If your organization is like most, you have devoted enormous resources to optimizing business processes. From utilizing shared service centers, to automating workflow approvals, no doubt your processes are in great shape.
Less understood but even more problematic is process activities that negatively impact your organization’s bottom line. Affectionately referred to as financial or cash leakage, organizations are starting to realize that they are losing literally millions of dollars each year to cash leakage.
Financial leakage comes in three basic forms: 1) activities that directly impact the bottom line, 2) activities that indirectly the bottom line, and 3) activities that negatively impact cash flow and that impact on the bottom line.
Fortunately the word is getting out that Oracle’s GRC advanced control solutions are helping organizations of all sizes to dramatically reduce financial leakage. For example, duplicate vendor invoices are a major problem that directly impacts the bottom line. Advanced controls continuously monitor both supplier records and supplier invoices for potential duplicates, then alerts management about questionable invoices.
In future blog postings we plan to share intriguing ways that organizations are using their advanced control solutions to reduce financial leakage and improve their bottom line. In the meantime, we encourage you to provide comments with any use cases with your business peers.