by Navin Gupta, on Apr 28, 2022 7:02:05 PM
Estimated reading time: 3 mins
Key takeaways from the blog:- Cloud Edge F&A applications allow seamless collaboration with vendors, customers, and partners.
- They create a significant impact on user experience across all levels.
- They accelerate digital transformation, lower operational costs, and pave the way for supply chain penetration and growth.
As Big Technology companies, such as Google, Amazon, and Netflix, set the agility and user experience trends to influence the common person, global enterprises have to seek new ways to engage with vendors and customers. Finance and Accounting (F&A) Operations have to be agile and offer seamless user experience to the end users for business sustenance and growth. Cloud Native operational synergies cut through these market requirements.
Dynamic markets demand Edge hosted Cloud F&A applications
The dynamic business scenarios demand Edge hosted Cloud F&A platforms and operations. As businesses require seamless collaboration with vendors, customers, and business partners, agile F&A platforms are the mandate. These same platforms pave the way for backward and forward integration in a futuristic scenario.
The business requirement to optimize resources and plan business expansions so also to lower capital expenditures and improve cash flows implores enterprises to accelerate their digital transformation. Edge hosted Cloud F&A applications enable enterprises to achieve these desired targets at an accelerated pace.
What is F&A BPaaS?
Finance and Accounting operations Business Process as a Service (F&A BPaaS) is Cloud Native environment hosted business operation that managed service providers deliver. The paradigm allows adopting selective Cloud-hosted F&A managed service operations and eventually graduating to the full spectrum.
The operations are usually Edge-hosted or hosted at the point of central management. The paradigm allows the enterprise to support operations across branches and satellites. It not only simplifies but also amplifies user experience across all levels.
The model allows to reap the benefits of scale, improve efficiency, and optimize operational costs. It allows to strategically position the enterprise as a global growth engine and drive supply chain penetration. This integration of people-processes-technology strengthens back-office operations, improves real time visibility across a wide array of key process indicators, and improves risk management operations in an agile environment.
Advantages of Cloud-hosted F&A BPaaS paradigm
The paradigm delivers enterprise-grade benefits naturally accrued in the Cloud Native environment to business users –- Time to Value: With a highly agile approach, the paradigm enables faster Time to Market through quick implementation and delivery. It offers a suitable environment for business growth and expansion.
- Total Cost of Ownership: It significantly lowers the TCO and capital expenditure and ensures cost savings by migrating to the OpEx model.
- Enhanced user experience: Being hosted at the Edge ensures lower power consumption and computing resources. It translates into speed and an elevated user experience. It further adds to the cost-efficiency of the model, ensuring quick RoI.
- Improved process efficiency: It improves computing power and efficiency across each touchpoint, thus adding to the fast processing and improved user experience across all levels.
- Visibility: The faster processing aggregates the value from near-real data visibility of the on-premise model to real time visibility offered by the Cloud-hosted F&A BPaaS model.
- Integration with core systems and compliance systems: It facilitates integration with core enterprise systems as well as third party compliance systems, related to state regulatory operations and Cloud-enabled global taxation tools.
Cloud-hosted F&A BPaaS – Important use cases
Here is a compilation of some important F&A BPaaS use cases for immediate RoI –
- Order booking, fulfillment, and management (O2C): Facilitate omnichannel order booking and order management in dynamic business environments that cuts through multiple departments.
- Procurement automation (P2P): Institutionalize systematic progression of the process from Purchase Order initiation to Procurement to Payments initiated by the Accounts Payable department for availing early payment discounts.
- Record to Report automation (R2R): Implement a centralized data management system that facilitates quick report generation for real time KPI visibility.
- Vendor Management: Host a Cloud-based vendor management system that facilitates the processes from Master Data Management through Vendor Payment.
- Payroll processing: Implement Cloud-hosted payroll processing systems for seamless access and management.
- Taxation and Compliance: Integrate with global taxation and compliance tools for faster processing, risk, and compliance management.
Simply put
Cloud Edge F&A applications and services delivered as F&A BPaaS amplify user experience across vendor, customer, and partner communities. The paradigm strengthens back-office operations and facilitates global operations. It enables enterprises to drive synergies at scale and create sustainable environments for growth, expansion, and market penetration.
