Writer and editor Andy McCue talks to Adrian Li, a finance transformation expert with more than 20 years’ experience in the design, build and running of SAP ERP in both large and small organizations across many industry sectors. In the podcast, Li explains how many of the IT and automation challenges can be traced back
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Despite the widespread adoption of ERP systems that were supposed to remove most of the manual effort, only 20% of finance processes are truly automated. Why is that? It’s the automation gap. That gap around finance and accounting processes means work still needs to be done manually outside of those ERP systems, requiring additional tools
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How did leading global automotive parts supplier Faurecia – which has its equipment in 1 in 3 cars worldwide – automate 80% of its finance processes, with approval workflow the only remaining manual task? Watch the video to hear Christophe MacGarry, global finance transformation director at Faurecia, explain how the company worked with Redwood to
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In this episode from our series of finance podcasts, we discuss the so-called ‘automation gap’ for finance and accounting, and the problems it causes. In the podcast, writer and editor Andy McCue talks to Devin Gharibian-Saki, chief solution officer at Redwood, about what causes this finance automation gap, what the impact of that is on
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What are the biggest challenges for CIOs today when it comes to meeting the needs of the modern finance function? The reality is that the current finance IT landscape of most large organizations is sub-optimal. It’s a costly and complex mix of ERP systems, workflow engines, point solutions and RPA tools – plus a lot
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Even if your finance department uses some form of automation, it’s likely that the financial period-end close will continue to weigh heavily on your accounting staff. The financial period-end close is critical to trust, financial visibility and regulatory compliance. But for a large organization, a typical global close can involve more than 100 companies that
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The often-frenetic activity of financial close processes is largely due to the huge amount of manual effort they entail every month or quarter. To reduce the pressure and risk this brings, there is an answer for finance departments: use automation across the close. If done effectively, this can mean the financial close becomes a non-event.
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It can often feel like keeping your day-to-day automated business processes running is a major source of disruption and pain, especially when it comes time for an upgrade. Why is upgrading and maintaining your automation systems so stressful? It shouldn’t be. The problem with most automation tools is that you’re responsible for everything about them.
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As Santa prepares for his busiest time of the year on Christmas Eve, he has a lot on his plate. But he knows that he has the support of his elves and finely-honed processes perfected over hundreds of years to get everything done. Safe in the knowledge that the Christmas present lists have been received
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The financial close continues to weigh heavily on accounting organizations. A typical global close for a large organization today can involve over 100 companies that must be closed before group consolidation, with more than 500 processes per company plus many more sub-processes and hundreds of thousands of SAP-related activities. And all this frenetic activity always
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Workload automation (WLA) and scheduling are the workhorses of digital business. Unfortunately, the WLA landscape at many organizations has been built up over time in disconnected silos and layers. Recent analyst research has shown that only 8% of IT leaders believe that they have a unified approach and toolset for automation. At most organizations, core
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Who do you call when you’re in the middle of a major project to migrate all your SAP systems and you have just two weeks to replace your central job scheduling tool at the same time? CSM Bakery Solutions was in just that position in April and put out an urgent RFP. The response wasn’t
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We asked dairy giant Arla Foods four key questions about the challenges of its month-end close and how to tackle them. The company is the one of the world’s largest dairy companies, selling products in more than 100 countries, with 19,000 employees and revenue of over €10 billion. In the video interview, Arla talks about reducing
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Workload automation or scheduling technology will already be running important processes in your business. But it’s unlikely you’ll have a clear understanding of how your organization really uses automation, or what is truly possible using modern workload automation. Over the decades, the workload automation and scheduling technology landscape has evolved with disconnected silos and layers.
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In the wake of the ongoing global health crisis, business and IT leaders are looking for ways to improve the resilience of their operations no matter what is thrown at them. So what do organizations need to do to achieve this resilience, while also remaining competitive? An analysis conducted by Harvard Business Review (HBR) of
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Hybrid IT is now an approach that is widely used by most companies to effectively manage their businesses operations. But running systems and applications across public and private cloud and on-premises technology brings additional complexity that needs to be managed. For a digital business to be competitive it needs workload automation technology that goes beyond
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It’s a long-held misconception that going through the pain and cost of implementing an ERP system — such as SAP or Oracle— across your business will solve all your financial efficiency and automation problems. In reality, while your ERP does tackle some of those issues there are parts it cannot reach. And that leaves you
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Reliability and scalability have always been key priorities for IT. With the unprecedented business impacts from COVID-19, they’re requirements. Your services – and your customers—depend on them. Many organizations spend significant time and expense to support the vision of an adaptable, always-on enterprise, and too many struggle to achieve it in spite of that investment.
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Regardless of your industry, making the financial close a non-event – faster, more accurate, less stress – has long been the utopia of CFOs everywhere. And there’s good reason for that. Consider, for example, how much cost you would save by shaving even just one day off the time it takes to close the books.
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Despite moves to ease the lockdown, no one needs reminding that it’s still far from business as usual. The huge changes to working practices and processes forced upon us by the COVID-19 pandemic have highlighted the failings of some traditional approaches to finance. As an extension of many organizations’ accounting capabilities, financial shared services is
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With the coronavirus crisis putting business as usual on hold, organizations are looking for more resilient ways to manage and reduce IT complexity. This combined with a sudden need to have employees operate remotely from multiple locations means that digital transformation plans are moving faster than ever. A key element in successful digital transformation, according
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As CFOs adjust to our changing world, the shortterm focus is understandably on implementing tactical solutions to address the immediate challenges the coronavirus pandemic has created. But it is also imperative for finance leaders to think more strategically about the long-term picture and prepare for a post-COVID-19 world. Technology has been crucial in enabling business
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The role of external auditors is ultimately to assess whether an organization’s financial statements are a true and accurate reflection of the performance of the business. In turn that gives stakeholders such as investors and partners confidence in the numbers. But this is no box-ticking exercise. The quality of the audit is paramount, particularly in
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If, six months ago, we had tried to predict the biggest business continuity challenge likely to affect your organization over the coming year, I doubt if the current global health pandemic would have made the list. There is, of course, a tragic human cost to the COVID-19 pandemic. But as we adjust to the new
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