CFOs today are facing a variety of additional responsibilities on top of their traditional ones. The regular duties of keeping an eye on changing mandates, regulatory compliance, and running the crucial day-to-day finance operations are expanded by also creating a modern work environment and implementing technology to better the overall finance function.
But implementations can be tricky if there’s not a preplanned approach going into it. That’s why it’s of vital importance that the CFO steps up and becomes the leader of digital transformations for their teams. Here are a few things to keep in mind for a successful implementation. Let’s start by looking at how Australian Pharmaceutical Industries (API) made it happen.
Implement for success – API’s story
API is one of Australia’s leading pharmaceutical distributors, manufacturers, and fastest-growing health retailers. Before implementing a finance automation solution, they were processing nearly 1.1 million invoices annually. This amounted to the AP department manually processing 40 boxes each week of invoices and related materials, such as claims, proof of delivery, and purchase orders.
Clearly, they were in need of a change. These slow, time-consuming processes were costly and made it nearly impossible for API to have visibility into its invoices or control over AP operations. That plus a complex technology landscape operating two different ERPs l...