Moreover, the technology investment roadmaps of Superheroes reveal their determination to keep building out their data capability—74% of Superheroes are adopting analytics and big data tools, for example, compared to the Aspirant average of just 53%.
What makes data so powerful? Consider Cognizant’s recent partnership with a European automaker looking for greater clarity in their finance function. Recognizing that their existing ERP system failed to generate information efficiently, Cognizant devised a solution including the creation of a Smart Audit tool, powered by machine learning, to increase efficiency, reduce sampling, and improve risk coverage. Crucially, the solution also included a C-Level executive dashboard to provide a multidimensional view of F&A business metrics. The result? Over 80% open aging items reconciled, 99.9% improved risk coverage of AP records, and an estimated $500 million in business value delivered.
In this instance, crucially, the partnership with Cognizant was an ongoing engagement. Because the automaker’s businesses processes had increased in complexity, Cognizant stayed involved throughout the adjustment process letting us promptly address any “teething troubles” as they arose. When the automaker’s centralized ERP system failed to generate information efficiently, for instance, we proposed improving key internal accounting processes using our OneFinance program to review existing non-standardized workstreams and develop a best practice template for each workstream. These templates would be adopted globally and interoperate seamlessly with SAP, the ubiquitous ERP software. Partnering with the company’s procurement teams, we defined strategies, framed an operating model, then developed a process to address variances in systems and processes for each country. In short, by playing a vital role in running the operations of the company, and facilitating the gathering, sharing and free flow of data, Cognizant was well placed to help them ascend from the aspiring ranks of mere mortals, at pace and at scale, and finally don the cape of the modern finance Superhero.
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This article was written by Juan Diaz, Head of Digital Finance BPO UK&I in Cognizant’s Intuitive Operations and Automation practice.