In her article for mind Fintech, a French B2B publication that covers the digital transformation of the finance sector, Aude Fredouelle discusses Enhanced Finance Controls and Automation software based upon the recent release of Gartner's 2017 Magic Quadrant for Cloud Financial Corporate Performance Management. In this quadrant, Workiva
(NYSE:WK) was ranked as a Leader, and placed in the furthest position for Completeness of Vision.
Below is a excerpt from "Automating Accounting Performance: Actors and Solutions"
*This section has been translated from French to English.
"Enhanced Finance Controls and Automation" or EFCA, are beginning to find their place in the financial departments of banks and insurers where they help automate manual tasks and close closure more easily. Mind Fintech looks at the emergence of these solutions, the main suppliers and their performance.
What do EFCAs do?
Defined as such by Gartner in recent years, "Enhanced Finance Controls and Automation" (EFCA) is a sub-category of "Finance Corporate Performance Management" (FCPM), software dedicated to administrative and financial departments and covering their accounting aspects - Unlike Strategic Corporate Performance Management (SCPM), which is more focused on planning, management control and performance management.
EFCAs focus on automating accounting performance. "They are added to an accounting system and automate functionality historically processed manually," says King-Hée Ngo, Director Deloitte Consulting in Finance and Transformation. The objective is to "increase the productivity and treatment of the financial departments," notes Seddik Jamaï, associate director of digital banking at Capgemini Consulting. "EFCAs can automate 50% to 70% of closing activities," he adds. The software models the whole process of closing with its various contributors, assign tasks and managers and deliver a workflow in real time to structure best practices.
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