The Digital Workplace In Finance Departments


Employees spend too much time looking for things every day, and information on documents and processes is difficult or impossible to access. The digital workplace or the digital workplace can connect specialist systems such as ERP applications with ECM systems in finance departments. This enables you to use information faster and better.

Providing information in the right context and using it directly in business processes involves more than just managing data. Essential content is also contained in the associated documents. This is where Enterprise Content Management (ECM) comes in as part of a digital workplace in finance and controlling. This means that information such as important contracts and documents is managed in a structured manner. Still, their use is also supported by direct provision and a link with the business processes.

Digitization Of The Financial Sector = Direct Access To Information

How Important It Is To Make Information Directly Available In The Digital Workplace Of Finance Departments

The change in working methods and the use of the software is reflected in the increased expectations of users in companies. Information and documents should be provided, processed, and forwarded quickly, everywhere, securely, and in a needs-based form, ideally via a digital workstation designed to meet the needs of the respective employee: in (or the department).

The connection between the various types of information is also particularly important in finance and controlling. Data from specialist systems and evaluations must be linked to documents and processes and used jointly. In addition, support for overarching processes such as invoice processing must be ensured. To meet these requirements for digital provision, various aspects relating to a digital workplace in the finance department must be taken into account.

The core idea of ​​the ECM has always been to combine information from different sources and in different formats. Contents are linked via metadata and displayed as required (e.g., supplier files, customer files, project files, contract management). This original idea from the ECM also goes into the idea of ​​the digital workplace.

In digitization and emerging digital technologies, the volume of information to be taken into account continues to grow – more and more sources, data, and documents have to be taken into account in this context. More and more modules are used for automatic classification and keywording to process this flood of information. By analyzing the texts, the content is classified, metadata is extracted, and automatic forwarding or even processing is enabled.

In this context, data preparation and data cleansing are also very important. The information must be classified reliably and in the right context. The management of versions and document status helps to use the current and correct content.

In the finance sector, it is helpful to link the documents with the data and processes from the specialist systems via a central digital workstation. Master and movement data from ERP systems provide the basis for day-to-day work, and various specialist processes are also often mapped here.

However, it has been shown repeatedly that additional tools and content are required for certain tasks, which are based on this information and can be made available to employees in a department via the Digital Workplace in finance departments.

For example, it is possible to digitally provide supplier files for managing contracts, correspondence, or other documents. ECM systems are also often used for cross-departmental processes such as incoming invoice processing. Their functions are made available via the digital workplace, as not all involved in the departments (e.g., approvers) have the necessary ERP licenses and the knowledge to operate them.

The Course For a Functioning Digital Finance & Controlling

The needs-based support of document use and process processing via the digital workplace in finance departments requires appropriate technical and organizational measures. Large files as pure data diggers are being replaced by information stores with structured content.

The corresponding metadata models must be defined, implemented, and compared with data models from existing specialist systems such as the ERP system of the finance department or the CRM system of marketing/sales.

This is the only way to achieve meaningful, targeted, and cross-system use of data and documents in the sense of a digital workplace. For this reason, master data management and data sovereignty are also key issues in projects that focus on ECM systems and the digital workplace in finance departments.

At the same time, information handling is also changing, and the responsibility for recording and maintaining them is increasing. The reason for this is that, for example, ECM is integrated into the overall solution of the Digital Workplace in finance departments, and companies only work properly if the information is recorded early, correctly, and following the defined target structure (system-supported).

The use cases and tasks must be specified accordingly to enable rule-based support for employees through software solutions. Various questions have to be solved: What? Where? For what (processing context)? The design of these logical models for the storage, distribution, and use of information is sometimes relatively complex and brings great benefits in later use.

Also Read: Process Mining In The Digital Workplace – Knowing What Is Happening

Use The Potential of The Digital Future!

ECM, as one of the software solutions of the Digital Workplace for finance and controlling, combines information, processes, systems, and employees: inside the department and the entire company.

The systems offer the technical options and functions for implementation. However, the organizational framework must also be created for a successful implementation. Creating a well-designed digital workplace can eliminate the break between digital work in the ERP system and the paper folder in the closet.

It must be possible to work quickly, flexibly, and directly with all information, digitally and regardless of location: data, documents, and processes at a central workstation.

For users in the finance department and all other areas, this means getting involved in a different way of working. The digital workplace can be equated with a paperless office, and it must be recognized as a clear advantage and implemented accordingly.

The task of management is to develop a clear vision and create the framework for its implementation. The advantages for the individual and the entire organization should become clear very quickly.

A digital workplace in finance departments is an opportunity for better handling of information and at the same time the possibility to work faster, easier and better across departments. Think about how your finance department or entire company can benefit from the integrated digital workplace.

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