Finance professionals play a vital role in driving business growth and strategy but many businesses underutilize finance resources because they are overloaded with inefficient finance processes.
Here are a few suggestions for how to measure ROI and effectiveness of your critical processes:
- Define all your critical process and gain a clear understanding of how they impact your resources.
- Document each step of the process including all related activities and who is doing what—visualizations and diagrams are often helpful.
- Estimate and allocate a timeline for each step and person involved.
- Benchmark the defined process data versus the actual activities over a month.
- Draw data-driven conclusions: if ROI is satisfactory keep doing what we are doing, if the process needs improvement consider automation.
Your critical processes are the lifelines of your business and any blockages cost you money. Contact us today to learn how we can help and data proof your finance process with StringData.
