E.g. On average, consulting firms are losing 10% of their revenue due to a lack of registered hours.
How can businesses improve operational processes such as untracked time and incorrect invoicing to increase efficiencies and reduce revenue leakage?
Operational risk encompasses much more than fraud and data breaches.
Did you know that more than 35% of businesses never track the time spent corresponding with clients via email? Email communications can take up a lot of time, often equating to 1.5 days per week, which is 350 hours per year.
It’s not only untracked hours that are intensifying businesses’ operational risks.
Processing mistakes for accounts payable are also contributing, with double payments, understated expenses, and manual rework all often required when processes fail.
Businesses can mitigate operational risks by implementing continuous monitoring and greater automation of controls and processes for financial and HR data. This is all made possible via the exMon platform.
To reduce revenue leakage, businesses should be able to bill their clients for every billable hour, including seemingly small and menial tasks such as sending an email or rescheduling meetings and so on. The exMon timesheet monitoring tool alleviates manual time tracking, which means no lost revenue due to forgotten time logs.
The data management platform also enables master data management, which provides a single source of truth for all data including vendor data, that employees can access. This provides the foundation for many accounts payable processes, with additional data accuracy and quality to ensure that those processes – manual and automated – run smoothly to create great efficiency and protect revenue.
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