5 Keys to your R2R Automation Business Case

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Editor Coda
Oct 5, 2016

Whether your company makes millions or billions in revenue, the prospect of having to manage all that money in error-prone spreadsheets should be enough to get the C-suite thinking about R2R automation.

But what are the specific benefits of R2R automation that help make the case for implementation and transform the reconciliation process? 

It’s crucial when building your business case to consider the priorities of all your key stakeholders, from the C-suite to operational staff, and tailor your communications accordingly. These 5 key benefits of R2R automation are a good place to start.

  1. Reduced reconciliation time. In a webinar, we learned how digitizing the reconciliation process helped Lloyd’s Register shorten the cycle from 10+ days to between 4-6 days. For your CFO, this metric demonstrates a clear opportunity to cut costs, while for operational staff it’s an opportunity to simplify the process, making their work easier and quicker, allowing them to move onto more rewarding, challenging work.
  2. Increased time for value-adding activities. Taking staff away from manual creation of spreadsheets, photocopying etc., not only leads to immediate cost-savings but can also create time for more value-adding analytical work, where staff can identify more potential opportunities for savings.
  3. Better control framework. Through standardization and workflows, automation encourages compliance and helps ensure much greater controls for each step of the process. Digital audit trails also allow staff to retrieve information easily and provide statements for audits.
  4. Mobile and multi-site access. Some solutions offer online approval capability. For organizations with multiple sites across multiple regions, this increases visibility of where data stands in the process, from preparation to review.
  5. Reduced risk. Removing reliance on spreadsheets and decreasing the need for manual intervention will improve the accuracy of data. Processing data through a single automated system can also improve communication between departments, connecting the necessary stakeholders to reduce the “siloed” approach that can plague R2R teams.

These are just some factors to consider for your business case. Many members of our R2R community have first-hand experience of building the business case for R2R automation, scoping requirements, and the challenges of implementation.

If you’re looking to implement R2R automation or see how you can derive more value from your current solution, join the conversation on socialspace, where your peers are sharing their success stories and key learnings.

 

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