You would be amazed at how many large corporates rely on teams of people, and an expanding list of complicated and inter-connected spreadsheets, to run key financial operational tasks, and to meet corporate & regulatory reporting requirements.
This is even more true in businesses that have either rapidly outgrown the capacity of their original operating systems or inherited multiple systems through acquisitions. Up until recently this process of reliance on spreadsheets has been recognised as inefficient, but not a sufficient pain point to take action.
For many corporates, the recent Covid-19 crisis has highlighted the requirement for their organisation to be able to operate at scale, with a remote workforce, and for their key operational and financial processes to be robust and automated. In addition, as companies increasingly move to a digital model for distribution and customer engagement, they can only effectively service these customer needs if the mid and back-office processes are aligned with the new product, service, and pricing requirements the digital front-end demands. You don’t want to put Digital lipstick on an Analogue pig.
At Fennech we are seeing more and more instances where the spreadsheet operating model is no longer fit for purpose, either to cope with the speed and scale of change in supporting a truly digitalised business, or in providing the management team with the provision of key MI promptly.
The right approach to reduce reliance on the expertise in people’s heads, and the calculations within an Excel Macro, is to migrate to a truly digitalised and automated development and processing platform such as Fennech’s Financial Framework (F3). On F3 you can capture the key rules that govern how you want your financial processes to run, and our digital contracts and Machine Learning will automate your requirements at speed and scale.
Its time to put the spreadsheet to bed and to digitalise and automate your finance operations.
Written by Max Pell
