Close Books Faster and Eliminate Risk with Workload Automation
How workload automation helped a healthcare service automate their manual finance processes to increase efficiency, cut costs and reduce risk.
Your finance department has the weight of the world on its shoulders: Tracking business financial performance, driving down operating costs, providing management reports to the board, keeping a close eye on compliance and financial risk. This burden is made worse by the way the weight is carried. Manual processes slow everything down and exhaust precious resources. They allow errors to creep in. Closing your books every month becomes a daunting and time-consuming task.
What if you had a solution that gave you full visibility and control over your financial processes? One that enables you to close your books more quickly—freeing up time and enabling the financial department to focus on revenue growth and other opportunities?
Step forward workload automation. It automates the financial processes you’re currently executing manually. This means you can create, execute and monitor finance business processing quickly and easily, across on-premises as well as private and public clouds. Errors and delays are eliminated from end-to-end processes, and your interconnected finance data flows to the front-line more quickly.
The result? More time for analysis, faster feedback to the board and less risk of a poor audit statement. Moreover, accelerated financial closes enhance your interim financial reporting and shift your business from historical performance reporting to timely analysis that anticipates future trends.
NHS Relies on Workload Automation
That’s exactly what a leading national healthcare organization has achieved using a workload automation solution from CA. The UK’s National Health Service (NHS) is the largest publicly funded and state-run healthcare system in the world. In 2005, The NHS Shared Business Service (SBS) was established as a joint venture between the Department of Health and the consultancy Sopra Steria to support both regional and specialized trusts. Employing over 1,600 people, processing over £170 billion of NHS payments each year and paying 290,000 NHS staff, the SBS has been on a journey with CA lasting over eight years and transforming the way the organization runs. NHS Shared Business Service (SBS) helps the NHS achieve huge economies of scale and improve healthcare services delivery.
NHS SBS relies on CA Automic Workload Automation to automate the Oracle E-Business Suite financial close process and ensure that all financial accounting rules and validations are performed throughout the month-end close process. Thorough checks ensure that payment runs and journal imports are complete. Once the books have been closed and end users have logged out, the period-end reconciliation and reporting jobs that need to run are initiated automatically. The solution is also being extended to tackle other issues, such as importing 25,000 invoices into the Oracle environment.
This automated execution of applications, together with centralized monitoring of end-to-end business processes, has had a dramatic impact on NHS SBS. To deliver their financial close KPIs, the SBS previously relied upon volunteers who would manually enter data and coordinate all activities, checks and process controls between themselves. Since implementing automation, there has been a 96% improvement in staff productivity, an 80% reduction in penalties incurred from missing client KPIs, and savings of up to 40% in reconciliation processes. Moreover, NHS SBS has now scaled the process to support up to 300 NHS Trusts.
Discover more about the automation solutions from CA that can help you cut days from your period close cycle, shift resources by driving processes to investigating discrepancies and analyzing results, and lower risk by standardizing processing for every entity during every period.