(Analyst Insight) Correct, Compliant, and Convenient: Cornerstones for Managing Business Transactions

Most organizations conduct several business transactions in a day and in some cases even within minute. Each business transaction may involve one or all of the following step - payment, receipt, approval, compliance, customer service, record management, financial consolidation, reporting, etc. leading to a very dynamic business environment where employees, processes, and systems respond to the activity by choosing a course of action. But in order to drive operational efficiency across the 'people, processes, and technology' equation, transactions need to be managed in a cost-effective and a controlled environment to ensure financial transparency and timely access to information. Therefore, an integrated approach to track and manage different all these moving parts almost becomes a necessity for an organization hoping to ensure accuracy, compliance, and ease to conduct business.