Introduction Excitement about potential savings might be enough to get funding for a small RPA pilot; however, when an implementation requires licensing for Bots plus consulting fees for project assistance, the costs can quickly become significant. Knowing that a small pilot without a clear plan will likely fail, how do you approach building a business […]
Introduction In the United States, the Escheatment process, also commonly known as the Unclaimed Property process, consists of turning over unclaimed or abandoned checks, whose owners cannot be traced, to state authority. Every company is required to file unclaimed property reports with states annually and to make a good-faith effort to find the owners of […]
Introduction Even though Optical Character Recognition (OCR) technology has been readily available for several decades now, a significant number of the major companies in the world do not currently utilize it. With the recent advances in this technology, which have increased its capabilities to correctly interpret and translate information to a digital format, OCR has […]
Introduction Applying advanced technology solutions to overly complicated and non-standard processes makes implementation more difficult, reduces the benefit, and complicates process improvement efforts by requiring modifications that require carefully coordinated changes in procedures and technology. While there is almost always more that can be improved upon, having a base level of stability and standardization, with […]
Introduction While everyone is familiar with Automatic Call Distribution systems that support the routing of incoming calls to the right agent based on answers to predefined setup questions, the use of “Chatbots” is a more advanced technology solution that ups the ante by automating via software programs much of the interaction related to a customer […]
Introduction In a world full of misinformation and hype, where the latest breakthrough that shows promise receives all the attention from conference providers and consultants, many are beginning to recognize that the benefits of Intelligent Automation are actually tangible and real. Unfortunately, this truth fuels even more hype and misinformation as every potential player who […]
Introduction With its close ties to the Sales organization at most major companies, the Credit function organizational alignment can be found aligned with a variety of organizations, including Corporate Finance, Business Unit Finance, Treasury, Sales Administration, and Shared Services, to name just a few. While the trend in recent years has been for Credit to […]
Introduction The use of Purchasing Cards for the acquisition of low-cost non-inventory items has been a leading practice for decades, with median performance for indirect purchasing volume using Purchasing Cards at 10%, with the mid-point of Q1 performance approaching 40% of indirect purchasing volume. While many companies have achieved significant penetration, others continue to work […]
Introduction Since the 1980s, when considering improvements to the Accounts Payable process, companies around the world successfully deployed solutions that evaluate Accounts Payable as one component of the Procure-to-Pay process. This yielded improved efficiencies between functional areas and often eliminated the need for invoices entirely with pay-on-receipt processes. However, when it comes to making the […]
Introduction Developing the capability to properly allocate costs related to Shared Services activities to the operating units can be a challenging task, but one that can provide a number of long-term benefits to both Shared Services and its internal customers. There are a variety of ways to accomplish this, each with its advantages and disadvantages. […]