Learn how your Ministry of Finance can inspire growth

Almost all departments in all companies have ‘cognitive surplus’ that have not been utilized. ‘Cognitive surplus’ is the difference between specific tasks assigned by employees and what is actually able to do – actual versus potential work.

It seems clear, but to use it ‘cognitive surplus’ can make a big difference.

Companies like 3M, Dell and Google have applied what is called ‘20% time ‘or’ innovation time ‘- one day of their work, dedicated to whatever project they like … provided the benefits of the company in several ways.

Does it paid off?

People might be wondering: Is it paid off? Well, on Google it has produced a successful project such as Gmail, Google News and Adsense, and according to former employees, Marissa Mayer, as much as half of Google Innovations is the result of ‘20% time ‘.

But, while this approach can be considered something that can be utilized by market leaders, many financial departments that feel they hardly have time to complete all the work needed today, it’s okay to make new and innovative ideas, supporting procedures which helps grow business.

But the Ministry of Finance really needs this ‘innovation time’.

In a slow economy and sometimes contracts, the next two years will be very important for business. This will fall on the Ministry of Finance to run in thin lines between productive expenditure and manage a reduced set of resources. In addition, with a number of new financial regulations that occur in the two-year period, the Ministry of Finance will play a role in helping businesses in accordance with their current position.

Extra pressure and this workload will make it difficult to finance to inspire new talents while holding on to the employees they already have. Financial professionals need stimulating challenges without being overloaded with extra work – they need ‘20% time ‘to effectively suppress their expertise, and do not have their time consumed by a long and repetitive task – which can be automatic.

How to take the time to take advantage of ‘cognitive surplus’ in the Ministry of Finance

One business way can help free some time their finances to complete the task, is to automate tedious and time consuming tasks that change candidates for talent from financial work. Reconciliation is one of the series of tasks obtained by financial professionals who are very tiring and time consuming. Fortunately it is now possible to automate account reconciliation, process hundreds of thousands of transactions in just minutes than hours or potentially days.

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