Previously, the close cycle at ServiceNow took roughly seven days.
Twice daily we had check-in conference calls with 30 people to track
where we were at in the morning and again in the afternoon. There was
no such thing as real-time visibility.
With FCA you don’t need two conference calls a day with 30 people.
You just open the app and it tells you in real time who is ahead and
who is behind, what is ready to be approved and what needs to be
focused on, without you ever having to bother somebody. A click of a
button shows you which tasks every single person owns and how far they
are from completion - the best part of our solution is that we do the
work in ServiceNow. Bottlenecks are instantly transparent.
Historically, if something was going wrong with the close, you would
need to get on a call and ping five or six people to find the root
cause. Now you can get that information in seconds.
We also use machine learning to predict where problems might occur.
Do you foresee a problem on the horizon? The app proactively
calculates that for you. You go from needing to be head down and
reactive to truly being able to be proactive. That makes the process
easier and less stressful.
Best of all, automation allows our accountants to gather and input
data faster and check their work for errors in real time. That frees
up time for them to focus on higher value tasks. It cuts a grueling
12-hour workday to a manageable eight hours. Thanks to this solution,
we’ve been able to shave a full day off of our close cycle, and our
accountants have been given time back during the close.
As a finance nerd I prefer to let numbers tell the story. Using FCA,
we’ve saved an average of 551 hours during the month-end close
process. We’ve achieved a 13% increase in month-end close efficiency.
We have been able to shift the equivalent of 3.7 full-time employees
from manual tasks to more strategic activities.
On the heels of our internal success with FCA, we had the chance to
showcase the power of FCA with PayPal. When PayPal went live with the
app, the feedback we got from them was dramatic. After their first
month, they reported their fastest financial close in two and a half
years. Equally if not more important, they told us their finance
employees were much, much happier.
As part of a strategic agreement, Deloitte is the Lead Launch
Partner for ServiceNow’s Finance Operations Management product. With
Deloitte’s background and expertise in the world of finance, they’ll
help customers to realize the benefits of FCA.
FCA is just the beginning. We want to create a connected suite to
leverage digital automation to ease finance workloads for many of the
core processes within the office of the CFO. That is our roadmap for
the future. The roadmap starts today by bringing visibility to
accountants who too often disappear into the darkness of the close