To provide the client with further opportunities for cost savings, we analyzed the opportunity to utilize outsourcing for the transactional roles being centralized. We conducted a benchmark assessment of their various market operationsto identify areas of opportunity for cost and productivity improvement, in order to consider establishing a centralized Shared Services operation. AI-Driven Autonomous Solutions for Order to Cash, Treasury, & Accounting. Reduce Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. Available: Customer-to-Cash Solutions Provider Research. This website uses cookies to improve your experience while you navigate through the website. Traditional Efficiency metrics focus on the number of FTEs (full time equivalents) performing various tasks, comparing organizations based on their industry and revenue size. Sophisticated financial planning and analysis teams are beginning to create an end-to-end view of the data analytics process, which starts with data curation and ends with producing actionable insight. Factors that may impact such forward looking statements include without limitation, the ability of Hackett to effectively market its digital transformation and other consulting services, competition from other consulting and technology companies who may have or develop in the future, similar offerings, the commercial viability of Hackett and its services as well as other risk detailed in Hacketts reports filed with the United States Securities and Exchange Commission. Cookies used to generate an analysis of data/statistics of website performance and information about how visitors use the website. Our new research details how highly technology-enabled organizations are achieving new levels of peak performance, said The Hackett Group Vice President, Research Erik Dorr. data capture fees with HighRadius Cash Benchmarking your organization should focus on a number of different performance-based elements which can be summarized under the headings of Efficiency and Effectiveness. Session cookies used for website functionality and deleted when all the browser windows are closed. These cookies will be stored in your browser only with your consent. Philip King, FCMA, CGMA, ADGBS - Senior Director, GBS and Finance HighRadius Corporation An improve your net recovery rate. PDF Building a Top-Performing Customer-to-Cash Process Ledger Accounts through configurable Key deliverables: An executive summary that highlights key findings and recommendations Cookies used to check if the user has given consent to the usage of cookies. Digital transformation presents new opportunities to reduce costs and staffing levels and deliver a Quantum Leap in performance improvement. Benchmarking analysis is not a standalone activity, but serves as a significant data point, pointing you in the right direction and indicating IF and WHERE potential opportunities are available. PH: 954-236-4000, 500 7th Avenue Over the past decade, the cost gap between world class and peers has narrowed as peers caught up, reducing costs by 2.7% annually while costs at world-class finance organizations remained virtually unchanged. It includes an array, Amid unprecedented financial, demographic and geopolitical uncertainty, finance executives ranked their priorities for the coming, Finance executives shared their priorities and planned improvement initiatives for 2023, in our annual Key, What are the top issues and challenges facing CFOs in 2023? Cookies used to check if the user has given consent to the usage of cookies. day-zero close with close task and How Intuitive Surgical enabled successful SSC transformation with Cash Application automation. 200 Westlake Park Blvd. The effort required to achieve these results is significant. Cookies used to generate an analysis of data/statistics of website performance and information about how visitors use the website. To ensure the most secure and best overall experience on our website, we recommend the latest versions of, http://go.poweredbyhackett.com/findigwc2106sm. New analysis of our 2019 benchmark data finds that typical finance organizations (i.e., the "peer group") can achieve - or even surpass - world-class performance by fully optimizing their technology architecture. But new technologies allow many companies to fast-forward to Digital World Class levels of operational excellence and business value. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are as essential for the working of basic functionalities of the website. The Hackett Groups New Digital World Class Standards Raise the Bar on Finance Performance. More information on The Hackett Group is available at: www.thehackettgroup.com, info@thehackettgroup.com, or by calling (770) 225-3600. For General Accounting, the company was performing at almost 50% above the Median performer, but there are still opportunities to drive additional performance improvements in this function as well. How to Organize Your Finance Function. Digital World Class finance organizations are those that achieve top quartile performance in operational excellence and business value across an array of weighted metrics in The Hackett Groups comprehensive finance benchmark. The Hackett Group Improving the performance and utilization of shared service organizations. The cookie