The finance function is undergoing a metamorphosis, from being a clean-up act of friction within the enterprise to a catalyst of business model disruption. Transformative capabilities underpinned by an AI, self-service-enabled workforce is enabling organizations to produce more meaningful business outcomes, ushering in a new era of the frictionless norm.
A plethora of companies are leveraging next-gen data-driven solutions to easily integrate customer data and create connections, thus allowing information to flow seamlessly between people and processes, intelligently, and as and when needed.
As companies create an integrated environment, it becomes easier for them to adapt to the organization’s circumstances to address each and every point of friction in the business operations so that they can deliver on customers’ needs and requirements and drive business outcomes in a value-focused way.
Adopting an integration solution has become the need of the hour as it brings orchestrated data, self-service, and AI-powered processing, insights, and analytics to the order-to-cash (O2C) process.
Modern data integration solutions play a vital role in streamlining the finance function.
AI-driven suggestions help business users drive real-time operational and predictive insights to make good business decisions without delay or complexity. AI-powered data mapping tools empower users to quickly map large quantities of customer data – securely and easily.
IT and developer teams are normally drowning in data integration tasks and exceptions. As a result, they are not able to focus on more high-value tasks. Self-service capabilities enable even non-technical users to create data connections and integrate new customers without seeking IT support. This, in turn, frees IT teams to execute strategic tasks to help companies drive innovation and growth.
AI and ML help users re-orchestrate processes, data, and experiences to enable digital integration of customers into a business ecosystem that builds simplicity of transaction for the end-user.
Organizations find it challenging to maintain their regulatory and financial controls struggle as per the shifting business models and market dynamism, which results in controls only being as effective as the weakest audit link. By leveraging ML and AI, companies can easily ascertain the optimum threshold for the automation-based intervention of complex, bi-directional data sets and reduce the risk corridor to negligible values.
By taking away the pressure to focus on labor intensive and monotonous O2C processes, AI and self-service enabled data integration technologies can create an environment where each of your business users can play a vital role in creating data connections and driving data across partner ecosystems. They augment non-technical users’ ability to process and make decisions, thereby creating a workforce that enables companies to succeed in a dynamic business environment.
Infusing repetitive albeit critical processes with simplicity makes it easier for the organizations to improve their ease of doing business, serve their customers faster and enable them to trade and function, and ultimately generate better revenue.