With the term “digital transformation” splashed across business pages for some years now, it’s far too easy to think of it as a “Big Bang” occurrence—a once-in-a-lifetime experience that alters the universe forever. Technology is constantly evolving and the digital transformations we’re witnessing today have their origins in long-progressing industry shifts. The seeds of these shifts were planted many seasons ago.
Automation holds great promise as a driver of value through digital transformation in our performance economy. Over the last seven to ten years, the advances in machine learning and artificial intelligence (AI), both of which have been in the works for decades, are beginning to pay off with tangible use cases in industries like healthcare and call centers. AI-based automation will define the next decade.
Workflow automation delivers tangible benefits for all types and sizes of organizations:
- Improving performance by reducing errors and improving quality and speed
- Gaining distinctive insights, with many thousands of data points available to improve business performance
- Delivering faster service, reducing processing time from weeks to days (or sometimes minutes)
- Increasing business agility and scalability, allowing companies to operate 24/7/365 and scale up or down based on demand
- Increased productivity and direct savings, including 20% or more on human resources
Smart process automation is a game-changer for organizations with complex contracts
Whether your pricing is tiered and transactional, based on usage, or is a recurring subscription or a combination of all of the above, next-generation billing and revenue recognition platforms like Ordway are designed from the ground-up to automate order-to-revenue process, including the traditionally manual steps that Finance teams take leading up to their monthly or quarterly close process.
Process automation transformed OpenFin’s manual revenue management operations
OpenFin—the developers behind a modern operating system (OS) that enables easy workspace management and automates digital workflows for the FinTech sector—leveraged the Ordway platform to transform their overly complex sales-to-finance operations.
With more than 225,000 desktops, 1,500 banks and buy-side operators, and 1,200 apps running on the OpenFin OS in 60 different countries to date, it’s clear that the company is offering a unique and much-needed solution for FinTech institutions, application providers, and developers alike.
Their rapid growth led to compounding challenges at the close of each month. Their large enterprise clients come from the FinTech sector, and the nature of their business required bespoke contracts for each client. The result, said Jeff Woglom, VP Finance for OpenFin, “was a lot of manual work to review how each contract was set up, how revenue should be recognized, and how each client should be billed”—an onerous month-end close process that could take anywhere from 15 to 25 days to complete.
The decision-makers at OpenFin recognized that something had to change, and it wasn’t going to be the complex nature of their customer contracts.
Automation of both billing and revenue schedules was the goal for their digital transformation project. “We looked at a variety of options. What kept bringing us back to Ordway was the fact that it’s customizable and super powerful. What was once a 15- to 25-day monthly close is now as quick as we want it; it could be a day, if we come prepared,” cited Woglom.
Now, everything that OpenFin’s small Finance team accomplished manually before—including managing granular contract details in Google Sheets and Excel workbooks—lives in the Ordway platform. And, because the platform is powered by leading-edge SaaS technology, it’s able to scale with OpenFin as their business grows in the future.
Learn more about how OpenFin gained remarkable efficiencies by adopting the Ordway platform
Automation technology creates value through digital transformation
In many ways, our personal lives are transforming more quickly. When’s the last time you went to the bank to cash a check? From a smart fridge that tells us when we need to go grocery shopping to the smart cars we drive to the store and back, advanced digital technology is making it easier for everyday people to live, work and play.
When applied to business we may be more cautious with our transformations. Past experience with technologies that weren’t quite ready for prime time leave a searing memory that is hard to overcome. That said, we’re excited to see how automated recurring billing, and automation of the order-to-revenue process is unlocking tremendous value for our customers. Technology investments should result in making it easier for organizations to scale to meet the opportunities and challenges of the future. If it’s embraced, automation will empower organizations to scale with less time, effort, and headcount than is required for a more manually approach. Especially in the world of SaaS, making your customers happy as efficiently as possible, drives tremendous multiples of value for employees and investors alike.
Are you ready to accelerate your business growth and drive value? Let’s talk!