Workflow Automation for Finance Teams
Toni Buffa
Finance teams should be focused on ensuring compliance and consistent ROI across an organization’s many divisions. Finance automation can immediately improve workflows for finance departments and positively impact the efficiency and accuracy of all finance processes.
In the finance industry, accuracy is crucial. Numerous internal and external transactions need to be 100% accurate. If your organization still uses manual processes, you are already one step behind the competition. Better workflows are achieved by shifting to automation. This blog will cover three reasons why the finance industry needs to embrace the transition to automation.
Streamlining Operations and Increasing Efficiency
You are wasting your finance team’s time if you still use paper, fax, or email for requests and approvals. For example, CapEx requests are often handled manually and inefficiently. This process demands timely attention and drives core business functions.
All finance processes are streamlined when automated, and barriers are removed to run a high-performing organization. When processes are streamlined and standardized, workflows will avoid errors, speed up approval time and increase efficiency.
“Thanks to the Nutrient Workflow platform, we were able to eliminate our old paper-based sign-off system for CAPEX. Our review and approval process has been greatly improved, plus, it keeps a record of the activity so we can reduce room for mistakes.”
– Paul Proano, CFO Latin America, Red Bull.
Enhancing Risk Management and Compliance
The compliance function is responsible for ensuring that the company’s policies and procedures are designed to comply with applicable laws and regulations and ensuring that those policies and practices are followed.
Whether you need to comply with Sarbanes-Oxley, ISO Standards, the Gramm-Leach-Bliley Act, HIPAA, SEC, FINRA, OCC, internal security protocols, incident management, or any other process compliance requirements, workflow automation allows you to build compliance workflows that provide a safety net for your organization.
Improving Customer Experience and Engagement
With less time spent on inefficient operations, organizations can focus on more critical tasks that delight and engage customers. Better products, designed and produced well, mean more customer satisfaction and extended customer lifetime revenue.
Proficient Benefit Solutions Customer Testimonial
Andrew from Proficient Benefit Solutions talks about how Nutrient Workflow helped their organization become more efficient, what it was like before Nutrient Workflow, and what made them choose Nutrient Workflow.
Workflow Automation Examples from the Financial Industry
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Incident Management
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Process Audit Trails
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Contract Management
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Compliance Review
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Centralizing Processes Post-Merger
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New Customer Onboarding and Account Set-Up
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Employee Hiring and Offboarding
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Complaint Management
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Order Management
Case Studies
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Urban Partnership Bank
Toni Buffa
Toni is a member of the Nutrient Workflow marketing team and writes for the Nutrient Workflow blog. Toni lives in Colorado and loves animals of all stripes.
