The world has experienced a digital revolution and businesses, operating models are changing with it at a rapid pace. Businesses need to keep abreast of the same and be aware of the opportunities and challenges that arise. Moreover, the pandemic has added its own challenges and learnings that need to be taken into account. A business is mostly made up of people + solutions and when they are connected (digital brain + human brain) they come to life…
The promise and peril of a digital future, for example, the rise and fall of dot.com, the emergence of social media and new technologies such as AI/ML, Cloud, Blockchain and the IOT, have all converged. This convergence has coincided with the evolution of the next generation of customers and employees who are aware of these changes and whose expectations go beyond sustainability, to the creation of value. They expect intuitive decisions (predictive and prescriptive), a responsive value chain, zero latency (instant simulation and micro-feedback), and finally, greater experiences.
In short, data is crucial to establishing a human-based corporate culture. A business is made up of people (hhuman brain) and when connected to systems and platforms (Ddigital brain) in an ecosystem, they detect and produce signals. A series of these signals become learnings and help build solutions that can enable organizations to be live businesses.
Building a live business for financial organizations is based on the following five pillars:
Infosys Live Enterprise for Accounts Payable, for example, has enabled the process cycle to sense, learn and adapt and be always connected, taking experience and throughput to the next level. Setting up a cloud platform for a telecom provider gave us compelling results, with 7 ERPs connecting 500 users in 42 countries, processing 400,000 transactions worth $80 billion. The same applies to O2C, the Live Enterprise suite’s ability to predict the future and evolve strategies has had a positive impact on the collection process.
Our platform on O2C for CFOs, ERP management, customer behavior mapping from voice software, credit score monitoring, etc., which enables and evolves collection strategy based on AI, is a step towards becoming truly alive as an organization. The agility and rapid decision-making facilitated by Infosys Live Enterprise also helped us deploy over 500 Bots for a major customer, in 18 months, while leveraging reusable components (microbot stables/AI Lego blocks). Likewise, the ability to use AI to detect patterns that emerge from processing has helped build preventive compliance.
A survey of senior executives and finance and accounting professionals commissioned by automation software firm BlackLine found that less than 30% of respondents are confident that the financial data they use to financial analysis and forecasts are accurate. The majority of respondents also pointed out that the lack of visibility and access to real-time data can impact a company’s ability to respond effectively to volatile market changes and manage strategy and business continuity. ‘business. More than 40% of business leaders said they are placing more emphasis on financial scenario planning and stress testing to deal with the impacts of COVID-19. Because the source of this crucial data is the finance function, CFOs and their teams are increasingly taking on a more central role in executing market strategy and an organization’s financial planning.
Essentially, Live Enterprise delivers value beyond sustainability by making a CFO organization an adaptive, forward-looking organization, a nerve center connecting internal and external stakeholders and providing real-time view finance in a highly compliant environment. And when those dots connect to aggregate into an improved Net Promoter Score, Live Enterprise’s potential for finance is truly realized.