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Automation, integration and smooth internal processes

It seems like madness that in most companies, functional departments such as finance, IT, sales and operations can be rigidly separated with their own targets, KPIs and systems.

They need to focus on their own specific function but they are essentially just pieces of a complicated jigsaw which cannot exist without the other teams and some form of effective collaboration.

This has additional complexities when you consider the role of third parties in this operational mix, particularly those concerning financial and payment processes and operations.

More often than not when we are speaking with the finance director or financial controller, they are the ones being tasked with steering the ship when addressing the role of legacy systems, directives and processes, as well as trying to streamline services within their department.

Integrators are an adept way of assimilating cross-functional systems which not only improve collaboration – effectively bringing departments together – they are also key in reducing costs, inaccuracies and ultimately improving the experience for employees and customers.

We have found that, while the finance bod maybe a specialist in their own field, able to describe why their systems and processes are flawed, most have no real insight into what technology is on the market and how it can best serve them through integration with legacy systems.

Integrator – Effecting change

The finance department’s responsibility – and therefore that of the wider business – is to ensure that its requirements are met without negatively impacting another. Therefore, bridging incompatible systems to seamlessly align with corporate strategy can be achieved by introducing a third party ‘one-stop-shop’, aligning itself with all involved to deliver a scalable, efficient, consolidated back-office systems.

“Suddenly the right arm knows what the left is doing and there hasn’t been a host of meetings taking key workers away from their day jobs to create it.“

The CMA (Competition and Markets Authority) has a desire for an online facility to be established, allowing SMEs to quickly see which bank is best suited to them; offering more transparency regarding charges and services. A compare and contrast site isn’t quite enough as businesses all have different and often complicated needs, so a sophisticated application allowing access to the company’s financial details will be required.

This would not be necessary if an integrator was a central element. In other words, an integrator would be able establish what the business needs now and in the future and pinpoint the precise bank products and service for the job. An integrator would also develop an advanced automated system that could effectively manage company cash flow, offer heightened transparency and plan in bank costs.

It would definitely be a far more cost-effective idea to use a third party for this particular requirement, especially as they are specialists in merging the needs of different business functions, integrating these into legacy systems with no downtime or security problems and adept at building scalable solutions which can be altered at the drop of the hat to suit the speed of change within a business.

With just one point of contact, a whole host of specialists could be on-hand, offering easier, more efficient solutions for employees and customers. In my opinion it doesn’t pay to go down any other route.

VIDEO - Anish Kapoor, CEO AccessPay, outlines the tech and business trends impacting corporates, and the ways they can respond to challenges that arise | Video by Finextra

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Anish Kapoor

Anish Kapoor

CEO

AccessPay

Member since

29 Oct

Location

Manchester

Blog posts

6

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2

More from Anish

This post is from a series of posts in the group:

Payments strategies 2015-2020-2030

Payments systems visions, strategies, trends, pilots, forecasting, and planning for the short-, medium-, and far-term.


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