Enabling Organizations to Transform Business for Growth
In the current competitive and global business environment with complex compliance requirements and risks, Chief Financial Officers (CFOs) need to minimize the cost of managing business functions while focusing on overall process standardization and developing a specialized skill set for the organization. As organizations move forward to become operationally efficient and in turn, profitable, the focus is on an adept, agile and versatile finance and accounting process. Business transformation is, thus, imperative to increase value proposition and maximize business profitability.
Transforming Today’s Finance Functions
As organizations continue to cater to global clients and expand into multiple geographies, finance leaders face multiple challenges:
- Time-consuming and manual business transactions
- Ambiguity in the regulatory environment
- Huge costs involved in hiring and retaining talent
- Low productivity and efficiency
- Lack of reliable data and analytics to measure business performance
- No consolidation across multiple locations and ERP systems
To cater to the needs of finance leaders, NIIT Technologies not only delivers core services—Procure-to-Pay, Order-to-Cash, Record-to-Report, Travel and Expense—effectively and efficiently but also drives continuous improvement in the finance organization.
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NIIT Technologies offers a technology-enabled platform—FinGénie—that helps organizations seamlessly transform the Business Process Services (BPS) layer. FinGénie is a cohesive platform with a single interface to multiple financial ERP solutions. The platform simplifies, standardizes, and automates business process flows—achieving scalability and economies of scale. The platform also provides a holistic view of the client’s business processes.
Leveraging our vast domain experience in BPS and technology innovation, we have also developed a unique consulting-led process and transformation methodology—ProcessGymSM. This framework captures, designs, and implements processes that help organizations resolve client issues in service delivery, customer satisfaction, and automation.
- Process standardization and consolidation by complying with latest regulations.
- Right shore delivery model with access to the best-in- class talent across global locations
- Single view of entire Finance and Accounting function with the help of reporting tools and dashboards
- Effective risk management: Transition and steady-state operations
- Cost reduction of 30-40% by consolidation and creation of shared services center
- Productivity and efficiency improvement by building a continuous process improvement roadmap
- Ability to deal with volume fluctuations through cross training programs
Success Story: Transformed Finance and Accounting (F&A) Operations for a Media Company
We helped a privately held media company by designing a customized solution that transformed their F&A operations. Our team effectively handled invoice processing, payment management, monthly closing activities and financial reports, decision-making processes, cash balance management, and process automation. NIIT Technologies' innovative solution consistently met 100% performance levels on TAT and SLAs. We ensured on-time delivery, and reduced the cycle time of payroll processing, payment application, monthly reconciliations, and invoice processing from 10% to 30%. We also achieved a 63% reduction in unapplied cash balance from $ 1.62 million in December 2011 to $ 0.60 million in December 2013—leading to increase in working capital. Pending/unpaid invoices were reduced by 20%. Process improvements through automation, Lean, and Six Sigma projects also resulted in huge savings.
The NIIT Technologies Advantage
NIIT Technologies is a global IT solutions organization offering Business Process Services (BPS) across industries. We combine domain expertise, process excellence, and cutting-edge technologies to provide flexibility and scalability across processes. We also understand the BPO business and empower clients with innovative products and solutions that provide high performance and maximum business value, echoing our service vision “New Ideas, More Value.”
Over the years, our business has established a proven track record of process innovation and operational excellence. We deliver exceptional business value through our continued focus on improving business outcomes. Our comprehensive portfolio of services is targeted at verticals such as Travel & Transportation, and Banking, Financial Services, and Insurance (BFSI). With a manning capacity of over 2,500 and state-of-the-art, right shore delivery centers, we cater to the needs of more than 30 customers across India, the US, Europe, and Asia.
NIIT Technologies’ BPS business has earned its spurs in the market, ranking Number 3 in customer satisfaction among all global IT outsourcers