CFOs don’t have a comprehensive view of the key business metrics as data is spread across multiple systems. This lack of insight hamstrings efforts to address overlapping and ongoing financial pressures today – supply chain issues, inflation, and a labor shortage. The pandemic currently driving these challenges will eventually end. The need for accurate, real-time insight into financial processes will not.
The Doculabs’ CFO Report Card provides an “X-ray” of your finance processes. You will be able to identify improvements needed and opportunities to increase value, as well as where to prioritize for quick, real-time improvements to processes.
In my four previous articles, we explained the critical role process mining plays in identifying how financial processes are working and how they can be streamlined. To refresh your memory, or to read them for the first time, here they are:
- Is Process Mining the Answer to CFO’s Inflation, Supply Chain, and Labor Shortage Fears?
- Close Your Accounts Receivables Execution Gap With Process Mining
- How Process Mining Can Streamline Procurement Processes to Fight Today’s (and Tomorrow’s) Economic Pressures
- Process Mining Identifies Waste in Your Inventory Management
How We Create Your X-Ray
While we wish we could don a pair of X-ray glasses and see through your business processes like Superman, the process isn’t quite as exciting – thought the results are. However, from a technology perspective, it’s almost that straightforward. By analyzing data from event logs, process mining reveals how your business processes are performing.
We deliver a CFO Execution Improvement Report based on these three deliverables:
- A diagnostic for execution management across core Finance functions (report-to-close, accounts payable, accounts receivable, etc.)
- Identify the core functionality of the Celonis execution management system that best fits the Finance department
- Summary report of key recommendations for process improvement
We have created a repeatable process that we use, working closely with each client, to quickly create an X-Ray. This isn’t a year-long effort, after which you are left with bland directives. We use your data to quickly identify and analyze weaknesses in your financial processes. Then we provide a path for you to fix those weaknesses.
6 Weeks to Your X-Ray
Our CFO X-ray begins with a six-week plan (we build in flexibility just in case, but we make every effort to wrap these projects within eight weeks).
The Goal-Setting Workshop launches the project to establish clear, achievable goals. During the workshop, we gather the CFO and process owner from the client with our project team. Together we:
- Discuss current management initiatives and process pain points
- Identify relevant key stakeholders and decision makers
- Define crucial strategic and success criteria
- Choose processes for assessment
The first two weeks are spent in the Project Preparation stage:
- Identify the data set to be used in the assessment
- First glance into process analysis and user training
- Schedule workshops and meetings for the second phase of the project
- Choose 3 to 5 key transformation metrics for detail analysis and performance acceleration
- Get information security approval to transfer activity data
The heart of the project, the Process Mining Analysis, takes place in weeks three through five. Activities during this phase include:
- Discovery and validation of root-causes of process slippage
- Enhancement: Action Engine skills and workflows for process enhancement
- Monitoring: Calculate business impact
- Review operating model options
- Discuss rollout concept and scale-out plan
The final step is the delivery of your X-ray. We present the results of our findings and recommendations in an executive meeting, along with the projected positive impact on your business.
Results and ROI
Results and return on investment will, of course, vary by company and implementation. That said, we have seen process mining implementations deliver tremendous value to clients. Here is a sampling of benefits enjoyed by our clients:
- 60% reduction in past-due receivables in nine months
- Savings of 20 to 30% of FTE effort
- Perfect PO improvement to 96%
- Identified $29 million in savings, with disputed invoices as a key opportunity
- 75% reduction in maverick buying
We have designed these “X-rays” to kickstart the use of process mining in companies. We’ve found many companies interested in applying process mining to their processes, but unclear on where and how to get started.
With our CFO Report Card, we’ll quickly identify how your business can benefit from process mining and provide you the path to doing so.
What are you waiting for? Contact Doculabs today.
Doculabs is one of many implementation partners of Celonis. While we may have established ourselves in the Celonis ecosystem, we won 2021 Celonis Americas Partner of the Year and are a Platinum Celonis Services Partner, we strive to continually distinguish ourselves from our competitors. The below is a list of internal initiatives Doculabs promotes to help bring value to our clients:
- Doculabs Accelerators: we have a dedicated tech team we use to build tools that can accelerate time to value.
- Doculabs Educators: we commit fully to giving your business and IT teams all the tools they need to find value using Celonis.
- Doculabs Developers: no process is too complex. We pride ourselves on tackling the most complex projects Celonis has to offer. Doculabs is unique among implementation partners in that we identified early the need for highly technical resources. Other implementation partners are simply focused on finding value and getting the next contract, we are focused on creating the tools and applications your business needs to fully realize all the value process mining can offer.
Get in Line for Your X-ray Today
The sooner you begin, the sooner you’ll begin closing your financial process execution gaps. Doculabs can help you use process mining to delve into your data so you know where you need to improve now and where you can create value in the future.
With a focus on time to value, you can use our “CFO Report Card” to quickly identify weaknesses in your procurement, accounts payable, and other financial processes and begin to implement more effective business processes.
Remember, our X-ray of your current data and the combination of Doculabs’ industry expertise and Celonis process mining will:
Diagnose how well core processes such as procurement are performing
Provide an executive summary report that will include process improvement recommendations to budget for 2022.
Ready to see what your “grades” are?