Building on this new mindset, companies can then turn their efforts to increasing the efficiency and effectiveness of their operations to the next level, by fully embracing end-to-end process thinking through robo-accounting. Robo-accounting equals the introduction of business rules for software robotics, automating the delivery of (back-office) business and financial processes with significant benefits in terms of speed, quality and cost. Technologies such as SAP Ariba, e-invoicing, (mobile) expense management or VIM (Vendor Invoice Management) already make it possible to optimise processes end-to-end and break down silos for better collaboration between suppliers, producers and customers. Hence enabling Finance to focus on being a business partner.
The tools are available and, what’s more, if you deploy them in the cloud, high performance and low maintenance are guaranteed. The result should be the introduction of straight-through processing (STP) in Finance to complete most, if not all, financial transactions without intervention, eliminating any delay between one party receiving information and being able to proceed.