Just about all departments within all companies come with an untapped ‘cognitive surplus’. A ‘cognitive surplus’ may be the distinction between the particular tasks an worker is owned by do and just what they really are able to do – the particular in comparison to the potential work.
It appears apparent, but to make use of it the ‘Cognitive Surplus’ can produce a massive difference.
Companies for example 3M, Dell and Google have implemented what’s known as ‘20% time’ or ‘innovation time’ Body day’s their working week, focused on whatever projects that they like… provided it benefits the organization in some manner.
Will it repay?
One might question: Will it repay? Well, at Google it has led to effective projects for example Gmail, Google News and AdSense, and based on ex-worker, Marissa Mayer, as much as 1 / 2 of Google innovations are due to ‘20% time’.
But, although this approach are something management can utilise, many finance departments see they barely have time to accomplish all of the necessary work on present, let alone crafting innovative and new ideas, supporting procedures that aid business growth.
Yet finance departments do need this ‘innovation time’.
Within this slow and often contracting economy, the following 2 yrs is going to be crucial for companies. It’ll fall largely on finance departments just to walk the skinny line between productive spending and building a dwindling pool of sources. Furthermore, with a number of new financial rules entering devote this two-year period, financial departments is going to be instrumental in assisting companies to stay compliant without losing their current standing.
This extra pressure and workload can make it hard for finance to inspire new talent although keeping the workers they have. Finance professionals require stimulating challenges without having to be overloaded with work – they require ‘20% time’ to effectively tap-directly into their expertise, and never get their time consumed by extended, repetitive tasks – that may be automated.
Steps to make here we are at making use of ‘Cognitive Surplus’ within the finance department
One means by which companies might help release a few of their finance department’s time for you to complete tasks, is as simple as automating the tiresome and time-consuming tasks that turn prospective talent off finance work. Reconciliation is a such group of tasks that finance professionals find particularly tedious and time intensive. Fortunately it’s now easy to automate account reconciliation, processing thousands and thousands of transactions in only minutes instead of hrs or potentially days.
While considerably reducing reconciliation errors, automation also releases large chunks of your time that may be focused on maintaining compliance, supplying proper insight within this tough economy.