Rethinking controllership in the age of digital transformation
October 08, 2019
as featured in Manila Times
Organizations succumb to the growing pressures from various departments to digitally transform. Controllership functions are challenged to provide what current systems are capable of. These emerging functions include ensuring system compliance in the digital environment in terms of the process flow, workflow, field definition, formula, validation and controls which must be organized in the Business Rules.
Here are the top seven features of digital transformation for controllership that can guide organizations in their quest to find the most efficient and effective business solutions:
1. Integration with Internet of Things (IoT)
Through IoT, transactions or data can be processed or viewed from different devices or browsers available through Application Programming Interface (API) and web services, allowing seamless exchange of data in a secured environment.
2. Integrated Workflow
To increase efficiency amidst the complexity of business environment, a workflow should include work instructions, document control, and approvals per transaction type.
3. Portals Availability
Portals provide holistic approach in enriching the relationship with your customers and sellers by providing interactive communication through online access to information.
4. Multi Layer Security
With accessibility and approval matrices, appropriate type of rights per user in accessing data from creation, viewing, deletion, deactivation to closing can be mapped out. This must come with intensive traceability feature to preserve data integrity.
Implement protection from intrusions and unauthorized system access through in compliance to major system security standards like data encryption to ensure that any information is protected and kept confidential.
5. Regulatory Bodies Compliant
Comply amidst complex regulatory requirements. Reduce risks of fraud and nuisance to elevate the value of the organization in terms of credibility, trust and integrity.
6. Notifications, Alerts, and Messaging
Functioning as a control center that allows companies to automatically send notifications, alerts, and messages through any available message sending facility, this feature enables businesses to provide fast response to critical responsibilities to keep track of their business standards.
7.Data Management, Reports, and Consolidation
With data management and reporting, companies are guided with the proper resources and references to garner valuable insights that are useful in analyzing the overall health of the company, identify areas for improvements, and create better strategies for continuous corporate growth.
NOAH Business Applications possesses all these technologies that can be leveraged to equip controllers and fulfill the emerging requirements.
NOAH Business Applications includes Financials; Financial Consolidation; Warehousing; Production; Banking; Distribution; Forecasting, Planning, and Budgeting; Loan Management; Realty; Human Resources Management System; Procurement Management; Project Management; Customer Relation Management; Mobility/IoT; Analytics, Reporting, and Dashboard, and; Data Management.
Need help in reducing risk and future-proofing your controllership functions? Please email us at firstname.lastname@example.org or please contact: Maricris Puntanar at 09176232205, email@example.com; and Bianca Ducusin at 09176250685, firstname.lastname@example.org.