After years of defensive strategies, CFOs are squarely focused on helping grow their business. Most CFOs say that helping their business develop strategies for growth is a top priority, per Accenture. To accomplish this, CFOs must partner with management teams across the organization to align everyone in achieving the same goals. Supporting technology, often including the core enterprise systems, play a key role in the ability to achieve these goals. Because of this, the IT leadership team becomes a vital partner in executing initiatives related to overall company strategies outlined by the CFO.
Controlling Outbound Cash Flows Begins with Automation
To achieve growth, CFOs will need to get better control of their outbound cash flows.
- 69% of CFOs say they need better control over their working capital.
- Most businesses have visibility into only half of their enterprise spending.
- 45% of CFOs say they cannot readily access accounts payable data.
These statistics from the Institute of Finance and Management (IOFM) paint a sobering picture for CFOs who want to harness outbound cash flows to help drive corporate growth and profitability. The statistics drive home the point that businesses will never achieve strong control over their cash without automating the invoice processes that feed their enterprise resource planning (ERP) system.
Poor control over outbound cash flows negatively impacts:
- Budgeting, forecasting and planning
- Cash management
- Payment strategies
- Supplier relationships
Regardless of the ERP you use, in a manual or semi-automated invoice processing environment:
- Key information is not captured
- Data is poorly organized
- Information is not available to the ERP in a timely manner
- Systems and processes are poorly integrated
- Decision-makers cannot access key variables
Financial Visibility is Critical
81% of accounts payable professions describe financial visibility as “critical” or “important” to controlling their cash, the Institute of Finance and Management (IOFM) reports.
For example, automating the invoice processes that sit in front of your JD Edwards system provides businesses with greater control over their outbound cash flows. By leveraging OCR for data extraction, workflow, and deep integration with JD Edwards you enable visibility and collaboration never before possible. Data is organized, timely, and easier to access and documents are organized and available within transaction screens via Cafe One.
Achieving 360-Degree Views with Dashboards
Configurable dashboards track accruals and other information in real-time, enabling CFOs to quickly access the data they need to accurately predict their cash needs. And data can be pulled in from other systems, providing a 360-degree view of outbound cash flows. CFOs also can drill-down into data and instantly access key metrics such as the volume of invoices out for approval, the dollar amount of invoices in each stage of processing, and invoice data by month, supplier, and type of invoice.
Integrating an automated invoice processing solution with JD Edwards provides two-way data integration to help ensure that data on outbound cash flows is synchronized in both systems.
The insights provided by JD Edwards, made even more powerful if you are leveraging One View Reporting, and a tightly integrated automated invoice processing solution such as the one from Canon Information and Imaging Solutions (CIIS) puts unprecedented control into the hands of CFOs to manage their organization’s outbound cash flows. At a time when CFOs and CIO’s are looking for ways to help their organization grow, this control over cash flows is critical.
Automation for JD Edwards Customers
For JD Edwards customers, most if not all the activities related to Source to Settle, Procure to Pay and Order to Cash can be performed using standard JD Edwards modules, which provides an excellent opportunity for automation by leveraging the appropriate tools.
Circular Edge has partnered with Canon to help customers extend their AP Automation solution with a blend of process automation tools including AtomIQ and JDESign, standard ERP modules and integrated platforms.
By managing and minimizing uncontrolled spending, companies can put their valuable money resources to a higher-valued use and realize the benefits of standardized and automated processes. Leveraging a common set of accurate information within the JD Edwards ERP system can also help alleviate manual data entry and errors and reduce processing time using highly automated business applications. For example, Procurement Management benefits from real-time access to key procurement metrics via analytics, interactive dashboards, notifications and exception watchlists that highlight items needing attention.
This guest post is brought to you in collaboration with Circular Edge’s Partner Canon Information & Imaging Solutions. Interested in learning more about the key metrics across your payables process? Download CIIS’s sponsored white paper: “6 Most Important Metrics to a Winning Business Case for AP Automation”.
About Canon Information and Imaging Solutions, Inc.
Canon Information and Imaging Solutions, Inc. (CIIS), a wholly owned subsidiary of Canon U.S.A., Inc., brings together Canon’s world-class imaging technologies and information management expertise to assist organizations in achieving their digital transformation objectives. With a focus on innovation, CIIS’s software development and solutions delivery capabilities scale across several practice areas: Business Process Automation – including Procure-to-Pay & Order-to-Cash automation, Document Solutions, Information Management Services with a focus on content capture, management and collaboration, and Security and Infrastructure Management. With expertise in emerging technologies such as artificial intelligence, machine learning, and big data analytics, CIIS deploys its solutions in partnership with leading technology providers and offers comprehensive consulting and professional services that are trusted by organizations of all sizes. Additional information about the company, its programs and mission can be found at ciis.canon.com.
A Guide to Automation: Source to Settle (CE Blog)
A Guide to Automation: Month-End Close (CE Blog)
eSignature & Digital Transaction Automation (CE Demo Replay)
RPA & Business Process Automation with AtomIQ (CE Demo Replay)
Related CE Product & Service Innovations:
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AtomIQ: Business Process Automation in JDE
JDESign: Digitize Your JD Edwards with eSignatures