Data processing automation, a crucial topic for treasurers

[CONTENU PARTENAIRE] Processing data and analyzing it is essential for any company, whatever the business, but more particularly in large groups. NEOFI therefore offers solutions that allow the processing and automation of these actions, mainly in finance. Sothon Hua, CEO and Founder of NEOFI, tells us about it.

What solutions does NEOFI offer?

NEOFI’s DNA is the processing and automation of data flows. We propose solutions to automate the collection of data from different applications or ERP, their processing, their enrichment, and their routing to their destination with or without user intervention for validation or electronic signature.

Our current solutions are mainly focused on payments, cash management, the fight against fraud, the management of direct debit mandates, and the intra-group, multi-currency and multi-lateral clearing system called Netting. All based on state-of-the-art technology including BI (business intelligence) as the analysis and decision support tool. In the future, we will integrate a new dimension which is that of Big Data combined with artificial intelligence, in order to provide an even finer and more predictive analysis.

In what way is data processing and its automation a crucial issue for the Finance division?

Because any strategic decision (investments, acquisition, sale, various developments, etc.) taken at General Management level is based on data transmitted mainly by the Finance division, and this data must be as reliable as possible given the challenges large scale that may result. Hence the daily battle of treasurers to bring together all the data from their ecosystem and scattered in various applications (budget, disbursement or receipt forecasts, collection, exchange, payroll, accounting, CRM, ERP, etc.). It’s a real obstacle course to identify the really reliable data allowing to simulate the position at a given moment in order to anticipate the situation, to make good decisions and to communicate them to the management. The interest of automation is to have a perfect reliability of the data and to ensure their traceability.

How have the technological tools used evolved and how are we in the era of data?

Data is the gold of the 21st century because the need for increasingly detailed predictive analyzes requires the collection of data whose volume is increasingly important since it brings together business data, but also transversal inter-business, and on the other hand unstructured data from Internet networks.

To store and use all this mass of data, new technologies have emerged: Open Data, Big Data, Ipaas, Machine Learning, etc. which are technological markers of this new generation with very high annual growth. NEOFI is therefore in the process of integrating these new technologies in order to respond to this market demand and offer the financial management the most efficient tools for reporting information to general management.

This content was produced with SCRIBEO. The BFMBUSINESS editorial staff did not participate in the production of this content.

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Data processing automation, a crucial topic for treasurers

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