Intelligent Composable Business: The New CFO Trend.
But what about Hyperautomation?
We’ve written several blogs on Hyperautomation. The critical takeaway is that hyper-automation restructures operations procedures by combining technology like RPA with process optimization to decrease operations expenses by, on average, 30% while increasing business efficiencies.
Intelligent Composable business is different. Essentially, you’re buying highly customized, pre-built modules, which can then be further customized and pieced together like Legos to increase benefits to your organization.
Intelligent Composable Business
In a couple of years, 50% of financial application chiefs will likely follow a composable approach vis-à-vis financial management for solution selection. A composable framework is one wherein extremely modular applications are composed and recomposed to offer capabilities and results that keep pace with the fast rate of business change.
FMS (Financial Management System) solutions that include cloud core financial management, financial planning and analysis and financial close processes stand a chance of becoming composable. This will let finance staff who put these solutions to use obtain, amass, compose, configure, and customize them.
One of the biggest advantages of such a system is that because it is entirely modular, it can be reconfigured fast by those who utilize it to meet their and their business’s needs in a swiftly-altering environment. CFOs can become better at fast-tracking the execution, operation, and handling of composable systems by gaining the required competencies like data literacy, which aids data incorporation across an extensive range of sources.
So you see that hyper-automation and intelligent composable business are two raging automation trends that are key CFOs as they optimize financial operations.