Finance transformation vs SAP S/4HANA Finance

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What is Finance Transformation?

Every industry is buzzing with the word “Finance Transformation.” Not every company is clear as to what it is.

According to Gartner, Finance transformation is all about revamping the finance function with strategic initiatives aiming towards aligning the company strategy effectively. It could be implementing your operating model and effectively handling finance and accounting procedures. All these changes would directly impact your internal controls and processes associated with financial reporting.

It could be implementing your operating model and effectively handling finance and accounting procedures. All these changes would directly impact your internal controls and processes associated with financial reporting.

Why should companies think seriously about Finance Transformation?

Many companies often don’t look forward to spending much time on transaction-related activities. They also spend lesser time when they have to draw better insights from their business. How do you implement automation in your workforce to improve this current scenario? Is it really necessary? 

Before pondering it, you must remember that you can’t fix any broken process with automation. It is meant closely to improve your overall process efficiency. Before you decide on your automation strategy, you must re-analyze it to ensure it caters to all your needs. 

How does the workforce view automation?  

We conducted a poll to understand the importance of automation in businesses. Around 73% of the workforce believe that when they have to stay away from those yawn-inducing tasks, they can utilize technologies such as RPA. See it for yourself!  

How to sort out redundant, boring work in an office?  

You can see how people vote. Learn more  

Procrastinate and ignore- 18%  

Use technologies like RPA – 73%  

Delegate it to your team – 9% 

Isn’t that quite fascinating? More than procrastinating and delegating their tasks, many employees believe in the importance of automating it so that they remain in the goodwill of their employer, cut costs and reduce their workload. 

With a remote workforce in practice, many companies have confidently or reluctantly allowed their employees to work remotely. 

In this case, you should consider automating vital finance and accounting functions along with quarterly reviews and year-end audits. When an employee cannot monitor these in person, it can lead to trust factors, true. That’s why you need the right tools, technology, and skills. 

Some of the most innovative ways how you can make the best out of SAP S/4 HANA Finance transformation:  

  • Improve workforce safety measures by speeding up your remote work experience  
  • Get more clarity on annual budgeting  
  • Promote more physical distancing through work reconfiguration  
  • Reduce your overall exposure by changing shifts and tracking down the financial changes  
  • Hasten up automation in the finance department in areas such as invoice creation, accounts payables, and receivables  
  • Reduce your real-estate footprint  
  • Track your employee location. Provide incentives and benefits to employees in affected areas remotely  
  • Standardize all your ERP systems by ensuring better transaction processing  
  • A void dependence on email and spreadsheets to manage reporting processes and financial planning  
  • implement your overall rolling forecasts while updating budget assumptions  
  • Empower all your managers with advanced self-service management reporting  
  • Accelerate your financial close and reporting  
  • Leverage data to support LOB executives.


How to implement finance transformation for your business?

As for the finance department, the VantagePoint survey states that nearly 36% of participants have reported compliance and regulatory reporting requirements as the biggest challenge among businesses. Tackle it with SAP S/4HANA finance transformation.

How accurately can it solve business problems? Will it suit your budget? Get answers to such questions with SAP S/4HANA.

Nowadays, CFOs are expected to possess analytical skills, automation, and a core business skillset. You can excel in these three aspects with the right tool, such as SAP S/4HANA Finance, with the help of an SAP S/4HANA Implementation consultant.

SAP S/4HANA vs Finance Transformation- First of all, are they different?

Not really!

SAP S/4HANA and Finance Transformation are allies! SAP S/4HANA is a tool to promote finance transformation for businesses. From budget-holders and finance consultants to C-level decision-makers, an SAP S/4 HANA implementation partner can bring big-time benefits to your finance department, directly proportional to your business.

For beginners, what is SAP S/4HANA Finance?

iQuantM, an SAP Partner UK, helps you Get, set, and go with a unified vision for your entire organization. This vision should be like an iceberg, strong and fit. It drives the company to achieve long-term goals and succeed forever. The company can stride towards a much clear destination with measured values.

You can ensure flexibility with an SAP S/4HANA implementation partner UK roadmap.

Your roadmap should answer “what, when, where, who, and how.” Move ahead with the technical landscape, functional scope, timeline options, and business cycles. SAP S/4HANA clears this gloomy dew. Remember your users more fondly than ever.

Every user-oriented thinking would involve the hands-on work of user experience. When you involve iQuantM SAP S/4 HANA Implementation, you can understand how people use tactics to get your work done. No need to rewrite any of your existing transactions with UI technology.

Get your hands on an intelligent data framework.

With SAP S/4HANA, you get plenty of useful data and insights to complete your task. In the case of finance transformation, you need to create a better data strategy to understand how valuable your data is. It can aid you in decision-making, which is the backbone of your finance department.

Innovate today

SAP S/4HANA, combined with Artificial Intelligence and Machine learning, can accelerate your process and improve data creation and accuracy. It can eliminate all those reconciliations while allocating in real-time. The bonus point is all these go under risk mitigation and global regulatory compliance.

Maintain all those local and global complexities

Going along with the local and global requirements can be a haven for your businesses. While “local” refers to statutory and legal requirements by any country, it can mean industry regulatory, contractual, or local business practices. Enable SAP S/4HANA Implementation service UK to utilize it. Bring in strong governance to make better decisions.

To conclude

The finance department can act as a blessing in disguise for companies looking forward to controlling your company’s transformation scope. You can ensure long-term success if your vision aligns with your success.

Enable SAP S/4HANA Finance through SAP S/4 HANA Implementation service partner to streamline your finance operations.

Get in touch with iQuantM, an SAP S/4HANA implementation service in UK, LEEDS, for more details.

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SAP technology has played a paramount role in digital finance transformation with solutions such as S/4HANA, Central Finance, Cloud, Analytics, Consolidation and Planning. Businesses can access their finance data from anywhere, at anytime without any prolonged, annual meetings.

Involving the right cloud ERP technology can help you transform the finance department. Other generic processes include:

  • Getting the right team involved.
  • Identifying your business drivers
  • Define your performance management process
  • Communicating with your team
  • Taking up more phased approach

Finance transformation is the way we describe all the strategic initiatives to remodel the finance function while aligning your company strategy. All these changes play a key role in
revolutionizing the way you control the financial function along with the associated
processes, financial reporting and internal controls.

We can term digital finance transormation as the financial management relying upon
innovative technology in digital landscape. With efficient execution, you can take your business to new heights.

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