C-suite leaders expect the finance function to play a more strategic role in the organization’s future, especially as new regulations, fast-pace market change, disruptive business models and intense competition heighten the need for accurate, real-time finance inputs for strategic decisions. It means that chief financial officer must be enabled with fast, high-quality data to advise the organization’s moves.
Imagine a finance and accounting function that does just that through automated transactions and workflows, running harmonized, integrated, efficient, and business-aligned. A single financial system manages the enormous volume of finance-related transaction data feeding into it from multiple source systems (ie: across lines of business, decentralized business units) and at granular level manages all relevant data in a centralized location. It enables real-time, accurate and consolidated visibility into operational and commercial positions, making for better audits and financial closing, more efficient regulatory compliance, and well-informed business decisions on parameters such as working capital, cash flow position, investments and risk mitigation. The organization also gains exceptionally fast cycle time for aggregating core financial transactions and reducing effort invested in data consolidation.
Such agile finance operations is not only necessary for organizations to compete successfully today, it’s very possible.
Creative user interfaces enables the multi-channel experience and helps the finance team to focus on data analytics, instead of data consolidation. And, processes complete simpler, with low risk of non-compliance and the ability to capitalize on strategic decisions enabling higher revenue capture and opportunities. The potential of making a bottom line impact is huge – by providing insight into working capital position, the financial status of the organization and enabling businesses to make the right decision at the right time.
Such agile finance operations is not only necessary for organizations to compete successfully today, it’s very possible. I know, because we are one of the first to help a client go live with an integrated, centralized global finance system based on the SAP S/4HANA software. Using technology innovation, like cloud, advanced analytics, and robotic automation, modernizing the finance system is often the first step in an organization’s digital transformation journey.
About the author(s)
Prashant Shirgur is the Global Head of SAP Practice at TCS. He takes keen interest in leveraging the potential of digital to transform enterprises and engages with CxOs extensively across various industries in shaping IT strategy.