Finance departments are a critical part of all businesses. They help ensure all operations are adequately funded, stay within the budget, are prepared for contingencies, and attain profitability. Organizations must populate their finance teams with the right blend of professionals adept at handling numbers and data.
Even a tiny error by the finance department can have a lasting impact on the organization. Apart from damaging the company's credibility, it could also attract heavy fines and sanctions. This offers the backdrop to the need to empower finance departments with the correct tools and technology.
If you're looking for ways to improve the efficiency of your finance team and increase their happiness, the search will inevitably lead you to automation. Automation can help drastically reduce errors while saving the company time and money. It's a win-win situation!
Here are four benefits automation can provide:
1. Develop new KPIs
KPIs are key performance indicators that help you track your business's success, measure performance, track progress against goals, and motivate employees.
With automation, companies can access deeper and more personalized data, allowing them to move away from conventional unidimensional KPIs. It will enable them to look at aspects like customer satisfaction, processes followed, revenue generated vs. time spent leads converted vs. leads lost, industry benchmarking, etc.
2. Reduced human error
Finance departments deal with numbers and accounts. Even a minuscule human error, like incorrectly positioning the decimal point, could lead to severe consequences.
Correcting such errors consumes a lot of effort and time. Automation reduces human error, saving you time, money, and resources. It picks up data as is and reduces human intervention to a bare minimum, giving the company accurate numbers. Additionally, automation is also more consistent because it doesn't get tired or distracted like humans after a long day at work.
3. Improved accuracy and insights
By reducing errors, automation offers more accurate data. When you automate a process, rest assured that the collected data will be highly accurate.
Automated systems better gauge the quality of inputs and measure how they compare against preset standards for accuracy. So, when the time to make decisions based on this information comes, you will attain a higher degree of accuracy with your informed decisions.
Another salient aspect of such high-fidelity data is that it’s insight-heavy. Organizations that need to take tough calls can rely on automation to give them the correct information for making unbiased decisions.
4. Scales easily with your business
Automation also allows you to scale with your business. Many financial departments have found that they need to hire more people or build separate office space when they have to expand.
Automation scales with your business by allowing you to add new features quickly and easily with your changing requirements.
Irrespective of the size of your resource pool, automation allows you to exploit it optimally to boost the company's productivity and, eventually, profitability.
Automated commission management platform for finance departments
Automation bolsters accuracy by ushering in higher efficiency. Automated finance functions allow companies to comply with regulations in different countries, provide multi-language and multi-currency support, and automatically support accounts from local subsidiaries. It also ensures timely payments within the organization by ensuring funds reach the departments concerned without delay.
Implementing an automated commission management platform will improve the efficiency of your company while allowing finance departments to execute financial processes and get more done with less effort, so everyone has more time for what matters most: making sales.
Blitz is the commission management platform that will enable finance departments to have a transparent and seamless transition to automation. Blitz can transform legacy processes into efficient ones to help you stay one step ahead of the competition while connecting seamlessly with the platforms and systems your finance departments rely on.