In the new world of e-business, as each
corporate function goes "e," should Finance follow suit? The
answer is indisputably "yes." Your sales, marketing, and product
teams are already embracing
e-business strategies to help your company run leaner, smarter, and faster
- and so too must your finance organization.
Consider that on average, inefficient processes
can rack up 60 percent of a finance department's overall costs:
- Most large companies struggle to reach a fast "close,"
plagued at period end with clumsy batch processing and extensive manual
reconciliation across diverse, non-integrated systems. Today, via automated
processes and seamless systems integration, we can deliver that close
35 to 80 percent faster and in a much more efficient way.
- By eliminating manual collection and processing of bills through
Electronic Bill Presentment and Payment (EBPP), you can save millions
of dollars, reduce DSO (Days Sales Outstanding), and improve customer
relationships. On the opposite end of your financial supply chain, Internet-driven
financing, payment and settlement processes - for example, through a
centralized "payment factory" - also stand to save your company
millions of dollars, allow you to gain attractive trade finance terms
(like Orbian credits), and improve collaborative processes with your
partners and banks.
But introducing cost-saving and working-capital
reduction efficiencies into your financial supply chain is only a small
part of the overall benefits picture. Systems integration across a heterogeneous
business ecosystem confers far more strategic benefits. Accounting functions
can synch up with financial transactions - and with CRM, HR, Manufacturing,
and Supply Chain activities - in real time. Add a robust layer of data
collection, analytic functions, and simulation above this layer of integration,
and you gain an unprecedented 360-degree view of your financial and overall
business situation, which can be leveraged for:
- Better target setting and action planning
- More accurate forecasting, auditing, and performance reporting
- Better alignment of R&D, logistics, manufacturing, marketing,
and sales activities with your financial and strategic goals
- More timely, accurate communication with stakeholders and analysts
- Real closed-loop strategic planning (SEM)
Market conditions dictate that it is time
to reinvent your company's financial functions for an e-business economy.
Clearly, the approach must be evolutionary, not revolutionary; inclusive,
not proprietary. This is precisely what we offer with mySAP Financials,
a solution that integrates our proven FI/CO functions with new e-finance
and analytic functions. It runs with other business applications - not
just with SAP systems, and not just in-house systems, but with heterogeneous
systems throughout your entire business ecosystem.
The e-business world is here, and your
financial solutions must be extended accordingly. No viable enterprise
can afford the status quo.