams grow and organizational memory degrades, scalability becomes increasingly crucial. If an organization enters invoice information three times in three different systems, then not only the time but also the efforts are being wasted. There may be a greater degree of repetition and duplication of effort, but that may be the price companies must pay to maintain low expenses and a somewhat agile organization.
At this level, the value of automation consists of creating the groundwork for capturing and processing information that must work on without wasting the effort or time of human resources. Automation excels at working with, storing, and retrieving data across a company's financial and other systems, freeing up staff time for activities software cannot perform. If employees engage with the same data point numerous times for each invoice, they are squandering time that could spend on more significant, strategic, and creative duties that contribute to the firm's growth.
