Artificial intelligence as a catalyst: Paving the way for digital partnerships in financial services

Finance Business Services (FBS) have developed continuously over the past decades: from regional shared services models to multi-sourcing and integrated global business services structures with standardised governance and global management.

But even these models are reaching their limits, and finance business services have reached a new stage of development: digitally enabled FBS. Our latest white paper "Catalysing Artificial Intelligence: Towards Digital Partnerships for Finance Services" explains why the transformation to digitally enabled FBS is a necessity for companies that want to remain competitive.

What digital enabled finance business services are all about

Digitally enabled finance business services go beyond the automation of individual process steps. They mark a fundamental change in model towards a fully digital, community-based ecosystem in which the basis of valuation is no longer labour and hourly rates, but results and technological excellence.

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"Artificial intelligence as a catalyst: Paving the way for digital partnerships in financial services"

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The central characteristics of Digital Enabled FBS:

Virtual provision

Services are provided via "as-a-service" platforms that utilise the cloud, intelligent automation and advanced analytics.
Shift in focus

The service portfolio is moving away from pure transactional activities towards analytical, judgement-based expert services.
Agility

Processes, people and technologies are geared towards communities, not rigid reporting lines.

AI as an efficiency driver in the FBS core processes

Artificial intelligence delivers measurable efficiencies in the three main processes of Finance Business Services: Procure-to-Pay (P2P), Order-to-Cash (O2C) and Record-to-Report (R2R). Depending on the process, our market analysis predicts efficiency gains of up to 50 per cent by 2030 through the use of AI. Artificial intelligence is the catalyst that turns the finance function into a true strategic business partner.

Digital Enabled FBS for an agile, data-driven organisation

The evolution to digitally enabled FBS represents a major opportunity for companies to reorganise their value creation. The white paper provides guidance for managers in the AI transformation phase and shows how the combination of process standardisation, intelligent automation and a change in employee deployment enables cost savings and creates agile, data-driven organisations.

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