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 handling finance and accounting procedures effectively. All these changes would directly impact your internal controls and processes associated with financial reporting.
company strategy effectively. It could be implementing your operating model and handling finance and accounting procedures effectively. All these changes would directly impact your internal controls and processes associated with financial reporting.
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 make this current scenario better? Is it really necessary?
Before pondering over it, you have to remember that you can’t fix any broken process with automation. It is meant closely to improve your overall process efficiency. Before you decide your automation strategy, you need to re-analyse it to ensure that it caters to all your needs.
How does 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, you can utilize technologies such as RPA. See it for yourself!
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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 cost and reduce their workload.
With remote workforce in practice (It’s 2021 when we published this article, the peak of COVID-19 crisis), many companies have confidently or reluctantly allowed their employees to work remotely.
In this case, you should definitely think about automating vital finance and accounting functions along with quarterly reviews and year-end audits. When an employee isn’t able to monitor these in-person, it can lead to trust factors, true. That’s the reason why you need the right tools, technology and skills.
Some of the most innovative ways on how you can make the best out of financial 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 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
• Avoid 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
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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 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. With the right tool such as SAP S/4HANA Finance, you can excel in these three aspects.
SAP S/4HANA vs Finance Transformation- First of all, are they different?
SAP S/4HANA and Finance Transformation are allies! In fact, SAP S/4HANA is a tool to promote finance transformation for businesses. Right from budget-holders, finance consultants to C-level decision-makers, SAP S/4HANA can bring in big-time benefit to your finance department, which is directly proportional to your business.
Get, set, go with a unified vision for your entire organization
This vision should be like an iceberg, strong and fit. This vision is what drives the company to achieve long-term goals and succeed forever. The company can stride towards a much clear destination with measured values.
Ensure flexibility with an implementation roadmap
Your roadmap should answer questions such as “what, when, where, who, and how”. Move ahead with the technical landscape, functional scope as well as timeline options along with business cycles. SAP S/4HANA clears this gloomy dew.
Remember your users fondly than ever
Every user-oriented thinking would involve the hands-on work of user experience. When you involve SAP S/4HANA, you can understand how people work with 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 get your task completed. In the case of finance transformation, you need to create a better data strategy to understand how valuable your data is. This can aid you in decision-making, which is the backbone of your finance department.
SAP S/4HANA, combined with Artificial Intelligence and Machine learning, can accelerate your process, 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 act as a safe 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 to utilize it.
Bring in strong governance to make better decisions
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 to streamline your finance operations.
Talk to our team for more details.
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:
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.
SAP Bank Communication Management helps in implementing various level of approval workflows for payments made from an organization before processing that payment with the bank. An example can be a workflow approval made by a payment manager for a payment that is due to a supplier. Once the manager approves this outflow of cash, the AP person can initiate this transaction with the bank