In the drive to improve efficiency and productivity, many enterprises have turned to Shared Services Centers (SSCs) as a solution to centralize control and reduce costs. Yet, despite improvements, most organizations still have not got Accounts Payable (AP) right, remaining stuck with predominantly manual, siloed processing. Without automation, even Shared Services can only go so far.
Despite the efficiencies gained by centralizing control over invoices, many Finance SSCs are still held back by inefficient processes, late payments, high operating costs, overwhelming numbers of exceptions, inaccurate reporting, limited visibility of invoice spend and a lack of invoice flow traceability. How can AP break through this to become a value and profit engine in Shared Services?
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For the past three years the headlines have been full of nothing but automation and, indeed, RPA has proved itself a game-changer in driving more efficient processes and productivity. However, we may yet find that RPA is nothing more than an enabler for more intelligent business services.
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There are plenty of models, but which is right for you?
The key business process models prevalent in the Finance & Accounting (F&A) Shared Services realm for the past two decades are:
…in the third-party space (customers outsourcing work to external service providers);