Barriers to Optimizing Finance Processes
According to the 2023 Process Optimization Report by Celonis, a whopping 97% of finance and shared services professionals agree that process optimization is important or even essential to meet their business objectives.
Yet, almost half (44%) reported that their business-critical processes like accounts receivable and accounts payable are running in a sub-optimal way.
When probed further, they cited the following as the top 3 impediments for their process excellence initiatives:
Complexity of processes
Opportunities to improve are hard to identify
Not surprisingly, a mere 26% are currently using process mining tools to gain visibility into finance processes. For the uninitiated, process mining is a technology that discovers, monitors and improves actual processes by leveraging real-time and historical data for business processes and operations.
Some of the ways process mining can help include:
Identifying and defining opportunities for improvement within a process
Understanding how processes interact
Orchestrating improvements across people, processes, and technologies
Understanding how processes actually run
Measuring how a process currently performs
Analyzing how to optimize the process
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