Is Finance Finally Ready To Write Off Legacy And Move To BPaaS?

Grappling with change has always been hard for the finance function and “legacy” has plagued finance and accounting operations for many years now. Major enterprises have started to realize the potential for step change in operational performance with the advent of digital technologies. In the past, the watchwords for financial processes were “operationally stable and efficient.” However, today’s ambitious enterprises look to high value services and real-time, actionable data that is readily accessible in the emerging As-a-Service Economy. 

The premise of the As-a-Service Economy is underpinned by modern technology frameworks that eliminate repetitive work, create automated workflows, make valuable, actionable data and insights accessible. They drive F&A leaders towards Intelligent Operations that emphasize on achieving finance outcomes, away from the siloed approaches of the past. These solution ideals, as HfS Research refers to them are offered as “standard” by SaaS and BPaaS solutions. As a part of it, the emerging SaaS and BPaaS market offers the F&A function a new level of flexibility, business agility, integration, and accessibility, but also requires a new level of trust and engagement with third parties.