LeanCash - Workflow Management

Continuing with our LeanCash™ series, in this blog we will explore the inefficiencies within various internal and external collaboration processes within treasury – and how we can help streamline these using our LeanCash™ Workflow Management offering.

Problems and inefficiencies with treasury & finance process management

Treasury departments along with other corporate finance functions such as tax and financial shared services act as internal service organizations responsible for managing various processes within their functional areas on behalf of the entire organization.

We notice numerous inefficiencies in how these processes are being managed in many organizations – to mention a few:

  • Workflow Management - Industry NewsInefficient collaboration protocols – most organizations use manual modes of communication and collaboration across groups to manage these processes – which is error prone, slow and hard to keep track of as compared to an automated trackable workflow solution. To give a simple example – a business in Australia needs a corporate guarantee that has been requested by a vendor – the local finance manager emails the Treasurer – after no response for a week he follows up and the Treasurer then forwards request to his Assistant Treasurer – the AT sets up a call with the local FM to get more details around the request – a few emails and phone calls later, finally the corporate guarantee is issued in 2-3 weeks!
  • Inefficient records and controls – another key inefficiency that is commonly noticed is the lack of audit trails for such processes as well as robust records around such processes. This often becomes an issue from a SOX compliance point of view. Continuing with our example from the previous bullet – this refers to the lack of a comprehensive list of all corporate guarantees as well as a seamless association to a particular request associated with each corporate guarantee!

What is the LeanCash™ workflow management solution

Our LeanCash™ Workflow/BPM solution addresses these inefficiencies in addition to providing various other value added features.

  • Efficient workflow design – the workflow is designed in collaboration with key stakeholder as well as in line with internal approval guidelines to ensure the most efficient and compliant flow.
  • Smart forms - intuitive and interactive input screens that ensure all relevant information is collected upfront from the appropriate sources to avoid wastage through back and forth communications. Additionally, conditional logic and data validation (including ability to integrate with internal databases) options help control quality and validity of information being input – to ensure things get done “first time right”!
  • Audit Trail – each workflow is backed by a detailed log of every action along the way – which can be traced all the way to the associated records and document sets.
  • Alerts and notifications – programmable alerts and notifications to alert relevant users on new
  • workflows, action updates, overdue workflows, etc.
  • Integrated data lake and reporting – the workflows are fully integrated with an inbuilt data lake that records all data pertaining to the workflows as well as the underlying records. Robust reporting module enables variety of reporting options from the internal data set – which enables efficient storage and retrieval of relevant records as well as performance metrics related to workflows.
  • Integrated document management system – includes fully integrated document library that stores various documents collected and generated within the underlying processes – and each document can be linked back to the original workflow(s). Documents are well catalogued using relevant tags enabling efficient storage and retrieval.
  • LeanCash Workflows - PWCSmart and intuitive Front End – The various functionalities of the solution – workflows, approvals, reports, documents – are accessible from an easy to use standardized front end. This provides an efficient platform for teams to efficiently manage all their processes from one place.
  • Mobile access – all features and processes can be accessed via a custom built mobile app that is extremely user friendly and as secure as using any desktop device – ensuring efficient access to all the functionalities across devices.

This solution can be used just as effectively for managing, tracking and controlling internal functional processes in addition to cross functional and external processes. As an example, Treasury can use this solution to manage internal approval processes such as payment approval forms, FX trade authorizations, etc.

 

 

 

 

Medullus LeanCash is a tried-and-tested solution that draws upon lean concepts to streamline Corporate Treasury by eliminating waste in processes and functions which helps to manage liquidity and risks in the most optimal way. 

Our products and services are geared towards making improvements in Treasury & Finance processes to bring big gains with minimal impact. The low hanging fruit is sometimes difficult to find in a large organization with myriad of processes and systems. Take the 1st step in identifying these high value/low risk improvements – get your LeanCash score, benchmark against other organizations that have obtained their score and improved them. It does not cost anything to find out where you are as compared to industry-best-practices! 

Start here

 

 


Blog post by: Tejnain Singh. Reach Tej @ tsingh@medullus.com

Tej is a seasoned treasury and finance professional with over 17 years of extensive experience across organizations like GE, Deloitte, SABIC and Valeant Pharma. He has held senior positions in treasury operations and cash management and has led multiple strategic initiatives in the areas of payment automation, treasury system implementations, business process simplification and shared financial services among many others. Tej is a Chartered Accountant from India.