Corporate finance professionals face many challenges. They need to reduce the amount of time spent on inefficient month-end/year-end closing processes, improve their ability to extract timely and accurate financial information and streamline overall operational end-to-end business processes. They are also facing an increasingly complex compliance landscape with new accounting, reporting and disclosure requirements.
On the regulatory front, CFOs also must deal with, Revenue Recognition Changes (ASC 606 and IFRS 15), Lease Accounting Changes (ASC 842 & IFRS 16), Treasury and Risk management, Financial Instruments Impairments & Disclosures (IFRS 9) as well as on-going changes in the global regulatory environment.
Most conventional finance management technologies have been in existence for decades and, while they offer a familiar environment, the lack of unified solutions create significant limitations when it comes to keeping pace with today’s complex and dynamically changing corporate challenges.
And this accelerating set of new challenges and changing compliance requirements threatens to overwhelm the inherent limitations of existing legacy finance and ERP systems.
Many CFOs and finance leaders are using Finance Transformation to move to a “lights out” strategy looking to focus more effort on increasing focus on real-time insights and predictive, as seen in the chart below.
As companies undertake Financial Transformation to improve their ability to be nimble, react quickly and take advantage of market trends, several key things are emerging:
Ability to adopt to Best Practices
Real-time and Predictive analysis
Ongoing and Faster closing Processes
Improved Support for compliance Requirement
Enhanced productivity through native workflow integration
Enhance User Experience through Fiori
As with any complex journey, the keys to success with implementing S/4HANA is defining a Roadmap for your S/4HANA Success.
Knowing your starting point.
Defining what constitutes your destination goal and how you’ll know when you reach it.
Mapping out the path forward, while considering available time, resources and obstacles.
There are a variety of tools available to help define your starting point and chart the path ahead, including interactive online Transformation Navigator and Business Scenario Assessment applications from SAP, as well as SAP Success Strategies and Fit to Standard workshops hosted by Bramasol.
Another key factor for success is leveraging Value Added Partnerships with knowledgeable partners who can both act as your guides throughout the process and provide Application Management Support for your S/4HANA implementation. Ideally, you want a partner who is experienced and capable of hosting a variety of S/4HANA implementation alternatives, such as on-premise, cloud or hybrid environments (including single-tenant or multi-tenant platforms).
In addition, it is very helpful if your chosen partner has experience creating purpose-built solutions and intellectual property aimed at streamlining the implementation process and reusing proven IP to reduce implementation risks.
Bramasol has you covered with S/4HANA strategic and implementation experience, business process knowledge, application deployment resources and purpose-built IP solutions to assure successful transition and optimization in S/4HANA. Bramasol has the experience and expertise to help CFOs leverage significant new technology trends and solutions to get ahead of the curve on new requirements while also fundamentally transforming and unifying their underlying financial systems to eliminate chronic problems of data inconsistency.
Bramasol is a co-innovation leader in the implementation of the SAP S/4HANA Cloud, which provides a high-performance, in-memory, and extensible Digital Core for implementing the above initiatives and integrating a wide range of best-of-breed functionality. Deployable in the cloud or on-premise, SAP S/4HANA can drive instant value across all lines of business – no matter the industry or business size. Bringing these technology opportunities to bear on the current and future challenges facing CFOs and their staff requires both an understanding of what the technologies offer and how they can apply to each company’s unique needs both today and over the long run.
Bramasol’s Value-Added Services for S/4HANA and the Digital Core include: