Robotics Process Automation (RPA ) is not new, but it is still not well understand. This is especially true when applying RPA to finance systems. We appreciate Anders sharing some of his do’s and don’ts regarding RPA that will help you use it more effectively in your finance operations.
Resources are scarce. Whether you look at it from a global perspective or the company level it’s a fact that companies have to deal with. That is unless you’re Apply and are stockpiling 20 billion dollars of cash on your balance sheet. Companies must allocate their resources effectively to ensure it is put used where the chance of creating value is the highest. They must also use the allocated resources efficiently to ensure maximum output.
A much used phrase in Business is ”No man is an island” and it’s very telling because many businesses are not a one-man band. Rather it’s multiple people coming together around a common mission, vision and strategy to create value for their customers, owners and themselves. That means they have to work together to achieve the best possible outcome. In other words, they need to collaborate towards achieving a common goal to be successful.
Most finance professionals can agree that budget season is not their favourite time of the year and while alternatives exist most companies are still using traditional budgets for their planning and management operating model. It’s kind of a paradox because when no one likes to do something or like when a company’s products are not in demand then typically over time better alternatives will take their place. Yet, with budgeting, this still hasn’t happened. In my mind, the best alternative is going beyond budgeting which I have written about in several articles previously, however, few companies have been truly successful transitioning to beyond budgeting and I think I know why. Hence, to make a real push for companies to take the leap and be successful let’s discuss the issues with beyond budgeting based on my own experiences.
Blockchain is a foundational technology that has the potential to transform business as we know it on a scale like what we’ve seen it with the Internet. Those are not my words but words from respected Harvard professors. However, to date there are few use cases and critics would say that the technology has serious limitations. That’s why in my on-going series about “Blockchain Opportunities And Risks For Finance” I have now teamed up with Kunal Patel to discuss the prospects of mass adoption of Blockchain based applications and business models and not least, of course, the potential impact on the finance function.
