Application Process Automation: A Finance Systems Mandate

Business Intelligence and Enterprise Performance Management (EPM) software enable the office of the CFO to gain better insight into business performance and make timely business decisions based on today’s market demands. However, significant costs and challenges impair a business ability to derive optimum value from its critical applications on a timely, predictable, accurate and consistent basis.

This paper describes the challenges in connecting and managing an ecosystem of finance related applications, and illustrates a new approach called Application Process Automation. It addresses the most critical priorities facing finance organizations:

  • Improving financial close processes for faster and more accurate visibility into the health of your business
  • Predictable, and reliable, continuous planning and forecasting processes
  • Spending quality time on analysis and planning
  • Compliant finance systems and processes
  • Cost-effectively managing and integrating a heterogeneous finance ecosystem with diverse applications and BI tools from multiple vendors
  • Reductions and/or repurposing of resources to other projects

The complexity of managing the chain of multiple applications required to effectively meet these priorities is a significant cost and burden for most Finance and IT departments. The challenges created by this complex environment manifest in many ways:

  • Limited access to information for forecasting, planning, consolidation, and reporting
  • Antiquated systems and processes that don’t scale to growing business needs and M&A activity
  • Non-conforming standards
  • Delays getting information out of systems
  • Tight processing windows, unable to keep up with the growing need for more data
  • Unreliable data, misreporting numbers, and loss of credibility and confidence
  • Doing more with limited resources
  • Rightsizing the relationship and ownership of applications and processes between business users, Finance, and Information Technology (IT)

To read the full Whitepaper, visit http://pub.lucidpress.com/onecloud-wp-appprocessautomation/

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