By Krishnan Raghunathan
The global business imperative of digital transformation contains a paradox at its core.
Every conversation explores the need for transformation and the strategies and resources that can enable it. But a vast gulf still lies between most organizations’ aspirations and their actions.
If you sense your organization’s finance plus accounting operations (FinOps) fall short of their potential to help your growth, you’re far from alone. The vast majority of organizations see themselves as laggards in digital transformation. Their FinOps, they feel, aren’t resilient enough, agile enough, or advanced enough to be future-ready.
The challenges may feel familiar. Organizations with decentralized FinOps models—and without workforce skills in emerging technology—experience high operating costs; longer time to report numbers; poor compliance, controls, and communication; slow cash flow forecasting; duplication of work; unreadiness for crises; and inferior customer experience.
Turning your FinOps into an insights-led, future-ready digital enterprise that delivers significant value depends on balancing tech-led and process-led transformation—pairing new skill sets and souple models with powerful tools and specialized expertise that support your organization’s agility, security, efficiency, and growth.
The Right Processes, the Right Tech
The regions and sectors vary, but transforming into a future-ready state through insight-driven FinOps that represent quality assurance, continuity, security, and resilience always means pairing optimal skills plus processes with optimal technology.
Organizations in four industries recently introduced external FinOps expertise to enhance their electronic transformation. Here’s how they did it.
Electronics: Efficiency and Effectiveness
One leading worldwide manufacturer of consumer and professional electronics needed to simplify its costly FinOps, which covered more than 40 countries plus supported 15 languages.
The manufacturer struggled with an extended close period and delays within overdue collections. Its FinOps partner’s expertise helped it create centers of excellence, digital technologies enablement, plus process superiority, supporting these variables with a closing cockpit platform, a collection tool, and analytics.
Using these improvements, the company consolidated the FinOps in three countries, improved dispute resolution, plus reinforced its policies, reducing its days sales outstanding (DSO) by six times and cutting its near calendar from six days to two.
Consumer Goods: Standardization
Reeling under the switch to remote work and with an uncertain recovery ahead, a global consumer goods and services leader based within North America determined its FinOps processes were due for a refresh in procure-to-pay (P2P), record-to-report (R2R), product costing, plus inventory management.
Lacking experience in managing a complex, large-scale virtual transition with legacy infrastructure, the organization collaborated having an outside expert. Its partner helped its full changeover to remote FinOps in stages to keep processes stable, reviewing the legacy processes and evaluating and identifying high-risk process areas in the remote-work environment.
This partnership helped the business manage many factors associated with coordinating governance, product delivery, workforce collaboration, IT and connectivity, plus enterprise resource management training across more than 160 markets where it has a presence.
Risk Advisory: Compliance through Insights
A leading risk advisory company moved to analyze its journal entries by partnering with a good outside professional to address FinOps challenges, such as effectiveness by peak load balancing, deep dives into abnormal transactions, and enhanced automation potential.
Collaborating with the partner in order to deploy an advanced statistical algorithm, the company analyzed a lot more than 5 million journal records to identify abnormal transactions so it could improve compliance, flatten maximum load curves, balance loads for an efficient approval procedure, and rationalize the chart of accounts, including cost center hierarchy.
Airline: Freeing Cash Flow
A leading airline sought to analyze its payables process therefore it can identify opportunities to improve cash flow. The airline partnered along with an outside expert to assist it confront several FinOps challenges, including early payments, multiple payment terms, plus financial leakage.
Collaborating with its partner to deploy an advanced statistical algorithm to analyze its payables process, the particular company identified more than $200 mil in early obligations, financial seapage due to multiple pay terms, and vendor and conformity issues. The particular deep-dive analytics helped the company free $53 million of income and reduce DPO simply by six times.
The WNS Difference
To build insights-led digital FinOps with the particular fullest potential to unlock sustainable development and future-ready agility, your organization needs a partner in business process administration with the digital and analytics experience to help you apply strategic data-driven processes, intelligent technologies, plus innovative operating models that will can help your organization edge out competitors and manage an unpredictable future.
More than 110 organizations have chosen WNS to collaborate on achieving more future-ready FinOps by using strategic data and analytics processes, smart technologies, and global shipping models. WNS’ forward-looking CFO-oriented offerings, which includes finance in a box plus quote-to-sustain technology—which help organizations revamp traditional and siloed order-to-cash, R2R, P2P, and more—are helping organizations achieve their future-forward transformation via FinOps.
Learn a lot more about how partnering with WNS can help your organization find greater growth possible with more future-ready FinOps.
Krishnan Raghunathan serves as the particular Head of Finance & Accounting (F& A) Services at WNS.
