The second session of Lunch Connect series ‘Let’s Talk R2R!’ was held by Monstar Club in collaboration with AGOS Asia. This engaging session over lunch time aims to bring together finance and shared service professionals over a casual platform to discuss day-to-day Finance & Shared Services issues.
Our theme for the day was R2R (Record to Report) and a few key takeaway points noted were:
- AI and data analytics is the next big thing! - Aha Moments:
- AI can help by providing “What If” analysis in terms of working capital, capturing transactions from ERP and providing options to increase working capital (e.g. specific vendors which payment terms can be negotiated)
- The Microsoft PSR (Problem Steps Recorder) works like a WONDER especially in documenting work instructions. It is used to record actions taken by a user on his/her computer before being shared with another person assisting with the troubleshooting.
- The much-dreaded monthly closing process can be automated by linking all requirements (P2P, O2C) to an AI (artificial intelligence) tool; allowing it to run in the background
- If you are ever interested in automating your company’s processes, always be patient and take baby steps! Start with standardising all processes before simplifying them
- Businesses should start looking towards business intelligence and data analytics tools to interpret their performances. Data never lies!
Looking forward to future engaging session where we will be looking at “How do Finance and FSS professionals identify opportunities for automation- across all layer of the organisation. A powerful methodology, tool and ultimately, culture to have!
For those who missed out on our second session, fret not as we are working on organising our next Lunch Connect. So, let us know which areas you would like to know more about and we will try our very best to address them in future sessions.