The challenges of corporate reporting
Most businesses have access to more data and information than ever before. However, with accurate data only available once a month at close time, the effort needed to produce accurate, compliant and timely reporting remains costly and frequently under-utilized. This is partly because the traditional focus of the record-to-report (R2R) process has been the close and not the provision of information.
Over 70% of the effort related to R2R currently focuses on recording data, reconciling data and closing the books, including correcting errors and managing interfaces. Report writing and working with the business to understand the numbers and drive better decision-making has taken a back seat.
The challenge for the finance community is to move away from the traditional “once-a-month” mindset and provide organizations with continuous access to reliable data and information. It is paramount for finance and accounting (F&A) departments to leverage an intelligent and comprehensive approach to reimagining and re-engineering the close
Reimagine the future of your R2A operations
Capgemini’s Finance Powered by Intelligent Automation solution puts knowledge, intelligence and analytics at the center of your R2A process. Our intelligent automation solution leverages emerging technologies to create a platform that provides alignment of your financial processes for better business outcomes and better visibility of your financial statements.
This ensures faster close of your books and delivers improved financial controls and compliance at reduced cost, as well as off-the-shelf data for faster decision making. All of which enable you to enhance the strength of your brand and market reputation, and get better value out of your R2A operations.
Our combination of automation, know-how and insight underpins our R2A processes by integrating your business, regulators and investors into a single, end-to-end function. This creates more frequent and more accurate reporting, reduces the effort in period closing, and enables you to redeploy resources to further analyze and understand your business.
The components that make up our Finance Powered by Intelligent Automation offering can be used individually or as a suite to deliver enhanced service and outcomes, including:
High performing business units – implement an increased number of innovative ideas across your business, and benefit from greater adoption of standard reports and a higher Net Promoter Score (NPS).
Enhanced compliance – increase compliance across your business at reduced cost to enhance the strength of your brand and market reputation.
Reduced cost – benefit from a high relative stock performance, less days to close, and lower cost of capital that reduced your business’s total cost of ownership.
Leverage an “automation first” approach across your R2A operations
Finance Powered by Intelligent Automation leverages Capgemini’s Automation Drive framework to add value to your finance function.
Automation Drive takes an “automation first” approach to understanding technology, and is based on the observation that almost every solution in which artificial intelligence (AI) is involved consists of five elements.
We call these the “Five Senses of Intelligent Automation,” and they are key to how we are reimagining our clients’ finance function:
WATCH/Monitor – the ability to monitor and record key business data in order to create knowledge.
TALK/LISTEN/Interact – the ability to interact with end users of the artificially intelligent solution through listening, reading, talking, writing and responding.
ACT/Service – the use of technology to carry out actions through service.
THINK/Analyze – the ability to detect patterns, recognize trends, and analyze information.
REMEMBER/Knowledge – the ability to store and find information and knowledge effectively using components such as databases and search engines.
The five senses of R2A
The “Five Senses of Intelligent Automation” are applied to R2A to deliver best-in-class finance operations and enhanced business value across all aspects of the process. Connecting all of the five senses creates the foundation and platform to deliver artificial intelligence, enabling faster decisions on to unlocking the most value from your R2A function.
Re-engineer the current state of your F&A
Capgemini’s ESOAR (Eliminate, Standardize, Optimize, Automate, Robotize) methodology re-engineers your processes and sets the agenda for a holistic approach to transformation of your finance function. This enables you to implement straight-through processing and automated solutions while delivering the best impact and outcomes to your business users.
ESOAR identifies opportunities to eliminate processes up front if necessary, enhances your existing investments in technology and ERP, redirects resources from repetitive tasks towards higher-value business activity, and drives best practice.
It’s not just about technology!
Building an automation-led transformation program is not just about process and technology. Capgemini reviews the impact changing technologies can have on your grade mix and capabilities, which drives change and supports the future of your business.
With automation optimizing transactions through taking over the basic, repetitive work, the new R2A professional needs to be able to leverage technology to monitor and analyze transactions through developing skills and expanding the controller mentality.
Advanced demand-driven knowledge tools also ensure better dissemination of knowledge to accelerate learning. Report writing tools can be geared to not only extract balances, but also to direct investigation and to apply controllership thinking and learning earlier in the cycle. We can also use interaction tools to better connect with the business, understand their questions and provide better answers.
Our long history and strong reputation in providing F&A services including R2A has already made a significant and positive impact on the bottom line and profitability of many of our clients. We are proud of the value we continue to deliver to our clients and the results speak for themselves:
- An 80% efficiency return through implementing automation artefacts for journal entry creation and posting for one of the world’s largest beauty product manufacturers.
- Transformation and automation of the intercompany accounting (ICA) process for a global manufacturer, including
- 63% resolution of intercompany differences by the end of August 2017
- Implementation of a common ICA platform for further scope extension
- 98% of the organization now using the new standard reconciliation template
- 70% of differences over $500,000 solved