Top Six Finance Automation Software to Automate ITSM Financial Management

Top Six Finance Automation Software to Automate ITSM Financial Management

Finance automation is evolving fast as each finance-related decision, small or big, is becoming more important due to increasing competition in every business sector. The deployment of the latest techniques to automate finance and accounting tasks has become the priority of competitive ITSM with experience and understanding the importance of on the time correct financial decisions. The emergence of technology has made it possible to automate the finance process at a feasible cost. The numbers of inexpensive business process automation software are available to help the ITSM businesses to have insights into possibility, perspective, processes, and prospective of strategic decisions about investments, costs, regular expenses, finance management, compliance management, resources optimization, security etc. Are you ready to automate 60% tasks of finance management people related to budget management, bill/payment, purchase process, expense tracking, license management, recurring invoices etc?

Six Cost-Effective Finance Automation Service Software:

BMC Financial Planning and Budgeting: The comprehensive solution, designed to specifically address the financial management tasks and concerns of ITSM businesses, is an integrated tool in BMC IT Business Management Suite. It provides in-depth insights into the following perspectives:

  • Total cost of IT clients’ support
  • Value of services delivered
  • Cost of IT capabilities
  • Cost of IT for enterprises

The key components of the BMC finance automation tool are:

  • Inventorying IT costs – current and planned
  • Department budget portal to create detailed project financial reports
  • Planning for department-level spending
  • IT budgets management
  • Managing actual spending

ServiceNow FCA: Finance Close Automation (FCA) by ServiceNow is an amazing finance automation service suite designed to optimize and automate the range of financial processes in ITSM. FCA is a cloud-based workspace to automate CCR-related activities management in line of the implemented ERP system. Machine learning empowers finance professionals to predict the possibilities of issues development. FCA exhibits the technical excellence of advanced task automation technologies. The key benefits of ServiceNow FCA include:

  • Improve business processes
  • Increases efficiency of finance teams
  • Improves work-life balance
  • Integration with compliance and governance
  • Reduces financial close risks
  • Accelerate financial processes through digital workflows
  • End-to-end automation of accounting processes
  • Identifies bottlenecks
  • Consolidated dashboard

Cherwell Software: Cherwell is a cloud-based platform drawing the attention of IT businesses because of its unique capabilities to reduce operational costs and silos by centralizing the disparate systems. The integration of automation, Agile processes and AI makes it an excellent choice for resource management and financial closes. The unified framework helps account professionals for governing risks and compliance. Cherwell Asset Management’s inventory reports address all the concerns aligned to logistics to analytics.

  • Powerful workflow for task automation
  • Automation of complex and repetitive tasks
  • Cloud-based or on-premises deployment
  • Tracking of cost of materials
  • Budgets development and management
  • Improved ROI on investments
  • Operational costs management

ITFM Ivanti for Cost-Efficient Finance Automation:  ITFM component in Ivanti Service Manager (ISM) is a great tool for ITSM businesses to assess the cost of their IT services and to minimize the identified cost drivers. Ivanti ITFM software provides an integrated IT service view with financial data to improve IT costs and investment management. The commonly experienced benefits at large include:

  • Improved operational efficiencies
  • Better budget and spend management
  • Lower costs per project
  • Improved capability to frame and defend the budgets
  • Better budgeting and forecasting
  • Automated asset discovery
  • Automated assets management releases

Freshworks Business automation software:

It is a cloud-based business automation software that provides exceptional quality helpdesk support through smart automation to make the processes cost-efficient, fast, and in line with asset management policy. Automation of repetitive tasks becomes quite easy by installing a point-and-click Freshworks interface. It is the best pick for financial institutions as its integrated workflow dashboard delivers all the desired benefits:

  • Engages website visitors and product users
  • Prioritizes the prospects
  • Cloud-based phone system
  • Resolves customer issues promptly
  • Manpower asset management
  • Manages internal requests
  • Empowered with AI and machine learning
  • Automating frequent tasks to increase sales
  • Predicts the sales accurately

Broadcom Clarity PPM – 15.6: AIOps solution by Broadcom integrate data across applications, users, cloud architecture, hybrid-infrastructures and network services. Its advanced machine learning, automation, and advanced analytics capabilities deliver the data-driven insights through a customized dashboard. High visibility and quick management of financial processes drive the businesses to succeed in a smart way. Broadcom Clarity PPM – 15.6 support the accounts and finance teams to manage long-term/short-term forecasts, budgets, cost plans. Actual costs and forecasts are tracked and captured automatically to judge the overall performance against the set budget. Why Broadcom is good to make a part of your financial management process? It simplifies and automates the following tasks of financial management to reduce the costs, errors, and efforts that result in improved efficiency:

  • Post timesheets
  • Import finance actuals
  • Matrix extraction rating
  • Invoices generation
  • Incident financials posting
  • Transactions to financial reporting

Finance Automation Tools are Finding Global Acceptance:

The Bureau of Labor Statistics states that the growing global emphasis on integrating business automation tools can decline the demand for accounting, auditing and bookkeeping clerks about 1 percent through 2026. 67 % of accountants advocate for cloud accounting (Sage Practice of Now, 2018). 58 % of large businesses use cloud accounting software (Accounting Today). The global market for accounting and finance management software will be f $11.8 billion worth by 2026. Should you also follow the global trend of using a business automation software to be competitive?

10 Benefits of Task Automation Technologies for Finance Management:

Whether you choose BMC, ServiceNow, Cherwell Software, Ivanti, or Broadcom task automation technology to automate your finance tasks, you can be sure of getting certain much needed support and benefits that improve the efficiencies, performance, and profitability remarkably:

  • Time saved
  • Higher productivity
  • Risk assessment
  • Data accuracy
  • Secure file storage
  • Cloud access
  • Cross-functional data-driven insights to decide right
  • Real-time reporting
  • Development of new KPIs
  • Fast data retrieval

Concluding Note:

It is a reality that very few finance teams use the data in the best way they should. Cloud-based finance automation tools ensure that a finance department has the advanced capabilities to minimize the functional silos, save time and focus on high-level future-ready strategy. Automated finance analysis and management solution is going to be a major driving force for ITSM businesses to succeed as the ever-changing regulations, compliances, operational conditions, and competitive challenges are making the data-driven finance management more critical, complex and challenging. Is it your first time to automate finance management and other business processes? The numbers of finance automation service providers are just a click away to provide comprehensive consultancy and training in a customized module that suits to your concerned employees the best.