CFOs worldwide are looking to consolidate, standardize, and automate core business processes. They have intensified their focus on margin growth, working capital management, regulatory compliance, and proactive risk mitigation. 'Touchless and Intelligent F&A' will play a key role in achieving this and making the CFO function more agile.
Each of the levers required for 'Touchless and Intelligent' processes are already in place. The key to success will lie in the convergence of automation, analytics, platforms, tools, and solution accelerators. We have already started interconnecting these levers, and with cognitive intelligence, the vision of 'Touchless and Intelligent F&A' will become a reality in the immediate future.
Implementing cognitive intelligence in business process services is key to this vision. With our capabilities in this space, we have already started making head way in turning this into a reality. The other crucial element will be changing the way we think. We need to start thinking of automation as 'A Way of Life' for minimizing and eliminating transactions. This will help add value beyond transaction volume for our customers.
Customers are willing to embark on this journey but as with all new initiatives, they have their set of reservations. As a partner, it is our role to guide them through this journey by educating them, assessing the risks involved, and providing a transparent environment.
As processes become 'Touchless and Intelligent’, they will generate a significant amount of information and insights. The F&A ecosystem will need to use and analyze this information to create value for its customers. Such an ecosystem will reinforce our ValueBPS™ philosophy that we as partners deliver to our customers.
We believe this is the next level of disruption and will essentially challenge the paradigm of 'Transactions equals FTEs equals Revenue'. In the future, service providers’ revenue and margins will come from eliminating transactions rather than from adding transactions.