is used to store the user consent for the cookies in the category "Analytics". But opting out of some of these cookies may have an effect on your browsing experience. Get comprehensive workflows The levels of investment in systems and process automation tools in order to get you to the Top may not deliver enough benefits to warrant that investment. New Benchmark Study from The Hackett Group To Define World-Class Examples of quality-based Effectiveness metrics include the accuracy of invoice processing and payments for Accounts Payable; Days Sales Outstanding (DSO) for Accounts Receivable; and the number of days to close the books and produce financial reports for Accounting. But opting out of some of these cookies may have an effect on your browsing experience. Aligning finance strategy with broader enterprise strategy and increasing the finance organizations value to the business. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Follow us on LinkedIn to stay updated on our Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. Account Reconciliation by identifying Please enter the country from which you are operating, Please enterpercentage of time that you are devoting to one or more of these activities, (Process of posting cash receipts [Accounts Receivable] in the course of normal trade). Why should industry and revenue size matter? This release contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934, as amended. A process benchmarking exercise often leads an organization to more clearly understand and articulate its current processes, giving the organization a better grasp of its starting point as it considers potential change initiatives. Available: Customer-to-Cash Solutions Provider Research. Hackett: World-Class Finance Organizations Now Spend 36% Less, Operate However, because resource-strapped finance organizations continued to face high demand for their services within the enterprise, issues of finance strategy ranked high on CFOs minds. Global Business Services Benchmarking - The Hackett Group The Hackett Group (NASDAQ: HCKT) is an intellectual property-based strategic consultancy and leading enterprise benchmarking firm to global companies, offering digital transformation including . Available: Customer-to-Cash Solutions Provider Research. Leveraging the world's most comprehensive best practices benchmarking database, The Hackett Group provides clients with executive advisory programs as well as consulting for business transformation and process improvement initiatives. A process benchmarking exercise yields empirical data that can be invaluable in justifying a resource request or in building a powerful business case for process improvement initiatives. to manage your global portfolios. We offer expert offshoring and outsourcing consulting. The Hackett Group's comprehensive best practices benchmarking database, developed through more than 25,000 benchmarking engagements conducted with nearly 8,800 major companies around the world, including 97% of the Dow Jones Industrials, 93% of the Fortune 100, 73% of the DAX 40 and 52% of the FTSE 100. and self-serve payment portals. PDF Hackett Study: Building a Top-Performing Customer-to-Cash Process The Hackett Group: Digital Transformation Can Enable Savings Of More than 42% for Typical Finance Organizations Finance Smart Automation Efficiency Opportunity - By fully embracing digital. The Hackett Group, quadrant logo, World Class Defined and Enabled, and Digital World Class are the registered marks of The Hackett Group. Depending on objectives, approach and business complexity, a benchmark can typically be conducted in about seven to 10 weeks. Copyright 2023 The Hackett Group, Inc. All Rights Reserved. You also have the option to opt-out of these cookies. This is a good example of how benchmark data can provide insights, but not necessarily all of the answers, and why further analysis is required. Typically you can gain at least 20-30% efficiencies (lower headcount) through centralization and automation initiatives. How to Organize Your Finance Function - Gartner Cautionary Statement Regarding Forward Looking Statements. This cookie is set by GDPR Cookie Consent plugin. Todays modern finance organization must measure itself against the best digital organizations. Benchmarking at The Hackett Group Atlanta, Georgia, United States . Resilience: The Digital World Class Finance Advantage Todays modern finance organization must measure itself against the best digital organizations. However, to fully unlock the potential of technology, leading finance organizations also focus on five other critical levers: data and analytics; cloud-based modern architecture; operating model evolution; end-to-end process design and ownership; and talent. Creating a hybrid model of retained resources in market, and outsourced transactional roles based in Costa Rica coupled with automation, the client would have the opportunity to achieve $1.4M in total cost savings (27%), and operate at 10% better than the Median benchmark level. For companies wanting to optimize their service delivery models, we offer deep expertise in organizational design and in business process outsourcing options including HR outsourcing, IT outsourcing and more.
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