Eliminating costly, time-consuming, manual tasks from the reconciliation process is not as easy as it sounds. The primary roadblocks are diverse set of source system and diverse set of technologies. On top of it not able to have holistic approach across different analytics initiative across a company makes reconciliation process even harder.
Another challenge stems from the patchwork nature of many enterprise data systems caused by business mergers and acquisition (M&A) activity. It’s no secret that due to several recent economic challenges, many organizations in general continue to be most active when it comes to M&A.
Absorbing entire organizations big or small creates technology obstacles that make integrating data and automating reconciliation seem daunting. Even if it’s just onboarding a new agency or adding a product line, IT departments face headaches caused by multiple systems bolted together, an enduring reliance on paper or antiquated process in multiple business units and even their own legacy tech. Until those technology roadblocks can be cleared, organizations rely on manual processes.