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As a leader in the financial operations of your organization, it is your job to balance cost structure with operational risks and controls. More controls often result in more people required to execute those controls, which doesn’t help you achieve your challenge of running a lean, cost-efficient organization. Your challenges include:
- Balancing internal controls with process efficiency
- Ensuring all invoices are correctly matched and handled on time
- Reducing headcount drastically in the coming years
Procure to Pay
As a leader in the financial department, you want to ensure a smooth procure to pay process. This means that all incoming invoices need to be paid on time (but not too early) in order to maintain a good relationship with suppliers. You also want to ensure that outgoing invoices are paid on time (or earlier) and that the incoming payments match the invoice. On top of that, you are facing the need to drastically reduce headcount in the coming years.
Imagine if you were able to create a virtual, dynamic blueprint of your organization based upon operational data that would help you by generating insight into how your financial processes were running in near-real time. Creating a Digital Twin of an Organization in Mavim will provide you with insights into how your business-critical processes – such as procure to pay – are currently being executed versus how they were designed. This gives you the information you need to achieve your goal of balancing the need for internal controls while reducing operational costs.