Gain insight into your financial operation
With today’s resources, there’s no reason to rely on old data, tools or thousands of spreadsheets. Process Mining helps finance departments optimize processes company-wide.
The finance department plays a key role in the growth and health of an organization. Many stakeholders rely on the finance team to explain the past, predict the future and provide insight into business planning.
A lot is expected of the CFO and the finance team, they often lack the necessary tools, data and insight to successfully run their own department and company.
Improve working capital and liquidity
Working capital is the money you need to meet your financial obligations. It is the lubricant that keeps the business machine running.
Optimizing working capital and the cash-to-cash cycle is not just the responsibility of the CFO and finance staff. Departments such as operations, product development and logistics also affect the movement of cash flow throughout the organization.
With Process Mining the finance department gain insight how to improve working capital and it also clarifies how payment flows can be optimized company-wide.
Automate and increase productivity
The longer it takes to prepare reports, statements and other financial information, the less valuable it becomes. Moreover a long lead time also compromises the productivity.
Because Process Mining provides insight into every step of your financial process, you can immediately see where and why delays occur that hinder productivity.
This way, you know how and where you can relieve employees by automating repetitive tasks. You can also actively monitor whether the process steps taken result in less re-work and a lower error rate.
Manage Risk and Compliance
Business always involves risk, but many risks can be managed to an acceptable level.
It is important that you have systems and control activities in place to detect risks early in your processes, policies and procedures and ensure compliance.
Process Mining helps you automatically identify areas of risk and initiate actions to correct them before they become a real problem.
Quickly access the right reports and insight
More than ever, having current and accurate business information is essential for decision-making.
Your goal is to have reliable, transparent and relevant data that can help you make critical financial decisions.
Process Mining helps you increase your reporting speed, accuracy, and decision-making with real-time dashboards by automatically collecting essential data.
The benefits of Process Mining for finance teams
Plenty of reasons to start Mining your Processes today
Working Capital
- Get paid on time
- Collect payments early
- Get better terms
- Financial discounts
Productivity
- Fewer errors
- Efficient billing
- Increased automation
- Touchless invoicing
Risk management
- Internal audit
- Process control
- Maverick buying
- SLA Compliance
Reporting
- Fast and accurate reporting
- Real-time dashboards
- Better decision making
- Data quality
Ebook
The Fundamentals of Process Mining
With process mining you can bridge the gap between the drawing board and day-to-day operations. Discover where to optimize and start improving your bottom line today.
Process MiningProcess Mining
14 February 2023
Improve financial and operational productivity with Process Mining
