The Source Consulting Group LLC has announced the launch of its third annual Finance Operations Survey. Opening today and running through June 15th, the Survey provides legal and professional service firms with crucial information they need to compare their financial, operations and technology plans with peer organizations. The Survey highlights trends regarding use of software applications and custom integration, workflow and process alignment, work to billing and billing/collection cycle times, and staffing levels.
Source’s experts will compare the results against last year’s findings to discover what has changed and will also be delving into new topics. The 2012 Survey will expand its look into initiatives firms are undertaking to enhance the ROI derived from their current financial applications. Also, since the 2011 Survey had shown a significant focus on optimizing operational efficiency and maximizing usage of incumbent financial system applications, this year’s Survey will explore whether this increase has continued, leveled off, or decreased and look to provide insight on cost savings realized.
Additional highlights of 2011 Survey findings which will be reassessed in 2012 include:
· 47% of firms had introduced operation assessment projects resulting in initiatives focused on overall revenue cycle improvement.
· 66% of firms used expense management systems for employee expense reporting.
· 62% of firms employed workflow technology and 66% of firms used imaging technology aimed at automating previously time-consuming high volume tasks.
Source Consulting Group Managing Director Sonnie Yoon commented, “The goal of Source’s Financial Operations Survey is to deliver meaningful information and trends which firms can use to benchmark themselves against their peers and identify where they are ahead of, even with, or lagging behind industry standards. Maintaining a competitive advantage in today’s business environment requires that firms remain on the leading edge of technology and strive for ever-increasing improvements to their internal processes.”
The Survey report will be available to participants at no cost. For more information or to register to participate in this year’s Survey, email email@example.com