Eight Ways to Secure Investments in Digital Business Process Management

Data collected needs to be used for calculations, formulas need to be expressed, and tax calculations and more can be automatically generated, removing the reliance on excel spreadsheets.

FREMONT, CA: The Covid-19 pandemic has sped up the adoption of digitalization, pushing managers to reconsider the functions of technology in automating multiparty workflows, allowing teams to seamlessly and efficiently work from anywhere with robust data security. This opens a new door to develop versatile and secure processes that will enable them to be agile and play a tactical part in the organization.

Eight ways to secure investments in digital business process management:

Audit-friendly:

Workflow interactions by individual stakeholders need to be time stamped with all comments obtained and all documents used in the process to be made accessible.

Finance-friendly:

Data collected needs to be used for calculations, formulas need to be expressed, tax calculations, and more can be automatically generated, removing the reliance on excel spreadsheets.

Visualization of Workflows:

Stakeholders need to be able to visualize the steps while making workflow templates for offering clarity into the process. The templates can then go into production after the CFO approves them.

No-code methodology:

The system should allow finance professionals to develop workflow templates needed to attract and retain employees who can improve the organizations.

Contract Templates:

Contract templates given by the legal departments need to be accessible by the workflow. The templates should have filled metatags while deploying the workflow.

SaaS-delivered:

This enables new security-approved features and functions to be automatically delivered.

API-friendly:

The platform should be able to pull and push data from existing systems, eliminating manual entries. This is essential when a specific workflow generates accounting entries or enable workflows that use ERP-based data to be triggered.

Cross-Department, Role-Based Access:

This allows cross-department processes and ensures the four-eyes principle to be integrated as security for fraud prevention.

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