Key drivers for CFOs to get rid of paperwork

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Key drivers for CFOs to get rid of paperwork
Key drivers for CFOs to get rid of paperwork
Key drivers for CFOs to get rid of paperwork
Every company operates on a fragile bridge between the trough of failure and the peak of success, and technological disruption makes this bridge more visible every day. C-level executives find themselves facing a continuum of certain types of vital questions:
How can we build strong foundations for a sustainable future?
How can we systematically achieve excellence and become a first-class company?
How can we raise profit rates to very high levels far beyond the typical survival of 6.5%?
How can we avoid falling behind new competitors that didn't even exist five years ago?
To understand how to approach these fundamental questions, we must recognize the role and importance of CFOs in this struggle. According to the U.S. Center for Productivity and Quality, a staggering 74% of organizations are currently engaged in efforts to improve financial operations by developing digital accounting workflows and automating accounting document processing. But why do these institutions undertake these initiatives?

There are two primary motivations for companies to establish digital accounting workflows

The first motive: permanently reduce costs
For organizations to achieve lasting cost reductions, they must focus on four specific areas, according to Harvard Business Review:
Old requirements
Organizations should inquire about how business requirements have evolved since the last time they radically redesigned a process, and how the process can be designed differently today to meet the needs of today.
Operations with large exceptions
It must be estimated whether the cost of dealing with exceptional operations (which constitute 10% of cases) far exceeds the cost of dealing with routine operations (which constitute 90% of cases) and thus achieve outstanding performance.
Manual operations
Verify areas that rely on frequent human intervention to process forms or information rather than relying on electronic processes that involve little or no human intervention.
Processes that create unfavorable momentum
Can you save money by directing routine tasks to be performed at different times of the day, week or month, reducing bottlenecks and deadline burdens?
Financial process
Documentation challenges
1-Accounts payable
Automated accounts payable processing cannot be implemented without a strategy for capturing documents that arrive from multiple locations and in widely varying formats. Accounts payable automation is key to getting early payment discounts
2-Accounts receivable
Discrete and manual contracts, invoices, sales orders, and dispute resolution processes
3-Financial closing process
Reconciliation of endless, hectic and manual spreadsheets at the end of the month
4- Buying and purchasing
Manual purchase order processes are separate from finance and ERP systems
5- Vendor management
Manual vendor qualification No centralized view of relationships with key business partners
What all of these processes have in common is the sheer volume of documents and the urgent need to integrate them with your organization's financial and broader ERP systems. The ability to digitize these documents and improve efficiency is key to taking a financial institution from underperforming to outstanding. Therefore, CFOs must lead efforts to automate these critical financial processes.
Motivation 2: Data-driven vision
The role of executives in improving finance within their organizations is a fundamental challenge. Not only because they can save money and not only because client needs warrant it, but also because digital data within the context of digital accounting workflows represents a rich, untapped source of information and intelligence. This requires driving improvements across the organization and making the most of these untapped resources. The matter goes beyond finance itself, as many other business processes depend on information and data derived from the field of finance. Consequently, pressures are increasing on CFOs to play a more significant role in business transformation and provide the organization with the information necessary to successfully document and drive this change.
·       Improve efficiency and cost
Digital finance can significantly reduce manual burdens in financial processes, leading to a significant improvement in the efficiency of operations. For example, automating invoices, payments, and money tracking allows you to save time and effort that would otherwise have to be allocated to these tasks manually. This definitely reduces the operational costs of the organization.
·       Speed of making decisions
Digital finance provides instant access to financial information, enabling financial managers to make more accurate and rapid decisions. They can monitor financial performance in real time and react effectively to challenges and opportunities.
· Saving time and effort
Thanks to digital finance, manual and paper-based procedures can be reduced. This means saving valuable time and being able to allocate staff efforts to more important strategic tasks, such as planning and analysis.
·       Enhancing transparency and monitoring
Thanks to digital finance, a transparent system of financial information can be created. Authorized users can easily access the data and see where the funds come from and how they are being used. This enhances the level of trust among everyone within the organization.
·       Improve forecasting and planning
Digital finance enables the use of graphical analytics and big data to understand financial trends and predict the future. Financial managers can use this information to contribute to the development of future strategies and advanced operational plans.
·       Supporting strategic transformation
CFOs can use digital finance as a way to support enterprise transformation and improvement initiatives. They can analyze financial performance and direct investments toward strategic projects that support the organization's vision.
·       Participation in achieving competitive advantage
Organizations that effectively build digital finance are able to achieve a competitive advantage in the business market. CFOs can play a critical role in achieving this advantage by exploiting and analyzing data to support accurate strategic decision-making.
In short, digital finance can be a pivotal element in improving the financial and strategic performance of organizations. The role of financial executives in this context lies in leading and directing the effective use of digital finance to achieve institutional goals and achieve development and prosperity.
How does Doc Suite contribute to achieving financial savings in institutions?
As technology rapidly evolves and the competitive business environment becomes more complex, office management tools and digital systems have become more essential than ever. The Doc Suite system is one of the most popular and effective systems in this context
First, DocSuite helps managers permanently reduce costs by shifting from manual processes and paper tools to a digital environment. Managers can effectively use digital finance to eliminate paper, ink and paper storage costs, thus significantly reducing operational costs. In addition, Doc Suite applications can save costs associated with purchasing additional software, offering tools to perform a variety of tasks such as financial analysis and reporting within a single environment.
Second, DocSuite gives managers access to powerful, integrated data that helps them build data-driven insights. It makes it easier for managers to aggregate data from multiple sources and produce reports and graphs that clearly show performance and trends. In addition, Doc Suite applications can be used to perform advanced analytics and critical data analysis, giving managers accurate insights that contribute to informed strategic decisions.
In conclusion, it becomes clear that the main drivers driving CFOs to get rid of paperwork is a crucial part of business transformation towards the digital age. CFOs seek to achieve sustainable cost savings by eliminating paper tools and manual processes by adopting digital systems and technologies. In addition, CFOs strive to make the most of data and analytics to build informed insights that support strategic decision making. Business transformation to the digital environment enhances work efficiency and contributes to improving institutional performance and increasing competitiveness. Applications such as DocSuite represent one of the key tools that help CFOs achieve these goals and advance in the modern business world.
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