Here's how smart digital workflows are transforming corporate finance functions Sponsored by servicenow
When it comes to payments and other enterprise finance functions, seemingly simple processes can mutate over time into complicated entanglements that cause disproportionate amounts of friction.Many of these issues boil down to one thing, says Ian Ashby, principal strategist for customer service at ServiceNow: “Payment processing is very manual-heavy and, because of that, there's a lot of rework [and] swivel chair work.
to address two major pain points. When a customer makes a payment but provides the wrong sort code or account number, the bank must take steps to recover the money and issue the appropriate credits. Similarly, during the bank’s overnight batch processing of the day’s transactions, any errors are put aside for examination the next morning.
“Our digital workflow platform does a much better job of integrating the core banking systems,” Ashby says. “As an outcome, the manual steps went from 16 down to two. Costs have gone down by 60%. We're talking about millions of dollars in cost savings.”In large organizations with deeply entrenched processes built on legacy software and bespoke platforms, the prospect of digital transformation can be intimidating.
We now expect the same conveniences everywhere else. Only one environment has failed to keep pace: the enterprise.
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