Thursday February 28th, 2019, TriFinance co-hosted an event on how to manage complexity in Finance at Hotel Metropole in Brussels. TriFinance experts Jean-Marie Bequevort and Christophe Dams and co-hosts Marko Manula (Aico) and Richard Moreton (Square Marble Techologies) elaborated on the main drivers of complexity in organizations, zooming in on the technology that is available to better cope with these challenges. A vivid discussion was held on the automation topic and its position within finance and the broader context of the organization. Christophe Dams reports.
Managing Complexity Event in Brussels
53% of the people in the audience indicated they have already automated several tasks within their organization. Despite some reluctance on automation, 18% is only thinking about it. Companies do believe it is worthwhile to have the experience and expertise of automation.
The ultimate benefit of automation is an increase in data quality and deliverables according to 76% of the participants. Only a minority of 6% indicated the main achievement will be a reduction in workforce and overall costs. In view of the exponential increase in data volumes year-on-year, automation will enable us to maintain and even increase the overall quality.
Although task or process automation is highly dependent on the underlying complexity, 69% of the people believe automating one task or process will take more than 10 days on average. It slightly contradicts our experience where an average task can be automated in 5-10 days. Of course, the average doesn’t fit the exception.
94% of the audience stated they strongly believe in a combination of both. As indicated in studies, pure robotics will only cover 10-30% of the potential, leaving much scope for desktop automation. Most organizations will, therefore, make use of specific automation software which can be managed by robots increasing the speed of delivery and at the same time lowering the development costs.
Most companies have started the automation journey by opening discussions with C-Level, having partners coming over for demo’s and talking about business cases to support the need for automation. There is no single way to build a solid case, but we as TriFinance have a strong believe it all starts with the concept of “in order to know, you need to measure”:
TriFinance’s CFO Services has a wide variety of professional experts in different domains on board. We have solid process expertise to perform a quick scan and assess your readiness for Process Automation. Consecutively we assist you in identifying and performing the required process improvements from an end-to-end perspective preceding your process automation. We independently liaise with professional partners and assist our clients in choosing to best-fit software solutions on a case-by-case level. If you are interested in our services, offerings or an on-site demo of AICO and/or MIA, please contact Jean-Marie Bequevort.