Moving F&A into the Digital Age

By Thomas Dobis, Global F&A Lead, BPS Outsourcing Services

Virtually all businesses today are going through a period of digital disruption. This disruption offers many benefits, but it can also wreak havoc on the competitiveness of companies that fail to transform their processes in the face of accelerating change.

Nowhere is this truer than in the functional area of finance and administration (F&A). The back offices of many prominent brands are well behind the digitization curve. Often the larger the entity is, the harder it is to transform. I’ve spoken with many firms that are seeing cost increases because their working capital is not being applied efficiently and their financial processes are downright antiquated. Efficiency improvement in the back office can have a direct effect on the bottom line.

Fortunately, companies don’t have to do this on their own. They can transform their processes quickly through outsourced business process services (BPS). In F&A, companies can improve efficiency, build capacity and lower costs by leveraging robotic process automation (RPA). This puts the power of artificial intelligence and machine learning to work on F&A processes, often allowing up to 70 percent of financial processing to be handled by software.

Typical client options might be:

  • Back-office assessments for potential sub-processes ripe for automation
  • An as-a-service platform that is plug-and-play for different types of transactions with similar characteristics
  • Machine learning coupled with artificial intelligence for accessing dark data and event data
  • Automation routines that use hybrid algorithms (human and artificial intelligence [AI] designed) to simplify processing steps, script design and RPA routine design, and that come with a built-in monitoring capability for compliance and performance management

The challenge is clear, yet digital transformation is complex. Any company can go out and get the tools, but there is far more to it than just the technology. Transformation requires not just understanding the technology but also having domain expertise and project management experience. Businesses need proven leaders to help them on this journey.

That’s what DXC Technology can bring to the table. We’ve built an extensive network of advisory resources leveraging well-known partners and SMEs with years of experience using methodologies such as Six Sigma and “lean.” We offer access to the world’s largest database of back-office benchmarking data, and more than 1,000 automation experts certified across various tools to maximize RPA design and drive end-to-end automation of a client’s process flow.

Our combination of managed services and advisory support hits the sweet spot of what clients need to transform their financial and business structures. In a recent review of our capabilities, Deloitte ranked DXC (formerly HPE) highest of any business process outsourcing (BPO) provider for flexibility in customizing tools and solutions to meet client expectations.

When it comes to transforming your F&A, there is no silver bullet, no one course is right for all organizations. The one universal rule is that you can’t go it alone, nor should you want to. You need partners, an ecosystem of proven partners that offer choices on the best road forward. And you should look for partners willing to put skin in the game — whether it be project deadlines hit or ROI numbers achieved.

F&A is a function that has been ignored for too long by too many companies. It’s time for the corporate back office to emerge from the shadows and be transformed by modern digital technology.


Tom Dobis is the global lead for F&A in DXC’s BPS Outsourcing Services group. He is responsible for global solution design, development of services, creation of new capabilities, and managing innovation and transformation for current clients.

 

Comments

  1. To what extent AI can take Responsibility-Accountability ratio? What’s benchmarks
    %age Decision support dependency
    %age impact on new products sales, savings and cash collections.

    Where and how far Intelligent tools augment the capabilities of financial pros enabling them to easily identify customers’ preferences and react with insight and emotional intelligence, which is essential for the development of meaningful customer relationships.

    Like

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