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Navigating Financial Systems Transformation: Key Steps to Success

Explore the importance of Financial Data Interchange (FDI) and how it can streamline processes, enhance payment accuracy, and reduce costs in finance systems. Learn about the journey to modernize financial systems and the benefits it brings to organizations and stakeholders.

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Navigating Financial Systems Transformation: Key Steps to Success

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Presentation Transcript

  1. Which side are you on? Financial Systems issues

  2. Why do they keep banging on about this? • Pay the right people • Pay them on time • Pay them at the right time • Save paper • Save people

  3. FDI = Financial data interchange • Yes but still - Why bother? • Speed of payment • Eliminate errors at rekeying • Eliminate recharge costs

  4. FDI - What can you pay with it? • Everything!? • Including • Things you never ordered on your LMS/ ILS • Except • Petty cash • Foreign currency • Purchase card • Disputed invoices

  5. How to get there • Finance } • Audit } Probably all want it • I.T. } - in theory • Library staff/ management } • And the System suppliers …?

  6. Getting there 1 • Finance • Their requirement • Their specification • Audit • The Armalite and the Ballot box

  7. Getting there 2 • I.T. • Well actually it’s our specification • testing, testing • Partners – who’d have ’em? • Library staff/management • It doesn’t seem like less work • Just do it!

  8. Getting there 3 • System suppliers • The technical specification • Consortia/ different authorities • New finance systems • Changed finance requirements

  9. Getting there 4 • Stock Suppliers • EDI • Consolidated invoices • Numbers and Dates on invoices • Payment address v order address

  10. Was it worth it? Should we do it? • In a wordyes

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