Digital Transformation of the Finance Function - Mismatch or Game Changer?
Emerge victorious in the play-off of technological & organizational change in the finance function.
New technologies and data-driven processes are not stopping at the finance function and are increasingly challenging CFOs and their organizations. Experts see a crunch time: The finance function can establish itself as a decision driver or fall back as a number manager.
Technological support, cloud operations, new ways of working and transforming business models all present an opportunity for "traditional accounting" to present itself as the "most valuable player" on the corporate playing field in the future - or to fall behind and merely function as "number crunchers" or data logistics specialists in the backyard of important decisions. But can defensive or offensive tactics win the game?
This internal departmental transformation can succeed if (firstly) the homework is done properly - corporate management, planning processes and reporting function smoothly - and (secondly) the current challenges of financial reporting are tackled proactively. After all, if tactically played to a draw, there is a great danger that value-creating potential of new technological approaches will not be used profitably
Examples from reporting practice?
- Environment Social Governance (ESG) & Corporate Social Responsibility (CSR)
- End-to-End Processes
- Sustainable Finance
- Automated Accounting & Robotic Process Automation (RPA)
- Blockchain
- Cloud-Based Accounting
- Work-form-home & Collaboration
- Financial TOM
- Finance Resilience
- Finance Value Chain
- Special Purpose Acquisition Companies (SPACs)
- Cloud Ecosystems
- Cash Flow Orientation
- Stranded Assets
- Customer Centricity
SAP S/4HANA Cloud for Group Reporting as a stable financial platform for the future
Provided the CFO and his team accept this "transformation challenge", the new SAP S/4HANA Cloud for Group Reporting in corporate performance management can be the basis for making the finance function in a company fit for the future as a platform with end-to-end financial processes.
Corporate management needs about the depth of analysis, real-time access, predictiveness, fast close and transparency, and compliance are addressed more clearly than before. They are fascinating for S/4HANA Finance users. In the future, the ERP system no longer needs to be connected via interfaces. Instead, the Universal Journal transfers consolidation-compliant financial data directly to consolidation within end-to-end processes.
Users will find their way around
With Group Reporting, SAP is making its first innovation effort in 15 years in the area of Corporate Performance Management and has also introduced new developments in recent months in line with the roadmap. Users of legacy tools (EC-CS and SEM-BCS) will also recognize familiar functionalities and views, as these can be placed alongside rule-based consolidation logics in a hybrid manner.
Conclusion: Building bridges, breaking down silos and upgrading departments
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