LONDON, December 17, 2013 /PRNewswire/ --
Board-level demand for increased financial transparency is driving a more integrated approach to transaction management according to the Aberdeen Group, which has today released findings from its 'Transaction Management Priorities' study in collaboration with Spendvision.
The study, which was conducted in association with transaction management specialist Spendvision, offers insights, analysis and best practice guidance on how to reduce costs and increase control in the transaction process.
Of the 200 executives that took part in Aberdeen Group's research, 62% saw the need for faster access to accurate financial data as one of the key drivers for improving their current financial management processes. Thirty-one percent of respondents saw a more holistic approach to transaction management as key to sustaining growth, while nearly a quarter (23%) cited the need to ensure compliance to both the internal and external regulatory environment.
Aberdeen Group identified a number of characteristics shared among businesses it considered 'Best-in-Class' in terms of addressing these market drivers, including:
- 58% more likely to foster a collaborative work environment across different departments, keeping errors in check and ensuring compliance
- 112% more likely to embrace automation of key workflows and sub-processes by minimizing manual intervention
- 133% more likely to put in place automated exception notifications as they occur
Best in class companies reported 96% accuracy of financial reports, versus the industry average of 86% accuracy. The same group also reported a 17% increase in operating cash-flow over the past year, versus the 4% average increase across all respondents.
Shane Bruhns, CEO of Spendvision, said: "Getting the transaction journey right can yield significant benefits, both in terms of control and operational efficiency. It's no wonder then that the issue is increasingly driven by senior executives looking for greater financial transparency and timely access to actionable intelligence that will help inform bottom line business decisions.
"Executives are also seeing integrated transaction management as an effective way to avoid unnecessary losses due to non-compliance. The best performing organisations have strong policies and procedures in place to scrutinise payments and ensure processes are adhered to. Many of the lessons learned during the economic downturn, are now simply best-practice, but there remains a hardcore of organisations who still have no policies in place to monitor the payments process."
The Aberdeen report revealed a series of contrasts between the best performing companies identified as Leaders and those identified as Followers
A copy of the full report, including advice for businesses looking to address their financial management process, is available at: http://bit.ly/1gc7RnZ
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