Finance professionals play a vital role in driving business growth and strategy but many businesses underutilize finance resources because they are overloaded with inefficient finance processes.
Here are a few suggestions for how to measure ROI and effectiveness of your critical processes:
- Define all your critical process and gain a clear understanding of how they impact your resources.
- Document each step of the process including all related activities and who is doing what—visualizations and diagrams are often helpful.
- Estimate and allocate a timeline for each step and person involved.
- Benchmark the defined process data versus the actual activities over a month.
- Draw data-driven conclusions: if ROI is satisfactory keep doing what we are doing, if the process needs improvement consider automation.