Yes, it is still 2022 and naturally the topsy turvy world we live in causes one to take stock of "what does good look like?" In finance today, one area that is getting more attention to detail is a focus on process mining for increased efficiency. In many respects, this entails an exercise to connect the dots from the person in the job to the vast sea of automation tools now available. Our CFOs are investigating efforts to apply newer process mining tools to basic finance operations to shrink the cash cycle and reduce the overall cost of finance.
Upon reflection, the ERP systems that we all work with have not yet eliminated the last excel spreadsheet.. manual workarounds... or humans as mitigating controls. Enter the newer process mining tools to connect the bots and reduce the waste. Many R&D dollars are being invested to perfect the process. Old school pain point mapping has not been retired; they just came back with a couple of bots and lots of AI widgets.
Process mining, although still in an exploratory stage, can yield gains across many functions and industries, according to technology experts. In finance, it can streamline controls and help identify irregularities such as any purchases made outside an established procurement process.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
