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Modernizing Data Management for Compliance and Growth

 

Prashant Shirgur
Segment Head, Enterprise Applications
23 April 2018

Today, compliance with new and evolving regulation requires analysis of huge datasets coming from disparate data sources.

Consider the new accounting standards for revenue recognition under International Financial Reporting Standards (IFRS) 15 that became effective in Europe January 1, 2018. It requires organizations to distinguish more granular elements in their contracts with customers, recognize revenue for each of them, and disclose information on data which were not relevant for financial compliance (ie: data available in multiple sales, and billing systems). Meeting the mandates is even more complex for companies that typically deal in very high volumes of long-term contracts or services providers covering multiple products and services; such as, telecoms, media, information services, hi-tech and software providers. The more archaic the data management relative to quality, automation and occurrences – the more risk to the organization.

For those unwilling to rethink their data management, it’s a costly business impact waiting to happen.

For those unwilling to rethink their data management, it’s a costly business impact waiting to happen.

Smart organizations are viewing compliance with new regulation as a strategic initiative to improve the way they capture, process, and control data, not only to meet mandates but to position the business for growth. Modern data management is built on data science and digital technologies—advanced analytics, cloud, platform-as-a-service, enterprise data hubs, and more.

With it, companies gain consistently higher quality of data, faster data processing speed, efficient and accurate data flow, lower compliance cost, mitigated risk, and the confidence to tap their data to create new products and services that drive growth.

Proximus, institutionalized integrated data management and harmonization to both enable IFRS 15 compliance and ensure data integrity and business continuity with intelligent processes designed for growth and innovation. See technologies that are powering digital transformation and business transformation in action.

About the author(s)
Prashant Shirgur
Segment Head, Enterprise Applications

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.

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