The best positioned companies in the Mexican market know that, to achieve high levels of competitiveness, it is essential to invest in cutting-edge technology. Among the business innovation alternatives, the reconciliation automation solutions stand out, thanks to the fact that they increase productivity, reduce the margin of error, save time and streamline workflows.
In this sense, it should be noted that process automation acquires greater importance for industrial operations, for example, data from the Institute of Management Accountants (IMA, for its acronym in English) indicates that, for 56% of Mexican accountants, automation is vital to the optimal performance of your responsibilities.
What can companies do to automate the process of manual reconciliations in the financial, accounting and operational areas? The first step is to educate employees and train them in the use of automation technology. This with the aim that they use tools that optimize internal procedures, in particular that of manual reconciliation.
However, is the workforce willing to adopt automation processes? According to the firm Automation Anywhere, 49% of Mexican office workers consider that their workday would be more productive if their administrative tasks were automated, while 32% argue that manual responsibilities interrupt their main job, and 64% believe that they reduce their productivity.
This makes visible the need to have automated data and information reconciliation processes that allow human capital to focus on strategic activities to contribute to business objectives. In addition, the work quality of the staff would be improved by absorbing exhausting and stressful work.
“An automated work ecosystem frees employees to collaborate with focused participation in the fulfillment of business strategies. In view of the above, public or private companies will have a worker willing to promote business growth and competitiveness, ”says René Salazar, Head of Banking Solutions at Fiserv LATAM, a leading financial and payments technology company.
Faced with this challenge, Fiserv has Frontier ™ Reconciliation, a solution that automates the cycle of accounting, operational and financial reconciliations for any public and private company. This tool achieves an 80% increase in efficiency over the manual process, as well as a 50% reduction in the margin of error in financial reports.
When managing such sensitive procedures involving monetary assets, companies have an obligation to be more precise and analytical. This can be achieved through an automated scheme that delivers reliable reports and accurate metrics.
Once the financial, accounting and operational information is centralized, which is derived from processing large volumes of reconciliations, benefits are generated such as better decision-making by the work teams of the companies that result in the increase of the business, as well as well as the decrease in operating costs, to name a few.
PERFORMANCE AND RESULTS
Companies must identify emerging opportunities to ensure revenue security, and increase the quality of well-being for their employees that helps them drive significant business value.
The implementation of the automation of reconciliations, through Frontier ™ Reconciliation, provides peace of mind to the operational, financial and accounting areas so that they obtain: transparency in their operations, labor efficiency, generation of reports in real time, reduce errors and process time.
Business managers, decision makers, and entrepreneurs must take into account the competitive advantages that a timely transformation provides for the successful growth of companies. Have a strategic ally such as Fiserv It will allow Mexican companies to establish an adequate automation plan that guides their human and technological resources towards meeting business objectives.