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How To Stop Manual Processes From Draining Your Profits
Organizations look to finance leaders to support strategic initiatives by providing actionable information about the business. Ultimately, they can only be successful business partners when reliable financial data is available and when compliance is consistently achieved. When accounting and finance teams rely on manual processes, they struggle to focus on higher-risk areas and analyze trends – especially at peak times during the month. A 2016 Institute of Management Accountants (IMA) study found that 61% of finance teams still rely on spreadsheets for business analytics. As a result, companies have limited real-time data, and little time (if any) is left for analytics that can help identify errors or required adjustments. In today’s world of finance innovation and rapid advancements, businesses that continue to rely mainly on spreadsheets and manual business processes will not be in the race much longer. Digitizing and automating these processes will not only reduce costs and increase efficiencies; it will also free up valuable employees to perform more strategic tasks.
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