Want to reduce your finance department's costs by over 40 percent?

Posted by Greg Bartels on Sep 24, 2019 10:36:13 AM
Greg Bartels

Imagine reducing your finance department's costs by more than 40 percent.

That’s what finance departments are achieving with digital transformation projects.

New research from The Hackett Group finds that digital transformation helps the typical finance department reduce its costs by 42 percent and take a big step towards world-class efficiency.

Even best-in-class finance departments have something to gain from digital transformation.

Best-in-class departments are improving efficiency by 20 percent as a result of digital transformation projects – making them 60 percent more efficient than a run-of-the-mill finance organization.

Digital Transformation - The Hackett Group

The efficiency improvements provided by digital technologies such as robotic process automation (RPA), artificial intelligence (AI), machine learning, analytics and mobile free up staff and budget resources for value-added activities such as providing insights to drive strategic decision-making.

Inefficient finance processes are big contributors to sky-high operational costs.

Click here to read our recent blog entry on how to determine the costs of manually processing a single invoice.  

 

What’s more, optimizing efficiency is essential to successfully competing in today’s fast-changing and unpredictable business environment, with its nonstop change and intense competition. 

Best of all, smart technologies such as digital mailroom automation and intelligent data capture can deliver world-class results in notoriously inefficient finance functions such as accounts payable.  These technologies can often be implemented comparatively quickly in the cloud and with little risk, enabling finance departments to achieve major improvements in cost, accuracy and cycle times.

The study is further confirmation that digital transformation has the potential to propel finance departments to world-class results.

Is digital transformation part of your 2020 plans?

If so, IPS wants to speak to you.

Contact IPS today to arrange a no-obligation consultation with one our transformation experts.

 

Access a free copy of The Hackett Group study here: http://go.poweredbyhackett.com/wcfin1905sm.

Tags: Accounts Payable, Invoice Processing, Digital Transformation, AP Automation