Our recent Office of Finance benchmark research demonstrates the importance of using automation to execute finance department functions. Information technology systems do at least two things very well that make better use of people’s time, and both of them can substantially improve organizational performance. First, they eliminate the need for people to do repetitive tasks, which frees them to spend time on more valuable work that requires judgment and skill. IT systems also can be programmed to focus only on relevant information while eliminating the need to get immersed in detail. The latter capability supports a “management by exception” approach, which enables executives and managers to better allocate how and where they spend their time.
Topics: Analytics, Big Data, Budgeting, Business Analytics, Business Collaboration, Business Intelligence, Business Performance Management (BPM), CFO, close, closing, Collaboration, computing, Controller, dashboard, Data, ERP, finance, Financial Performance Management, Financial Performance Management (FPM), FP&A, FPM, Microsoft Excel, Mobile, Planning, Reporting, Self-service, Spreadsheets, Tax, Office of Finance, Cloud Computing