Leveraging Analytics, Machine Learning and AI to Streamline Closing Processes and Drive Financial Transformation
In a very important way, adaptive analytics processes help companies cope with constantly changing external forces, such as new regulatory compliance requirements, market dynamics and competitive pressures. Analytics are also critical for monitoring internal functions and change programs to provide context, transparency and agility for identifying issues and responding to potential problems before they become emergencies. They enable organizations to become adaptable and react and proact to constantly changing market forces such as Brexit, US/ China Trade, Mideast and others.
As regulators have time to review what companies are doing their insights and interpretations for Revenue Recognition (ASC 606 and IFRS 15), Lease Accounting (ASC 842 and IFRS 16), the European General Data Protection Regulation (GDPR), and others are evolving requiring companies to have clear insights only provided by analytics. Analytics are the key for successfully unifying internal processes and data to meet these external demands.
With so much external change going on, it’s vital that your organizational sensory and response systems be agile, transparent and comprehensive. To succeed, you need to simultaneously see the big picture and have the flexibility to drill down for detail across a widening range of compliance requirements.
At Bramasol, while working with a broad spectrum of companies across many industries on their compliance and financial transformation initiatives, it has become clear that analytics needs to be treated as a core strategy for overall success – with a comprehensive and highly adaptive approach.
A comprehensive analytics technology stack should span the creation of purpose-built tailored solutions for issues such as Leasing and RevRec compliance, combined with user-friendly dashboards, such as the SAP tile-based analytics launch pad below.
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