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VENDORS MENTIONED

 * Conexiom



KEY TOPICS DISCUSSED

 * SAP Finance Automation

   
 * SAP Finance Automation
 * MAP


FINDING THE RIGHT AUTOMATION OPTIONS FOR FINANCE TEAMS WITH CONEXIOM

Reading time: 2 mins


MEET THE AUTHORS

   


 * GRANT SUNESON
   
   Editor SAPinsider

Finance teams are under more pressure than ever in 2024. The global financial
landscape is unpredictable and organizations need advanced solutions to keep
pace with the rate of chance, deliver actionable insights, and maximize
efficiency. Many SAP organizations are turning to automation solutions to help
fill the gaps in their capabilities, but there is always a need for more. In
SAPinsider’s recent SAP S/4HANA State of the Market 2024 benchmark research
report, respondents said that insufficient automation leading to manual work and
manual processes was one of the top drivers affecting their companies’ financial
strategies.

Companies must find ways to infuse automation into their essential financial
workflows. However, it is not a catch all solution to magically and immediately
improve any issues. Finance departments must make strategic, targeted decisions
on which types of automation to implement that make the most impact. This is
often easier said than done.

IMPLEMENTING AUTOMATION

To help companies understand their options, the finance automation experts at
Conexiom highlighted some of the most common automation strategies that
businesses utilize to cut down on manual work.

 * Document Automation: Creating documents is one of the most important yet
   tedious processes companies have to deal with. Document automation platforms
   can create, format, and distribute documents much more quickly than a human,
   while also scanning for potential errors.
 * Invoice Automation: Companies can automatically extract and verify data from
   invoices before placing the information into SAP or other systems. This not
   only streamlines the invoice-to-cash workflow, but also gives all parties to
   an agreement an end-to-end view of the process.
 * Sales Order Automation: Similar to invoice automation, companies can
   automatically process sales orders. This option is ideal for organizations
   aiming to improve their customer experience, as automated sales orders
   typically offer a reduced cost per order and a lower rate of error.
 * Vendor Order Acknowledgment Automation: Another way that companies can
   improve customer relations is to instantly create and send order
   acknowledgments to customers. This keeps them in the loop and quickens the
   order fulfillment process.
 * Workflow Automation: Workflow automation is used when organizations have
   repetitive tasks that require if/then rules to complete.
 * Robotic Process Automation (RPA): RPA is a wide-ranging solution that is
   designed to behave like humans. It can be trained to complete a multitude of
   different tasks automatically.
 * Character and document processing: One of the most exciting emerging
   capabilities revolves around document recognition. Optical Character
   Recognition (OCR) uses AI to detect characters on paper document and convert
   them into electronic text. Intelligent Document Processing (IDP) takes things
   a step further to process documents on a large scale and integrate
   unstructured data.

WHAT THIS MEANS FOR SAPINSIDERS

As companies look to streamline their workflows and improve productivity,
organizations must find a partner that can evaluate their situation and help
determine not only which types of automation can be the most impactful, but also
develop strategies for implementation and long-term use. Many SAP organizations
are turning to Conexiom because of its many automation options as well as its
experience in deploying them for many different users across a multitude of
situations.




MORE RESOURCES

See All Related Content
 *  * SAP Finance Automation
   
   
   AI & AUTOMATION IN FINANCE
   
   Reading time: 1 mins

 *  * SAP Finance
   
   
   WEBINAR ON-DEMAND: TRENDS IN TAX TALK WITH VERTEX, DMA, SIEMENS, AND SAP
   
   April 06, 2022

 *  * SAP Finance Automation
   
   
   IS CASH KING AGAIN WHEN IT COMES TO AUTOMATION?
   
   Reading time: 6 mins

 *  * SAP Analytics and AI
   
   
   TRANSFORMATION IN THE ENTERPRISE BENCHMARK RESEARCH
   
   Reading time: 1 mins




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