Touchless and Intelligent F&A: The Digital Transformation of Finance

Welcome to a latest edition of Transpire. In this edition, we discuss how digitization is helping CFO’s reimagine their core functions, enabling them to make better decisions and develop stronger strategies.

Today, robotic process automation (RPA) and predictive analytics are the main driving forces powering an intelligent and touchless F&A ecosystem. Key attributes of this new finance function include speed, agility, and foresight. Finance professionals are the new change agents responsible for pushing value-driven initiatives and enabling sustainable growth. Breaking away from generalist roles, they have to offer insights on performance management, decision support, and business intelligence.

CFO priorities have evolved greatly and now include:

  • Exploring cloud technology to improve mobility in business processes to reduce total cost of ownership
  • Automating end-to-end processes for operational efficiency and effectiveness
  • Driving strategic initiatives for organizations with focus on cash flow improvement, revenue enhancement, and increased profitability

Our ValueBPS™ approach helps enterprises achieve significant and sustained business outcomes by leveraging our deep domain expertise and operations redesign methodologies such as FORE™. Our approach also encompasses robotic process automation (RPA), analytics and insights, our unique IT-BPS synergy, Business Process as a Service (BPaaS) models, and business process management (BPM).

These levers are integral in enabling ‘Touchless & Intelligent’ F&A functions. Automating processes, leveraging systemic controls, and embedding analytics will lead to ‘Touchless process-to-pay (P2P).’ Automation and analytics can help organizations deliver high quality products to the right customer, as required, with appropriate documentation. This enables seamless O2C value chain for delivering the 'perfect order'. Harnessing analytics to provide insights can also help identify and isolate issues early, enabling ‘predictive close’.

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‘Touchless P2P’, ‘perfect order,’ and ‘predictive close’ can effectively eliminate rework and exceptions, while boosting business impact by reducing the odd spend and wastage, and eliminating leakages. In this issue you can:

  • Explore how TCS BPS is helping clients deliver exceptional customer service and achieve sustainable growth across their value chain in Broader View.
  • Syed Rizvi, VP, and Head-Enterprise BPS, talks about the digital transformation of the F&A function, in the Building Blocks section.
  • Read our Thought Leadership articles to gain insights into innovative ways of tackling industry challenges.
  • Read about the bouquet of awards and accolades that TCS BPS has won in the last quarter. Leading analysts have recognized us as absolute leaders in various service lines – a testimony to our unwavering commitment and investments in strengthening our offerings and focusing on industry imperatives. More information in the Quick Bytes section.